KBR (NYSE:KBR) announced today that third quarter 2013 net income attributable to KBR was $24 million, or $0.16 per diluted share, compared to a net loss attributable to KBR of $81 million, or $0.55 per diluted share, in the third quarter of 2012.
Consolidated revenue in the third quarter of 2013 was $1.8 billion compared to $2.0 billion in the third quarter of 2012. Operating income in the third quarter of 2013 was $166 million compared to an operating loss of $11 million in the prior year third quarter. The third quarter of 2012 included a non-cash goodwill impairment charge of $178 million related to a market assessment of the minerals business.
“The third quarter was highlighted by a strong, 1.2x book-to-bill ratio and cash flow from operations of $178 million. The quarter was unfavorably impacted by the adverse tax ruling related to the separation from our prior parent, several non-operational discrete tax items and the delay of key project close-out items originally forecast in the quarter,” said Bill Utt, Chairman, President, and Chief Executive Officer of KBR. “Looking forward, we continue to see a strong opportunity set of major projects across all of our businesses; however, we expect the near term competitive environment for new awards to continue.”
Business Discussion (All comparisons are third quarter 2013 versus third quarter 2012, unless otherwise noted).Gas Monetization Results Gas Monetization revenue was $552 million, down $256 million, or 32% primarily related to completed construction on the Skikda LNG and Escravos GTL projects. Gas Monetization job income was $157 million, up $10 million, or 7%, primarily related to the recognition of a change order executed on the Gorgon LNG project as well as increased activity on the Ichthys LNG EPC and other active FEED projects. Partially offsetting the increase was lower income related to the Skikda LNG project in Algeria.
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