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KBR second-quarter net profit falls
August 1, 2008 / 3:46 PM / 9 years ago

KBR second-quarter net profit falls

HOUSTON (Reuters) - KBR Inc (KBR.N), the former engineering and construction arm of Halliburton Co (HAL.N), said on Friday its second-quarter profit fell, hit by one-time charges and weaker income in its business that serves the offshore oil and gas sector.

Profit in the quarter was $48 million, or 28 cents per share, compared with $140 million or 83 cents per share a year ago, when results benefited from a one-time gain.

In the 2008 second quarter, the company recorded a charge of about $40 million, or 15 cents per share, related to a jury award. The company also had a charge of $24 million, or 9 cents cents per share, related to the settlement on a liquefied natural gas project.

Income from continuing operations was 28 cents a share, compared with 30 cents a share a year earlier.

Consolidated revenue in the second quarter of 2008 was $2.7 billion, up 23.5 percent from a year ago.

Total backlog, or unfilled orders, from continuing operations fell 6 percent to $12.6 billion from the prior quarter.

“We view today’s results as a mixed bag,” Simmons & Co International told clients in a note. “On one hand, operational results look encouraging, yet on the other hand, backlog fell quarter on quarter.”

    In KBR’s government and infrastructure unit, income was $63 million in the second quarter of 2008 compared to $58 million in the second quarter of 2007. KBR is the U.S. Pentagon’s largest private contractor in Iraq.

    Income at KBR’s upstream business unit -- where it provides services to energy companies like engineering offshore production facilities -- was $39 million in the second quarter of 2008, down 17 percent from a year earlier.

    Shares of KBR fell 1.7 percent, or 47 cents, at $28.03 in late morning trading on the New York Stock Exchange.

    Reporting by Anna Driver in Houston; Editing by Derek Caney

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