Aidan Daly
Science, technology and engineering company KBR announced its financial results for the 3rd quarter of fiscal year 2024. The company said Wednesday that the report highlights improved financial performance from a year ago and a strong booking momentum.
Commenting on the results, Stuart Bradie, KBR’s president and CEO, said, “KBR’s exceptional team has once again exceeded expectations with outstanding third-quarter results.” He notes the year-over-year growth across all financial metrics, including revenues, adjusted EBITDA, adjusted earnings per share, and operating cash flows.
In the three months ending Sept. 27, revenues rose 10% year-over-year to $1.95 billion while adjusted EBITDA rose 18% year-over-year to $219 million. Net income reached $100 million compared to a net loss of $21 million in Q3 fiscal 2023 while operating cash flows climbed to $161 million versus -$40 million a year ago.
After nine months in 2024, net income was $299 million, from a $286 million net loss in the same period last year. Adjusted EPS grew 12% to $0.84 on a year-over-year basis. At the quarter’s end, backlog and bookings were $22.1 billion and $3.3 billion, respectively.
During the earnings call, Mark Sopp, KBR’s executive vice president and chief financial officer, said that the company raised its full-year guidance. The revenue target is between $7.5 billion to $7.7 billion while the operating cash flow remains between $460 and $480 million. Management expects to end fiscal 2024 with adjusted EBITDA and EPS of up to $870 million and $3.30, respectively.
“The bookings and awards this quarter align well with our focus areas of energy security and transition, national defense, and sustainability, and bolster our confidence for the rest of 2024 and heading into 2025,” Bradie added.
