KBR (NYSE:KBR):
- Revenue for the first nine
months of 2009 increased 12% over the first nine months of the
previous year
- Operating income for the first
nine months of 2009 increased 6% over the first nine months of
2008
- Solid backlog at the end of
September 30, 2009 of $13.5 billion, up 9% over the sequential
quarter; no material project cancellations during the third quarter
of 2009
- Continued strong balance sheet
with $1.0 billion cash and equivalents
- Corporate G&A for the first
nine months of 2009 down 4% compared to the first nine months of
2008, despite increased revenue over the same time period
KBR (NYSE:KBR) announced today that third quarter 2009 net
income attributable to KBR was $73 million, or $0.45 per diluted
share, compared to net income attributable to KBR of $85 million,
or $0.51 per diluted share, in the third quarter of 2008. Net
income attributable to KBR for the third quarter of 2008 included
income from discontinued operations of $11 million, or $0.07 per
diluted share resulting from foreign tax credits related to the
sale of KBR’s 51% ownership interest in Devonport Management
Limited.
Consolidated revenue in the third quarter of 2009 was $2.8
billion compared to $3.0 billion in the third quarter of 2008.
Consolidated operating income was $131 million in the third quarter
of 2009 compared to $144 million in the third quarter of 2008.
For the third quarter of 2009, consolidated operating income
included a $17 million reduction of a prior 2008 charge related to
an unfavorable jury verdict on the LogCAP III contract and a net
$25 million charge related to equipment failures, subcontractor
claims, schedule delays, and project close out issues on three LNG
projects which are now commercially operational. Net income for the
third quarter of 2009 included a $10 million tax benefit related to
a return to accrual adjustment for the 2008 tax year, partially
offset by a $6 million impairment of goodwill at a staffing company
acquired as part of the BE&K acquisition.
“The highlight of the quarter was the award for the Gorgon LNG
project for engineering, procurement, and construction management
services. KBR has been involved in this world-class project for
several years and we are excited to have the opportunity to deliver
quality execution on this project for our customers,” said Bill
Utt, Chairman, President, and Chief Executive Officer of KBR.
“Operationally, our business delivered solid performance, despite
experiencing several isolated items related to the completion or
near completion of several LNG projects. In addition, we had a 15
percent quarter over quarter decline in our LogCAP revenue,
consistent with reduced activity levels in Iraq.”
2009 Third Quarter Business Unit Results
Upstream business unit income was $48 million in the third
quarter of 2009 compared to business unit income of $53 million in
the third quarter of 2008. Business unit income in the third
quarter of 2009 had positive contributions from various gas
monetization projects, including the Pearl GTL, Skikda LNG, Gorgon
LNG, and Escravos GTL projects, an offshore related project in the
Caspian area, the PNG LNG project, and several topside engineering
projects.
Government and Infrastructure business unit income was $89
million in the third quarter of 2009 compared to business unit
income of $104 million in the third quarter of 2008. Business unit
income in the third quarter of 2009 had positive contributions from
Iraq-related activities, the Allenby & Connaught project, work
on the CENTCOM project, and numerous infrastructure projects,
including the Qatar-Bahrain Causeway. Business unit income in the
third quarters of 2009 and 2008 included a $17 million and $13
million reduction of a previous $40 million charge related to an
unfavorable jury verdict from litigation with a subcontractor on
the LogCAP III contract in the second quarter of 2008,
respectively.
Services business unit income was $36 million in the third
quarter of 2009 compared to business unit income of $27 million in
the third quarter of 2008. Business unit income in the third
quarter of 2009 had positive contributions from power projects in
Georgia and Texas, the Scotford Upgrader project in Canada,
construction and maintenance work in Texas, the offshore service
vessels in the Gulf of Mexico, and an activated carbon project in
Louisiana.
Downstream business unit income was $10 million in the third
quarter of 2009 compared to business unit income of $15 million in
the third quarter of 2008. Business unit income in the third
quarter of 2009 had positive contributions from program management
services for the Ras Tanura project in Saudi Arabia, the Lobito
refinery FEED in Angola, and several other refining projects.
Technology business unit income was $7 million in the third
quarter of 2009 compared to business unit income of $4 million in
the third quarter of 2008. Business unit income in the third
quarter of 2009 had positive contributions from several ammonia
license and basic engineering projects in South America, one
project in India, and one project completion in Trinidad.
