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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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July 1, 2015
17:40 EDTFLRFluor selected for six-year position on AFCAP IV
Fluor announced today that the Air Force Installation Contracting Agency awarded the company and its joint venture partner, AMEC Foster Wheeler, a position on the Air Force Contract Augmentation Program IV, or AFCAP IV, for six years beginning October 1. As one of eight companies selected for a position on the AFCAP IV indefinite delivery/indefinite quantity contract, Fluor-AMEC II, LLC, is now eligible to compete for specific task orders with a combined value not to exceed $5 billion during the contract period of performance. AFCAP IV task orders are intended to provide base life support services, engineering and logistics support worldwide to the Air Force and other Department of Defense and U.S. federal agencies.
June 30, 2015
09:14 EDTFLRFluor selected as preferred bidder to manage, operate Canadian Nuclear Labs
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08:02 EDTJECJacobs Engineering in Joint Venture for Melbourne metro rail project contract
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June 23, 2015
07:48 EDTJECJacobs renews Project Representative role for Crossrail
Jacobs Engineering announced it was reappointed as Project Representative for the $22B, or GBP14.8B, Crossrail program by the U.K.'s Department for Transport and Transport for London. Company officials did not disclose the contract value, but noted that the contract is renewed for a term of up to five years. Under the terms of the contract, as Crossrail Project Representative, Jacobs is providing assurance to the project sponsors that Crossrail Ltd and its delivery partners deliver the project on schedule, within budget and to the agreed specification. This work involves a review of the program fundamentals: scope, strategy, risk, schedule, quality, cost and safety. It also considers the changing nature of Crossrail as it transitions from civil engineering to systems implementation and operations testing and commissioning.
07:46 EDTJECJacobs Engineering unit awarded contract by DECC
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06:34 EDTFLRFluor selected by BASF as global engineering partner
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