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KBR Beats Estimates, Despite Revenue Dip
Description
KBR starts 2023 with Q1 revenue of $1.92 billion, down 4.7% YoY but beating estimates by 2.8%. Adjusted EPS and EBITDA exceed expectations, with a steady operating margin and robust backlog. Revenue dip due to reduced contingency work in Europe, but strong cash flow and full-year guidance reaffirmed. Market reaction mixed, with analysts focusing on government services and potential margin wins. KBR maintains guidance amid contract shifts and funding concerns, with a focus on sustainable tech awards and spin-off plans.
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