KBR said its net income was a loss of $43 million in the first quarter of this year, compared to net income attributable to KBR of $88 million in the first quarter of 2013.
Consolidated revenue in the first quarter of 2014 was $1.6 billion compared to $1.8 billion in the first quarter of 2013. Gross profit in the first quarter of 2014 was $39 million compared to gross profit of $156 million in the prior year quarter.
“KBR posted a loss of $0.29 per share in the first quarter of 2014,” said Stuart Bradie, President and Chief Executive Officer of KBR. “Overall results were disappointing and were negatively impacted by losses stemming from our Service segment’s pipe fabrication and module assembly facility in Canada and on two U.S. construction projects, as well as underperformance in our IGP business.
“Our Hydrocarbons and especially our Gas Monetization segments continued their strong performance. 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,” he added.
Press Release, June 20, 2014