KBR announced today that third quarter 2010 net income attributable to KBR was $97 million, or $0.62 per diluted share, compared to net income attributable to KBR of $73 million, or $0.45 per diluted share, in the third quarter of 2009.
Consolidated revenue in the third quarter of 2010 was $2.5 billion compared to $2.8 billion in the third quarter of 2009. Revenue for the third quarter of 2010 included an expected decrease of $440 million for North America Government & Defense compared to prior year third quarter, substantially related to LogCAP III. Consolidated operating income was $163 million in the third quarter of 2010 compared to $131 million in the third quarter of 2009.
Hydrocarbons business group revenue and job income in the third quarter of 2010 was $974 million and $120 million, up $90 million and $30 million, respectively, compared to the prior year third quarter. The Infrastructure, Government, and Power (IGP) business group revenue in the third quarter of 2010 was $983 million, down $496 million compared to the prior year third quarter, primarily related to reduced activity on LogCAP III. The IGP job income was $115 million in the third quarter of 2010, down $30 million compared to the prior year third quarter. Services revenue and job income in the third quarter of 2010 was $480 million and $45 million, up $16 million and $6 million, respectively, compared to the third quarter of 2009.
“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,” said Bill Utt, Chairman, President, and Chief Executive Officer of KBR. “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 is headquartered in Houston, Texas, also known as the energy capital of the world. The Company employs over 40,000 people worldwide in locations that include the U.S., Australia, Africa, the U.K., Asia and the Middle East. KBR delivers a wide range of services through its Downstream, Gas Monetization, Infrastructure and Minerals, International Government and Defense, North American Government and Defense, Oil and Gas, Power and Industrial, Services, Technology, and Ventures business segments, and differentiates itself as a technology-driven engineering, procurement and construction (EPC) company.
KBR has built a proud history and a leading market position in the government and infrastructure sectors by being a low-cost, high-efficiency and absolutely reliable service provider. Not only is KBR the largest contractor for the United States Army and a top-ten contractor for the U.S. Department of Defense, it is currently the world’s largest defense services provider.
KBR is also an industry leader in transforming hydrocarbon resources into value across all sectors of the energy and chemicals industries. By designing and constructing energy and petrochemical projects that offer the latest and best process and design technologies, we have established a solid position as a partner to oil and gas operators in meeting the ever-increasing demand for energy.
Source: KBR, October 28, 2010;