Ventures business unit income was $4 million in the third
quarter of 2009 compared to business unit income of $0 million in
the third quarter of 2008. Business unit income in the third
quarter of 2009 had positive contributions from increased
construction progress and lower maintenance costs on the Aspire
Defence project, as well as lower indexed linked interest expense
on two of our U.K. projects.
Corporate general and administrative expense in the third
quarter of 2009 was $54 million, down slightly from the $55 million
reported in the prior year third quarter.
Total cash flows used in operating activities for the third
quarter of 2009 were $19 million, which includes a net $116 million
decrease in advanced payments associated with consolidated joint
ventures and a contract in progress. Total cash flows used in
operating activities for the first nine months of 2009 were $27
million, which includes a net $149 million decrease in advanced
payments associated with consolidated joint ventures and a contract
in progress.
Significant Achievements and Awards
- KBR announced that a KBR led
Joint Venture consisting of partners JGC, Clough and Hatch (Kellogg
Joint Venture Group - KJVG) was awarded by Chevron Australia Pty
Ltd an estimated AUD ~ 2.7 billion contract to Engineer, Procure
and Construction Manage (EPCM) the LNG downstream and logistics
portion of the multi-billion dollar Chevron-operated Gorgon LNG
Project. KJVG will execute and construct the Liquefied Natural Gas
(LNG) facility on Barrow Island, consisting of three 5 million
tonne per annum LNG trains, gas processing and treatment
facilities, product storage and offloading, complete offsites,
utilities and accommodations. The EPCM effort is a modular
construction strategy to minimize impact on the island during the
construction phase and is being conducted from two main operating
centers located in Perth, Australia and London, UK with support
from global centers in USA, Singapore, Indonesia and Japan. KJVG
plans to utilize several fabrication yards across South East Asia
and Australia to support the planned 250,000 tons of LNG
modules.
- KBR announced it was awarded a
contract by the Saudi Arabian Oil Company (Saudi Aramco) to provide
front-end engineering and design (FEED), and Project Management
Services (PMS) for its Shaybah Natural Gas Liquids (NGL) Program at
Shaybah field located in Saudi Arabia. KBR will provide FEED and
PMS services to develop the process design, layout, develop
equipment and material specifications, prepare bid packages and
develop an estimate for the construction for several projects
related to the Shaybah NGL Program facilities.
- KBR announced its M.W. Kellogg
Ltd. (MWKL) subsidiary has been awarded two contracts by
StatoilHydro at the Kårstø Gas Plant, near Stavanger, Norway. MWKL
will provide Engineering, Procurement and Construction Assistance
(EPCa) for the Double Inlet Crossover Project (DIXO) and NGL
Metering Project. The NGL Metering Upgrade project is to take place
in parallel to the KEP 2010 EPCa project already being undertaken
by MWKL, so the effective interface, coordination, and planning for
all phases of the project is critical to the success of the
project.
- KBR announced it was awarded a
contract by Sonangol, E.P. to provide license and engineering
services for grassroots FCC and Hydroprocessing technologies for
the Sonaref Refinery to be located in Lobito, Angola. KBR will
provide licensing services for the state of the art Orthoflow FCC
technology and a Moderate Pressure Hydrocracking Unit. This
integrated solution will provide Sonangol the flexibility to
control the gasoline to diesel ratio and to take advantage of
seasonal demands. The company will also deliver Diesel
Hydrotreating and Kerosene Hydrotreating technologies, for the
production of premium distillate products.
- KBR announced it was awarded a
contract by ConocoPhillips and the Saudi Arabian Oil Company to
provide detailed engineering and procurement services for the
utilities package and the interconnecting systems and pipe racks
for the companies’ joint Yanbu Export Refinery Project. The project
is under engineering, procurement and construction (EPC) tendering
process for the final investment decision by the project sponsors,
and consists of a 400,000 barrel-per-day, full-conversion refinery
in Yanbu Industrial City, Kingdom of Saudi Arabia. This award is an
extension of KBR’s current project management contract (PMC) with
ConocoPhillips and Saudi Aramco and follows the completion of
front-end engineering and design services for the Yanbu Refinery by
KBR.
