KBR Shares Jump on Tripled Q1 Net; Iraq War Business Drives Revenues
(Midnight Trader Via Acquire Media NewsEdge) Boston, May 02, 2008 (MidnightTrader via COMTEX News Network) --
KBR Inc. (KBR) is up almost 7% after the engineering and construction company said its Q1 net tripled last year's earnings largely on its Iraq war contracts.
The company reported net profit of $98 million, or 58 cents a share, up from $28 million, or 17 cents a share, a year ago. It attributed the gain to a favorable arbitration award and stronger "upstream business."
The company, a former subsidiary of Halliburton Co (HAL), provides services to oil and gas drillers and is one of the Pentagon's largest private contractors in Iraq. Revenue was up 24% at $2.52 billion.
Price: 30.37, Change: +1.84, Percent Change: +6.45
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