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KBR Logs $1.8B Revenue, $21.8B Business Awards in Q3 2023; Stuart Bradie Quoted

KBR (NYSE: KBR) delivered a strong and well-rounded performance in Q3 2023, and its president and CEO, Stuart Bradie, described the nine percent all organic at the revenue line as a terrific performance. In the three months that ended Sept. 29, 2023, revenue increased to $1.77 billion from $1.62 billion in Q3 2022. 

The provider of science, technology and engineering offerings to governments and companies said Thursday it reported new business awards worth $21.8 billion at the quarter’s end

Two business segments, government solutions and sustainable technology solutions, are KBR’s revenue generators. In the same quarter, GS revenue grew four percent year-over-year to $1.29 billion. The new awards under this segment include a $1.9 billion Integrated Missions Operations Contract III to support NASA’s human spaceflight programs. 

The net loss of $21 million during the quarter was due to the $114 million non-cash charge recorded in connection with the convertible note settlement method election. However, adjusted free cash flow increased 45.7 percent to $102 million from a year ago.

Bradie commented, “By leveraging our collective expertise and maintaining a focus on innovation, we’re helping to shape the future while ensuring KBR’s sustained growth.”

For the full year 2023, KBR reaffirmed its revenue and Adjusted EBITDA guidance, $6.9 billion to $7.1 billion and $730 million to $750 million, respectively.  

Bradie said the key takeaway for KBR is that strong bookings underpin continued momentum and organic growth into 2024.

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