KBR, an information technology services company, experienced a sharp decline in shares after reporting a third-quarter loss. Analysts had expected the company to post a profit, but instead, KBR reported a loss of $21 million, or 16 cents a share. This is a significant decrease compared to earnings of $74 million, or 49 cents a share, in the same quarter last year.
- Quarterly loss: $21 million, or 16 cents a share
- Previous year’s quarterly earnings: $74 million, or 49 cents a share
- Analysts’ expected earnings: Nine cents a share
- Adjusted earnings: 75 cents a share (compared to analysts’ forecast of 74 cents a share)
- Revenue for the quarter: $1.77 billion (compared to last year’s $1.63 billion and analysts’ expectation of $1.79 billion)
Despite the third-quarter loss, KBR remains confident in its revenue guidance for fiscal 2023. The company reiterates its forecasted revenue range of $6.9 billion to $7.1 billion. Analysts anticipate revenue of $7.04 billion.
Looking ahead to 2023, KBR projects a loss of $1.88 to $1.68 per share and adjusted earnings of $2.76 to $2.96 per share. Analysts’ expectations are slightly different, projecting a loss of $1.42 per share and adjusted earnings of $2.91 per share.
In conclusion, while KBR’s third-quarter results fell short of expectations, the company remains optimistic about its future revenue prospects.