Aidan Daly
KBR, a provider of engineering and technology solutions, has announced its first quarter fiscal 2024 results that showed adjusted EBITDA growth with margin expansion.
In a press release Tuesday, Stuart Bradie, president and CEO of KBR, said, “KBR’s extraordinary team has yet again surpassed expectations, delivering outstanding first-quarter results.” He noted the year-over-year increases across all financial metrics, particularly in adjusted EBITDA and operating cash flow.
In the three months ending March 29, revenue and net income attributable to KBR increased 7 percent and 8.1 percent respectively year-over-year to $1.8 billion and $93 million. Adjusted EBITDA rose 14 percent year-over-year to $207 million while operating cash flows jumped 160% to $91 million from a year ago.
During the earnings call, KBR Chief Financial Officer Mark Sopp, a Wash100 awardee, said that KBR is off to a great start for the year and that core profitability has been consistent from quarter to quarter.
At the quarter’s end, backlog and options were $20.8 billion, and total awards in the first quarter reached $1.9 billion.
There were notable awards in both the sustainable technology solutions and government solutions business segments. One of them was KBR’s selection by First State Hydrogen to provide engineering services to study the feasibility of developing a clean hydrogen production facility through electrolysis powered by renewable energy.
KBR secured new contracts worth over $450 million to provide the U.S. government with systems engineering, acquisition support, phenomenology expertise, data science, applied research, communications security infrastructure, operations and maintenance support.
According to Sopp, KBR reaffirms its financial guidance for fiscal 2024. Management expects revenue between $7.4 billion and $7.7 billion and adjusted EBITDA between $810 million and $850 million. KBR forecasts operating cash flows from $450 million to $480 million.
