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Stock Market & Financial Investment News

News Breaks
June 19, 2014
10:48 EDTCBI, JEC, KBR, FLRKBR declines after 'disappointing' unexpected quarterly losses
Shares of engineering, construction and services company KBR (KBR) are falling after the firm reported that it will undertake a strategic review of its business following "disappointing" first quarter losses. WHAT'S NEW: KBR reported a Q1 loss per share of (29c), while analysts had forecast earnings per share of 38c. The company's Q1 revenue of $1.6B missed the consensus estimate of $1.77B. KBR's recently appointed CEO, Stuart Bradie, called the overall results for the quarter "disappointing" and said that they were impacted by losses at its Service segment's pipe fabrication and module assembly facility in Canada and on two U.S. construction projects, as well as underperformance in its IGP business. Bradie said its Hydrocarbons, and especially the firm's Gas Monetization segments, continued their strong performance during the quarter. KBR is set to undergo an in-depth strategic review of its businesses to evaluate how the company can best address the markets it serves. Once completed, KBR will provide an update to the market and expects to resume its previous practice of providing earnings guidance. Looking forward, Bradie explained that the firm's market position "remains strong" with a good pipeline of early stage front end engineering design and engineering procurement and construction opportunities throughout the world. WHAT'S NOTABLE: On April 9, KBR appointed Bradie president and CEO of the company effective June 2. Bradie succeeded William Utt, who retired. On May 30, KBR announced that it has completed the previously announced restatement of its financial statements for the year ended December 31, 2013. KBR announced at that time that it was amending its unaudited financial statements as of September 30, 2013, and its unaudited quarterly data for the quarter ended December 31, 2013. OTHERS TO WATCH: Other companies in the engineering and construction sector include Chicago Bridge & Iron (CBI), Fluor (FLR), and Jacobs Engineering (JEC). PRICE ACTION: During morning trading, KBR fell $2.63, or 10%, to $23.69.
News For KBR;CBI;FLR;JEC From The Last 14 Days
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March 27, 2015
16:25 EDTKBRKBR, SOCAR announce new engineering JV in Azerbaijan
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March 26, 2015
08:05 EDTCBICB&I, Chiyoda an dZachry Group awarded contract for LNG liquefaction
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March 24, 2015
07:47 EDTJECJacobs Engineering awarded contract for Network Rail link to Heathrow
Jacobs Engineering Group announced that it was awarded a contract by Network Rail to support its proposed new rail link from the west of England to London Heathrow airport, United Kingdom. The proposed Western Rail Access to Heathrow includes a new direct, double track link between the Great Western main line at Langley in Berkshire into Terminal 5 at Heathrow airport. Company officials did not disclose the contract value, but noted that the work is being executed over the next 12 months from Jacobsí offices in the UK. Under the terms of the contract, Jacobs is producing a design for Network Railís Development Consent Order, which is expected to be submitted in early 2016. Jacobsí scope of work includes topographical surveys and geotechnical investigations, tunneling design for the new 3.1 mile route, and railway systems designs for track and overhead line equipment. Network Railís Signaling Design Group is producing the signaling design for system integration by Jacobs as lead designer. Jacobs is also providing environmental surveys and impact assessment to inform optimization of the tunnel route and location and design of surface structures. Jacobs delivered pre-feasibility and feasibility studies in the early planning stage of the project which identified significant potential cost savings. Currently in public consultation, if the Western Rail Access plans are approved, it is expected that the new service would be in operation by 2021.
March 23, 2015
18:03 EDTFLRFluor awarded engineering contract for new Chinese polysilicon plant
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March 18, 2015
07:02 EDTFLRFluor selected as contractor by State Oil Company of Azerbaijan
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March 16, 2015
08:06 EDTCBICB&I awarded technology and FEED contracts for coker unit
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