This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

KBR Announces Third Quarter 2012 Results

KBR (NYSE:KBR) announced today that third quarter 2012 net income attributable to KBR was $97 million on an adjusted, non-GAAP basis, or $0.65 per diluted share, compared to net income attributable to KBR of $93 million on an adjusted, non-GAAP basis, or $0.62 per diluted share, in the third quarter of 2011.

On a GAAP basis, third quarter 2012 net loss attributable to KBR of $81 million, or $0.55 per diluted share, includes a non-cash goodwill impairment charge of $178 million, or $1.20 per diluted share, related to a market assessment of the Minerals Business Unit. Third quarter 2011 net income attributable to KBR of $185 million, or $1.22 per diluted share, includes discrete tax benefits of $92 million, or $0.60 per diluted share, related to an arbitration award in favor of Barracuda & Caratinga Leasing Company B.V. as well as a deferred tax liability release for KBR’s share of an Australian rail investment.

Tables reconciling net income, EPS, and effective tax rates excluding the goodwill impairment charge to generally accepted accounting principles (“GAAP”) results are attached to this release. This release and accompanying reconciliation tables are available on the investor relations section of KBR’s website at www.kbr.com.

Consolidated revenue in the third quarter 2012 was $2.0 billion compared to $2.4 billion in the third quarter of 2011. Operating loss in the third quarter 2012 was $11 million compared to operating income of $138 million in the prior year third quarter.

“The emergence of North American shale gas resources is a net positive development for KBR; however, over the past several quarters we have witnessed a severe reduction in solid fuel materials handling prospects in North America that has triggered KBR writing down goodwill from our 2010 acquisition of Roberts & Schaefer. If we look beyond the goodwill impairment, and despite some headwinds at our U.S. Construction Business Unit and a legacy Roberts & Schaefer project, I am extremely pleased with KBR’s continued strong financial and operating performance this quarter,” said Bill Utt, Chairman, President, and Chief Executive Officer of KBR. “We continue to see significant new project opportunities across all of our Business Units and remain confident in KBR’s ability to continue to execute our projects successfully going forward.”

1 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,037.97 -42.17 -0.23%
S&P 500 2,108.92 -8.77 -0.41%
NASDAQ 5,060.2460 -31.8390 -0.63%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs