KBR, Inc. reported significant financial improvements in its third quarter and year-to-date results for 2024, driven by robust revenue growth and strategic acquisitions. For the three months ended September 27, 2024, KBR's revenues reached $1,947 million, a 10% increase from $1,770 million in the same period of 2023. Year-to-date revenues also rose to $5,620 million, up 8% from $5,226 million in the prior year.
The company's gross profit for Q3 2024 was $291 million, reflecting a 19% increase from $244 million in Q3 2023. For the nine-month period, gross profit increased to $810 million, compared to $740 million in the previous year. Operating income for Q3 2024 was $173 million, up from $147 million in Q3 2023, while year-to-date operating income surged to $520 million from $301 million.
KBR's net income attributable to the company for Q3 2024 was $100 million, a significant turnaround from a net loss of $21 million in Q3 2023. For the nine months ended September 27, 2024, net income reached $299 million, compared to a net loss of $286 million in the same period of 2023. Basic net income per share for Q3 2024 was $0.75, compared to a loss of $0.16 per share in Q3 2023.
The Government Solutions segment was a key driver of revenue growth, with Q3 revenues increasing to $1,490 million from $1,345 million, aided by contributions from the recent acquisition of LinQuest Corporation, which added $41 million in revenue. The Sustainable Technology Solutions segment also saw growth, with Q3 revenues rising to $457 million from $425 million.
KBR's total assets increased to $6,781 million as of September 27, 2024, up from $5,565 million at the end of 2023. Cash and cash equivalents rose to $462 million, compared to $304 million at the end of 2023. Long-term debt increased to $2,560 million, reflecting borrowings related to the LinQuest acquisition, which was completed on August 30, 2024, for $739 million.
The company declared cash dividends of $0.150 per share for Q3 2024, up from $0.135 per share in Q3 2023. KBR's share repurchase program remains active, with $346 million available for repurchase as of September 27, 2024. The company continues to focus on strategic growth areas, including defense modernization and sustainable technology solutions, positioning itself for future opportunities in a favorable market environment.
About KBR, INC.
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