KBR announced that its fourth quarter 2011 net income was at $90 million, compared to net income of $78 million, in the fourth quarter of 2010.
Consolidated revenue in the fourth quarter was $2.1 billion compared to $2.3 billion in the fourth quarter of 2010. Operating income was $136 million compared to $148 million in the prior year fourth quarter. Fourth quarter operating income, when compared to the prior year fourth quarter, was negatively impacted by approximately $25 million in cost and schedule issues on three legacy projects at Roberts & Schaefer and lower profits in Downstream, Oil and Gas, and Services.
Hydrocarbons revenue and income was $989 million and $99 million, down 7% and 14%, compared to the fourth quarter of 2010.
“ 2011 was another solid year for KBR with consistent execution and operating performance across our businesses. This resulted in strong cash generation of $650 million from operations and a year-end cash balance of almost a billion dollars ,” said Bill Utt, Chairman, President, and Chief Executive Officer of KBR. “ The strong balance sheet, execution momentum, and a robust prospect portfolio aligns KBR for continued success in 2012 and beyond .”
[mappress]
LNG World News Staff, February 23, 2012