KBR Q1 2022 Government Sales Up 25%

KBR (NYSE: KBR) reported government solutions unit revenue for the first quarter of its 2022 fiscal year grew 25 percent to $1.46 billion and the company attributed the increase to sales growth across defense, space and other businesses under the government segment.

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The Houston-based engineering contractor said its total Q1 revenue of $1.71 billion reflects a 17 percent jump over the same period a year ago and earnings came in at $0.62 per share, up 29 percent from the prior year period.

Defense and intelligence sales rose 8 percent on an organic basis for the quarter while science and space revenue jumped 2 percent.

Revenue in the company’s readiness and sustainment business was up 62 percent, primarily due to work with European Command and support for the U.S. military’s Operation Allies Welcome.

KBR noted that profit and earnings before interest, taxes, depreciation and amortization – or EBITDA – from its government arm were in line with the management’s expectations for the period.

The company booked $1.2 billion in Q1 contract awards and options.

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