- KBR announced it was awarded a
contract by Verkhnechonskneftegas (VCNG) to provide front-end
engineering and design services for the VC FFD Project located in
the Eastern Siberia region of Russia. KBR will provide FEED
services for a single new build, 140,000 barrels of oil per day
facility, which will be tied back via a new 85-kilometer pipeline,
to the existing East Siberian Pacific Ocean (ESPO) pipeline. The VC
oil & gas field is planned to produce a plateau production of
140-kbopd from 430 production wells, and there will be 215 water
injection wells. The field development will involve a total of 645
wells distributed over 75 well pads.
KBR is a global engineering, construction and services company
supporting the energy, hydrocarbon, government services, minerals,
civil infrastructure, power, and industrial markets. For more
information, visit www.kbr.com.
NOTE: The statements in this press release that are not
historical statements, including statements regarding future
financial performance and backlog information, are forward-looking
statements within the meaning of the federal securities laws. These
statements are subject to numerous risks and uncertainties, many of
which are beyond the company’s control, that could cause actual
results to differ materially from the results expressed or implied
by the statements. These risks and uncertainties include, but are
not limited to: the outcome of and the publicity surrounding audits
and investigations by domestic and foreign government agencies and
legislative bodies; potential adverse proceedings by such agencies
and potential adverse results and consequences from such
proceedings; the scope and enforceability of the company’s
indemnities from Halliburton Company; changes in capital spending
by the company’s customers; the company’s ability to obtain
contracts from existing and new customers and perform under those
contracts; structural changes in the industries in which the
company operates, escalating costs associated with and the
performance of fixed-fee projects and the company’s ability to
control its cost under its contracts; claims negotiations and
contract disputes with the company’s customers; changes in the
demand for or price of oil and/or natural gas; protection of
intellectual property rights; compliance with environmental laws;
changes in government regulations and regulatory requirements;
compliance with laws related to income taxes; unsettled political
conditions, war and the effects of terrorism; foreign operations
and foreign exchange rates and controls; the development and
installation of financial systems; increased competition for
employees; the ability to successfully complete and integrate
acquisitions; and operations of joint ventures, including joint
ventures that are not controlled by the company.
KBR’s Annual Report on Form 10-K dated February 25, 2009, recent
Current Reports on Forms 8-K, and other Securities and Exchange
Commission filings discuss some of the important risk factors that
KBR has identified that may affect the business, results of
operations and financial condition. KBR undertakes no obligation to
revise or update publicly any forward-looking statements for any
reason.
KBR, Inc.: Condensed Consolidated Statements of
Income (Millions of dollars and shares, except per share data)
(Unaudited) Three Months Three Months Ended Ended September
30, June 30,
Revenue: 2009 2008 2009 Government and
Infrastructure $ 1,376 $ 1,759 $ 1,567 Upstream 735 550 787
Services 566 539 588 Downstream 123 138 124 Technology 27 19 23
Ventures 5 1 3 Other 8 12
9
Total revenue $ 2,840
$ 3,018 $ 3,101
Business unit income
(loss): Government and Infrastructure $ 89 $ 104 $ 80 Upstream
48 53 65 Services 36 27 29 Downstream 10 15 14 Technology 7 4 5
Ventures 4 — 1 Other (5 ) 1
— Total business unit income 189
204 194
Unallocated costs: Loss on disposition of assets - corporate (1 ) —
— Labor cost absorption (3 ) (5 ) (3 ) Corporate general and
administrative (54 ) (55 )
(54 )
Total operating income 131
144 137 Interest income,
net — 7 — Foreign currency loss, net — — (4 ) Other non-operating
expense (1 ) — (1
)
Income from continuing
operations before income taxes and noncontrolling interests
130 151 132 Provision for income taxes (33 )
(55 ) (49 )
Income from continuing
operations, net of tax $ 97 $ 96 $ 83
Income from discontinued
operations, net of tax benefit of $0, $11, and $0
— 11 —
Net income 97 107 83 Less: Net income attributable to
noncontrolling interests (24 ) (22 )
(16 )
Net income attributable to KBR $
73 $ 85 $ 67
Reconciliation of net income
attributable to KBR, Inc. common shareholders:
Continuing operations $ 73 $ 74 $ 67 Discontinued operations, net
— 11 —
Net income attributable to KBR 73
85 67
Basic
income per share(a): Continuing operations -
Basic $ 0.46 $ 0.45 $ 0.42 Discontinued operations, net - Basic
— 0.07 —
Net income attributable to KBR per share - Basic
0.46 0.51
0.42
Diluted income per share(a):
Continuing operations – Diluted $ 0.45 $ 0.44 $ 0.42 Discontinued
operations, net – Diluted — 0.07
—
Net income attributable to KBR per
share - Diluted 0.45 0.51
0.42 Basic weighted average shares
outstanding 160 166 160 Diluted weighted average shares outstanding
161 167 161 Cash dividends declared per share $ 0.05
$ 0.05 $ 0.05
(a) Due to the effect of rounding, the sum of the individual per
share amounts may not equal the total shown.
