KBR Profit off 40 Percent As Govt Work Declines

KBR Inc, a U.S. engineering company, reported a 40 percent drop in quarterly profit on Thursday as its work in Iraq wound down and spending by many of its energy industry clients remained subdued.

First-quarter net profit fell to $46 million, or 29 cents per share, from $77 million, or 48 cents per share, a year earlier. Revenue fell 19 percent to $2.6 billion.

Analysts had expected a profit of 39 cents per share on revenue of $2.75 billion, according to Thomson Reuters

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