KBR Inc (KBR) Reports 9% Organic Revenue Growth in Q3 2023
KBR Inc (NYSE:KBR) reports a 9% organic revenue growth in Q3 2023, with revenues reaching $1.8 billion.
The company retired the remaining convertible debt balance, reducing financial uncertainty.
Backlog and options as of September 29, 2023, totaled $21.8 billion.
Despite a net income loss of $21 million, the company's Adjusted EBITDA was $186 million.
On November 2, 2023, KBR Inc (NYSE:KBR) announced its third quarter 2023 financial results. The company reported a 9% organic revenue growth, with revenues reaching $1.8 billion. Despite a net income loss of $21 million, the company's Adjusted EBITDA was $186 million, up 9% compared to the same period in the previous year.
Financial Performance and Achievements
Stuart Bradie, KBR president and CEO, highlighted the company's strong performance in Q3 2023. He stated,
Once again, the people of KBR have demonstrated their dedication and talent, contributing to another strong performance this quarter. We delivered 9% organic revenue growth and strong margins, operational outcomes that speak volumes about our team's ability to deliver results."
The company also retired the remaining convertible debt balance, a significant step that reduces financial uncertainty. This move is a testament to KBR's strong financial discipline and focus on creating long-term shareholder value.
Key Financial Details
For the three months ended September 29, 2023, KBR reported revenues of $1.8 billion, up 9% on a year-over-year basis. The net income attributable to KBR was $(21) million, with an Adjusted EBITDA of $186 million. The company's diluted earnings per share were $(0.16), with Adjusted earnings per share of $0.75.
For the nine months ended September 29, 2023, KBR reported revenues of $5.2 billion, up 5% on a year-over-year basis. The net income attributable to KBR was $(286) million, with an Adjusted EBITDA of $559 million. The company's diluted earnings per share were $(2.10), with Adjusted earnings per share of $2.18.
Outlook for Fiscal 2023
KBR reaffirmed its fiscal 2023 guidance, expecting revenues to be between $6.9 billion and $7.1 billion, and Adjusted EBITDA to be between $730 million and $750 million. The company also expects its diluted EPS to be between $(1.88) and $(1.68), and Adjusted EPS to be between $2.76 and $2.96.
The company's strong performance in Q3 2023, coupled with its robust financial discipline, positions it well for sustained growth. KBR's commitment to innovation and delivering high-end services continues to contribute to its overall performance.
Explore the complete 8-K earnings release (here) from KBR Inc for further details.
This article first appeared on GuruFocus.