KBR, Inc.: Condensed Consolidated Statements of
Income (Millions of dollars and shares, except per share data)
(Unaudited) Nine Months Ended September 30,
Revenue:
2009 2008 Government and Infrastructure $ 4,672 $ 5,150
Upstream 2,273 1,860 Services 1,723 776 Downstream 360 339
Technology 70 61 Ventures 16 (3 ) Other 27
12
Total revenue $ 9,141
$ 8,195
Business unit income (loss):
Government and Infrastructure $ 250 $ 247 Upstream 186 197 Services
89 57 Downstream 24 37 Technology 15 16 Ventures 15 (4 ) Other
(4 ) 1 Total business unit
income 575 551
Unallocated costs: Loss on disposition of assets - corporate (1 ) —
Labor cost absorption (5 ) — Corporate general and administrative
(157 ) (163 )
Total operating
income 412 388
Interest income, net 1 32 Foreign currency gains (losses), net 1 (2
) Other non-operating expense (2 ) —
Income from continuing operations before income taxes and
noncontrolling interests 412 418 Provision for income taxes
(137 ) (151 )
Income from continuing
operations, net of tax $ 275 $ 267
Income from discontinued
operations, net of tax benefit of $0 and $11
— 11
Net income
275 278 Less: Net income attributable to non controlling interests
(58 ) (47 )
Net income attributable
to KBR $ 217 $ 231
Reconciliation of net income
attributable to KBR, Inc. common shareholders:
Continuing operations $ 217 $ 220 Discontinued operations, net
— 11
Net income
attributable to KBR 217 231
Basic income per share(a): Continuing
operations – Basic $ 1.35 $ 1.30 Discontinued operations – Basic
— 0.07
Net income
attributable to KBR per share - Basic 1.35
1.37
Diluted income per
share(a): Continuing operations – Diluted $ 1.35
$ 1.30 Discontinued operations – Diluted —
0.07
Net income attributable to KBR per
share - Diluted 1.35 1.37
Basic weighted average shares outstanding 160 168 Diluted
weighted average shares outstanding 161 169 Cash dividends declared
per shar
e $ 0.15 $ 0.15
(a) Due to the effect of rounding, the sum of the individual per
share amounts may not equal the total shown.
KBR, Inc.: Condensed Consolidated Balance Sheets (In
millions) (Unaudited) September 30, December
31, 2009 2008
Assets Current assets:
Cash and equivalents $ 1,020 $ 1,145 Receivables: Accounts
receivable, net 1,538 1,312 Unbilled receivables on uncompleted
contracts 732 835 Total
receivables 2,270 2,147 Deferred income taxes 130 107 Other current
assets 507 743
Total
current assets 3,927 4,142
Property, plant, and equipment,
net of accumulated depreciation of $258 and $224
242 245 Goodwill 691 694 Intangible assets, net 61 73 Equity in and
advances to related companies 197 185 Noncurrent deferred income
taxes 210 167 Unbilled receivables on uncompleted contracts 135 134
Other assets 115 244
Total assets $ 5,578 $ 5,884
Liabilities and Shareholders’ Equity Current
liabilities: Accounts payable $ 1,173 $ 1,387 Due to former
parent, net 54 54 Advanced billings and unearned revenue on
uncompleted contracts 443 519 Reserve for estimated losses on
uncompleted contracts 53 76 Employee compensation and benefits 296
320 Other current liabilities 548 680 Current liabilities related
to discontinued operations, net 4
7
Total current liabilities 2,571 3,043
Noncurrent employee compensation and benefits 439 403 Other
noncurrent liabilities 183 333 Noncurrent income tax payable 44 34
Noncurrent deferred tax liability 66
37
Total liabilities 3,303
3,850
KBR shareholders’ equity:
Common stock — — Paid-in capital in excess of par value 2,104 2,091
Accumulated other comprehensive loss (421 ) (439 ) Retained
earnings 797 596 Treasury stock (221 )
(196 )
Total KBR shareholders’ equity 2,259 2,052
Noncontrolling interest 16 (18 )
Total shareholders’ equity 2,275
2,034
