KBR announced its first quarter 2019 financial results on Wednesday and reported a 29 percent increase in consolidated revenue compared to the first quarter of 2018. The increase in revenue was driven by industry-leading organic growth of 22 percent from Government Solutions and 48 percent from Technology Solutions.
The company is also reporting consolidated book-to-bill of 1.1x, excluding the workoff of our long-term PFIs, an operating cash flow of $48 million and the impact of major contract awards for KBR, including a potential $82 billion LOGCAP V contract vehicle with the U.S. Army.
"Combined with our recently announced LOGCAP V win I am pleased to report that KBR has come out of the blocks strong in 2019," said Stuart Bradie, KBR President and CEO.
"All three of our segment end markets are buoyant, and we look forward to continuing the positive momentum. While exciting to report top line growth and healthy book-to-bill, the conversion of operating cash achieved across each business reflects both the quality of the portfolio and our continued focus on cash efficiency. I wish to thank each member of our team for their contributions in delivering outstanding results yet again," Bradie added.
KBR also reported the expansion of modernization, systems engineering, systems integration and program management services for the company's engineering business.
The company reaffirms 2019 GAAP EPS guidance with a range of $1.29 to $1.44 and a range of $1.58 to $1.73 per share for adjusted EPS guidance, which excludes legacy legal costs for U.S. government contracts, non-cash imputed interest on the conversion option of the convertible debt, acquisition and integration related costs and other factors influencing the KBR's finances.
In addition, the company continues its disaster recovery work for the U.S. Air Force at Tyndall Air Force Base supporting restoration efforts following Hurricane Michael.
KBR is a global provider of differentiated professional services and technologies across the asset and program life cycle within the Government Services and Hydrocarbons sectors. KBR employs over 37,500 people worldwide (including our joint ventures), with customers in more than 80 countries, and operations in 40 countries, across three synergistic global businesses: Government Solutions, Technology Solutions and Energy Solutions.