KBR - Why KBR Stock Is Down Big Today
2023-11-02 13:21:04 ET
Government engineering and services vendor KBR (NYSE: KBR) delivered on expectations in its most recent quarter, but its outlook for what is to come appears to be underwhelming investors. Shares of KBR are down more than 13% as of noon ET Thursday after the company stood pat on its guidance for the year.
KBR has its roots in energy construction, but the modern company provides engineering and IT solutions for government and corporate customers. It earned $0.75 per share in the third quarter on revenue of $1.77 billion, largely in line with Wall Street expectations for $0.74 per share in earnings on sales of $1.8 billion.
The company grew organic revenue by 9% year over year, primarily thanks to new and bolt-on contracts from its government solutions unit. Adjusted EBITDA came in at $186 million, up 9% year over year, a margin of about 11%.
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Why KBR Stock Is Down Big Today