Total liabilities and shareholders’
equity $ 5,578 $ 5,884 KBR,
Inc.: Condensed Consolidated Statements of Cash Flows (In millions)
(Unaudited) Nine Months Ended September 30,
2009 2008
Cash flows from operating activities:
Net income $ 275 $ 278 Adjustments to reconcile net income
to net cash provided by (used in) operations: Depreciation and
amortization 41 33 Equity earnings from unconsolidated affiliates
(46 ) (34 ) Deferred income taxes (14 ) 52 Impairment of goodwill 6
— Other 10 (37 ) Changes in operating assets and liabilities:
Receivables (191 ) (119 ) Unbilled receivables on uncompleted
contracts 94 73 Accounts payable (233 ) (102 ) Advanced billings
and unearned revenue on uncompleted contracts (68 ) (212 ) Accrued
employee compensation and benefits (24 ) (2 ) Reserve for loss on
uncompleted contracts (23 ) (25 ) Collection of advances from
unconsolidated affiliates, net (1 ) 69 Distribution of earnings
from unconsolidated affiliates, net 35 88 Other assets 25 (89 )
Other liabilities 87 28
Total cash flows provided by (used in) operating activities
(27 ) 1
Cash flows from
investing activities: Capital expenditures (22 ) (27 ) Sales of
property, plant, and equipment — 6 Acquisition of businesses, net
of cash acquired — (498 ) Other investing activities
2 —
Total cash flows used in
investing activities (20 ) (519 )
Cash flows from financing activities: Payments to reacquire
common stock (27 ) (196 ) Net proceeds from issuance of common
stock 1 3 Excess tax benefits from stock-based compensation (1 ) 2
Payments of dividends to shareholders (24 ) (17 ) Distributions to
noncontrolling shareholders, net (30 ) (23 ) Other financing
activities (11 ) —
Total cash
flows used in financing activities (92 )
(231 ) Effect of exchange rate changes 14
(2 ) Decrease in cash and equivalents (125 )
(751 ) Cash and equivalents at beginning of period
1,145 1,861
Cash and equivalents at
end of period $ 1,020 $ 1,110
KBR, Inc.: Revenue and Operating Results by
Business Unit (In millions) (Unaudited)
Three Months Ended
September 30, June 30,
Revenue: 2009 2008 2009
G&I: U.S. Government – Middle East Operations $ 1,108 $ 1,364 $
1,301
U.S. Government – Americas
Operations
130 183 130 International Operations 138
212 136 Total G&I
1,376 1,759
1,567 Upstream: Gas Monetization 637 434 679 Oil & Gas
98 116 108
Total Upstream 735 550
787 Services 566 539 588 Downstream 123
138 124 Technology 27 19 23 Ventures 5 1 3 Other 8
12 9 Total revenue
$ 2,840 $ 3,018 $ 3,101
Business unit income (loss): G&I: U.S. Government –
Middle East Operations $ 71 $ 78 $ 60 U.S. Government – Americas
Operations 19 13 14 International Operations 38
42 39 Total job
income 128 133 113 Divisional overhead (39 )
(29 ) (33 ) Total G&I business unit income
89 104 80
Upstream: Gas Monetization 40 37 50 Oil & Gas
20 26 26
Total job income 60 63 76 Divisional overhead (12 )
(10 ) (11 ) Total Upstream business
unit income 48 53
65 Services: Job income 56 41 49 Divisional overhead
(20 ) (14 ) (20 ) Total
Services business unit income 36
27 29 Downstream: Job income 16 20 20
Divisional overhead (6 ) (5 )
(6 ) Total Downstream business unit income 10
15 14 Technology:
Job income 14 10 11 Divisional overhead (7 )
(6 ) (6 ) Total Technology business unit
income 7 4
5 Ventures: Job income 5 1 2 Divisional overhead
(1 ) (1 ) (1 ) Total Ventures
business unit income 4 —
1 Other: Job Income 2 4 2 Impairment of
goodwill (6 ) — — Divisional overhead (1 )
(3 ) (2 ) Total Other business unit income
(loss) (5 ) 1 —
Total business unit income $ 189 $ 204
$ 194 KBR, Inc.: Revenue and Operating
Results by Business Unit (In millions) (Unaudited)
Nine Months Ended
September 30,
Revenue: 2009 2008 G&I: U.S.
