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Stock Market & Financial Investment News

News Breaks
June 19, 2014
10:48 EDTFLR, CBI, JEC, KBRKBR 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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December 17, 2014
11:36 EDTFLRFluor upgraded to Buy from Hold at Standpoint Research
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11:36 EDTJECJacobs Engineering upgraded to Buy from Hold at Standpoint Research
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11:01 EDTKBRBalyasny Asset reports 5.57% passive stake in KBR
December 16, 2014
16:11 EDTFLRFluor starts construction activities on coker unit for ExxonMobil
Fluor has started construction activities on a new delayed coker unit for ExxonMobil Petroleum & Chemical BVBA at its Antwerp, Belgian refinery. Construction on the project, which will expand the refinery’s production capabilities, formally kicked off at a groundbreaking ceremony in October. Engineering and design work for the project began in June and is being led by Fluor’s office in the Netherlands. Fluor booked the project into backlog for an undisclosed value earlier in 2014.
December 15, 2014
08:14 EDTFLRFluor price target lowered to $68 from $86 at Stifel
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08:01 EDTCBIChicago Bridge & Iron downgraded to Hold from Buy at Stifel
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December 11, 2014
09:24 EDTKBRKBR says looks to reduce annual operating expenses by $200M by 2016
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08:32 EDTFLRFluor removed from Top Picks list at FBR Capital
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08:08 EDTKBRKBR sees pre-tax charge of $800M-$1B related to restructuring
Effective December 31, 2014, KBR, Inc. will be reorganized into three new businesses. The actions are expected to strengthen KBR's balance sheet by addressing and exiting under-performing and non-strategic businesses. The company expects to realize annual operating cost savings of $200M by 2016, but anticipate taking a pre-tax charge ranging from $800M-$1B, the majority of which will be non-cash. The company currently has a cash balance of approximately $1B and has received approval from its lenders to amend its credit facility for the impact of the anticipated charge.
08:06 EDTKBRKBR to divest or exit several non-strategic businesses
KBR announced the results of a major Strategic Review which will see the company become a more streamlined, empowered and accountable global organization. Effective December 31, 2014, KBR, Inc. will be reorganized into three new businesses that will focus on core strengths in consulting, technology, engineering and construction and government services: Technology & Consulting combines all proprietary KBR technologies, knowledge-based services and KBR companies Granherne, Energo and GVA under one customer-facing global business to provide licensed technologies and consulting services to the oil and gas value chain, for wellhead to crude refining and to specialty chemicals production. In addition to sharing many of the same customers, these businesses share their approach of early and continuous involvement to deliver the most optimal solution to meet the customer's objectives through early planning and scope definition, advanced technologies and project lifetime support. This focus allows early customer engagement and continuity through to full project delivery; Engineering & Construction is KBR's project delivery business. It will leverage our operational and technical excellence as a global provider of engineering, procurement, construction, commissioning and maintenance for oil and gas, refining, petrochemicals, chemicals and industrial customers. Through a regional structure, E&C has been designed to be closer to its customers and capable to execute global project delivery on a consistent basis throughout the world; Government Services will focus on long-term services contracts with annuity streams particularly for the United Kingdom, Australian and United States governments. KBR functions at a corporate level will be streamlined. This will result in a lean corporate office with responsibility for strategy and governance. As a result of this Strategic Review, KBR will be divesting or exiting the following non-strategic businesses as it works to streamline global operations and drive efficiency with a goal of reducing annual operating costs of at least $200M by 2016: Fixed Price EPC Power; Fixed Price EPC Infrastructure and U.S. Minerals; Building Group; and Fixed Price, stand-alone Construction. In addition, options for Canadian module fabrication and U.S. military deployed operations support businesses are still under consideration.
December 10, 2014
08:03 EDTCBICB&I awarded plant services contract renewal valued at $80M
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December 9, 2014
07:45 EDTJECJacobs Engineering selected by U.K. environment agency for ecological services
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December 8, 2014
12:00 EDTKBRKBR to host investor meeting
Investor meeting to be held in New York on December 11 at 9 am. Webcast Link
December 4, 2014
17:48 EDTFLRFluor signs MOU with China National Nuclear Corporation
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13:00 EDTJECPRIMECAP Management reports 5.33% passive stake in Jacobs Engineering
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12:30 EDTFLRFluor management to meet with FBR Capital
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10:09 EDTKBRHigh option volume stocks
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