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KBR Inc (NYSE:KBR) reported first-quarter revenue of $1.7 billion — a slight decline of 0.64% year-over-year, +18% ex-OAW, beating the consensus of $1.61 billion.
- Adjusted EPS improved to $0.67 compared to $0.62 in the first quarter of 2022 (Q1), beating the consensus of $0.58.
- The gross margin expanded by 295 bps to 14.4%.
- The operating income increased to $144 million from an operating loss of $31 million, and the operating margin was 8% for the quarter.
- The adjusted EBITDA was $182 million (+18.2% Y/Y), and the margin expanded by 170 bps to 10.7%.
- KBR generated adjusted cash from operating activities for the quarter of $35 million, compared to $89 million a year ago, and adjusted free cash flow of $16 million.
- At the end of the quarter, the company's backlog and options totaled $20.9 billion. Delivered 1.4x trailing-twelve-months book-to-bill as of March 31.
- Houston-based KBR awarded $3.1 billion of bookings and options in the quarter.
- The company, which provides engineering solutions to government and private-sector clients, returned to shareholders $61 million in share repurchases plus $16 million in regular dividends, during the quarter.
- FY23 Outlook, reaffirmed: KBR expects revenue of $6.9 billion - $7.1 billion, versus the consensus of $6.99 billion. Adjusted EBITDA of $715 million — $745 million.
It expects adjusted EPS of $2.76 — $2.96, versus the consensus of $2.88, and adjusted operating cash flows of $425 million — $460 million.
Price Action: KBR shares opened Monday at $56.73.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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