Government – Middle East Operations $ 3,866 $ 4,072 U.S. Government
– Americas Operations 389 460 International Operations
417 618 Total G&I
4,672 5,150 Upstream: Gas
Monetization 1,971 1,454 Oil & Gas 302
406 Total Upstream 2,273
1,860 Services 1,723 776 Downstream 360 339
Technology 70 61 Ventures 16 (3 ) Other 27
12 Total revenue $ 9,141
$ 8,195
Business unit income (loss): G&I: U.S.
Government – Middle East Operations $ 193 $ 183 U.S. Government –
Americas Operations 49 27 International Operations
112 126 Total job income 354 336
Divisional overhead (104 ) (89 ) Total
G&I business unit income 250
247 Upstream: Gas Monetization 155 110 Oil & Gas
64 122 Total job income 219 232
Divisional overhead (33 ) (35 ) Total
Upstream business unit income 186
197 Services: Job income 149 76 Gain on sale of
assets — 1 Divisional overhead (60 )
(20 ) Total Services business unit income 89
57 Downstream: Job income 42 52 Divisional
overhead (18 ) (15 ) Total Downstream
business unit income 24 37
Technology: Job income 34 32 Divisional overhead
(19 ) (16 ) Total Technology business unit
income 15 16 Ventures:
Job income (loss) 15 (3 ) Gain on sale of assets 2 1 Divisional
overhead (2 ) (2 ) Total Ventures
business unit income (loss) 15
(4 ) Other: Job Income 7 4 Impairment of goodwill (6 ) — Divisional
overhead (5 ) (3 ) Total Other business
unit income (loss) (4 ) 1 Total
Business unit income $ 575 $ 551
KBR, Inc.: Backlog
Information (a)
(In Millions) (Unaudited) September 30, June 30,
December 31, 2009 2009 2008 G&I: U.S. Government –
Middle East Operations $ 781 $ 621 $ 1,428 U.S. Government –
Americas Operations 379 425 600 International Operations
1,390 1,494 1,446 Total
G&I(b) 2,550 2,540
3,474 Upstream: Gas Monetization 7,414 5,825 6,196 Oil & Gas
149 178 260 Total
Upstream 7,563 6,003
6,456 Services 1,898 2,356 2,810 Downstream 624 605 578 Technology
140 138 130 Ventures 709 704
649
Total backlog for continuing operations $
13,484 $ 12,346 $ 14,097
(a) Backlog is presented differently depending on if the
contract is consolidated by KBR or is accounted for under the
equity method of accounting. Backlog related to consolidated
projects is presented as 100% of the expected revenue from the
project. Backlog related to projects accounted for under the equity
method of accounting is presented as KBR’s share of the expected
future revenue from the project. Our backlog for projects related
to unconsolidated joint ventures totaled $2.2 billion, $2.3
billion, and $2.4 billion at September 30, 2009, June 30, 2009 and
December 31, 2008, respectively. Our backlog related to
consolidated joint ventures with noncontrolling interest totaled
$4.8 billion, $3.0 billion, and $3.1 billion at September 30, 2009,
June 30, 2009 and December 31, 2008, respectively.
As of September 30, 2009, 18% of our backlog for continuing
operations was attributable to fixed-price contracts and 82% was
attributable to cost-reimbursable contracts. For contracts that
contain both fixed-price and cost-reimbursable components, we
classify the components as either fixed-price or cost-reimbursable
according to the composition of the contract except for smaller
contracts where we characterize the entire contract based on the
predominate component.
(b) The Government and Infrastructure unit backlog attributable
to firm orders in the amount of $2.4 billion, $2.4 billion, and
$3.3 billion as of September 30, 2009, June 30, 2009 and December
31, 2008, respectively. Government and Infrastructure business unit
backlog attributable to unfunded orders was $0.1 billion as of
September 30, 2009, $0.1 billion as of June 30, 2009 and $0.2
billion as of December 31, 2008.
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