KBR, Inc (KBR) Profit Jumps, Beats Estimates
Houston, Texas based engineering, construction, and services company KBR, Inc. (NYSE: KBR) announced on Thursday morning that it easily beat consensus Wall Street earnings estimates, while just missing revenue expectations.
KBR, Inc reported that its 3rd quarter net income climbed to $97 million, or 62 cents per share, up from $73 million, or 45 cents per share, a year earlier.
Revenue fell to $2.5 billion, down from $2.8 billion a year earlier.
According to a survey of analysts by Thomson Reuters, the average Wall Street estimate called for earnings of 43 cents per share, on revenue of $2.53 billion.
Chairman, president, and chief executive officer Bill Utt said, “I am pleased with KBR's third quarter results, with earnings per diluted share up 38% from last year's third quarter. The businesses continue to execute well on projects, with Hydrocarbons' business group income up 43 percent and Services' business unit income up 24 percent. The Services, I&M, and P&I businesses continued to experience a slower recovery in their respective markets; however, we are beginning to see activity slowly picking up in these markets.”
KBR, Inc. (KBR) closed the previous trading day at $24.72 per share. Analysts covering the company's stock give it a consensus price target of $29.00 per share.
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