ENP Newswire -
Release date- 20062014 -
Net income attributable to KBR was a loss of
Consolidated revenue in the first quarter of 2014 was
'KBR posted a loss of
The Company will undergo an in-depth strategic review of its businesses and how we can best address the markets we serve. Once completed, we will provide an update to the market and expect to resume our previous practice of providing earnings guidance. Looking forward, the Company's market position remains strong with a good pipeline of early stage front end engineering design and engineering procurement and construction opportunities throughout the world.'
Business Discussion (All comparisons are first quarter 2014 versus first quarter 2013, unless otherwise noted.)
Gas Monetization Results
Gas Monetization revenue was
Gross profit was
Gas Monetization equity in earnings of unconsolidated affiliates was
Hydrocarbons revenue was
The decrease in gross profit was primarily due to a higher mix of revenue on EPC projects compared with higher margin services projects,
Infrastructure, Government and Power (IGP) Results
IGP revenue was
Additionally, during the quarter, the Company recognized
IGP equity in earnings of unconsolidated affiliates was
Services revenue was
Services equity in earnings of unconsolidated affiliates was down
Corporate general and administrative expense was
Labor Cost Absorption
First quarter of 2014 labor cost absorption (LCA) expense was
Net Income Attributable to Noncontrolling Interests
Net Income Attributable to Noncontrolling Interests was
During the first quarter, KBR repurchased
Significant Achievements and Awards Year-to-Date
KBR was awarded a pre-
KBR was awarded an onshore liquefied natural gas portfolio contract by
KBR received full notice to proceed on an engineering, procurement and construction contract for
KBR won the Maersk Oil FEED Contract from Maersk Oil
KBR was awarded a five-year Master Services Agreement (MSA) with DuPont Engineering (
KBR was awarded a contract for the basic design development for Heerema Offshore Services' large new semisubmersible crane vessel (NSCV) through its subsidiary GVA.
KBR announced that Eurochem will use KBR's Purifier technology licensed through
KBR was awarded a three-year general construction contract by a major steam-assisted gravity drainage operator at an oil sands facility near
KBR was awarded a FEED contract by
KBR won a project management consultancy contract for participation in a major revamp program for
KBR won the bid to construct a luxury high-rise apartment tower in
KBR is a global engineering, construction and services company supporting the energy, hydrocarbons, power, industrial, civil infrastructure, minerals, government services and commercial markets. For more information, visit www.kbr.com.
Forward Looking Statements
This presentation contains 'forward-looking statements' within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements include statements regarding our plans, objectives, goals, strategies, future events, future financial performance and backlog information and other information that is not historical information.
When used in this presentation, the words 'estimates,' 'expects,' 'anticipates,' 'projects,' 'plans,' 'intends,' 'believes,' 'forecasts,' or future or conditional verbs such as 'will,' 'should,' 'could' or 'may,' and variations of such words or similar expressions are intended to identify forward-looking statements.
All forward-looking statements are based upon our current expectations and various assumptions. Our expectations, beliefs and projections are expressed in good faith, and we believe there is a reasonable basis for them. However, there can be no assurance that management's expectations, beliefs and projections will be achieved.
There are numerous risks and uncertainties, many of which are beyond our control that could cause actual results to differ materially from the forward-looking statements contained in this presentation.
These risks and uncertainties include, but are not limited to: current or future economic conditions; our ability to obtain and perform under contracts from existing and new customers, including the U.S. government; exposure to cost-overruns, operating cost inflation and potential liability claims and contract disputes; access to trained engineers and other skilled workers; risks relating to operating through joint ventures and partnerships; risks inherent in doing business internationally; potential tax liabilities; maritime risks; changes in the demand for our services and increased competition; protection of intellectual property rights; risks associated with possible future acquisitions; risks related to our information technology systems; impairment of goodwill and/or intangible assets; reduction or reversal of previously recorded revenues; risks relating to audits and investigations, including by governments; compliance with laws and regulations, and changes thereto, including those relating to the environment, trade, exports and bribery; our creditworthiness and ability to comply with the financial covenants in our credit agreement and other risk factors discussed in our most recently filed Form 10-K and Forms 10-Q, each as may be amended.
All forward-looking statements attributable to us or persons acting on our behalf apply only as of the date made and are expressly qualified in their entirety by the cautionary statements in this presentation. Except as required by law, we undertake no obligation to revise or update forward-looking statements to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events.
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