posted a $602 million loss in its fourth quarter because of a big charge to cover its asbestos liability, as well as money-losing discontinued operations.
The oilfield services giant said that excluding the items, it had pro forma earnings from continuing operations of $105 million, or 24 cents a share, a penny better than analysts' consensus estimate. Revenue was $3.3 billion, up 6% from a year ago on increased activity at its KBR engineering and construction unit.
The company also said it had "pro forma operating income" of $233 million in the latest quarter, down 18% from last year because of decreased rig activity in the U.S. and Canada.
The bottom-line loss was $602 million, or $1.39 a share, which includes a loss from discontinued operations of $473 million, or $1.09 a share. The loss included $17 million in charges related to a restructuring; a $6 million loss related to the sale of stock in ShawCor; a $214 million charge relating to asbestos liability; and gains of $3 million.