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KBR, Inc. KBR has secured a 60-month, $140 million recompete Information Analysis Center Multiple Award Contract task order from the U.S. Air Force. As a trusted partner, KBR will provide critical engineering tasks to ensure the operational safety, suitability, and effectiveness of systems under the Air Force Life Cycle Management Center (AFLCMC).
KBR’s experts will continue conducting research and analyses to enhance reliability, maintainability, and life cycle management, among other key areas, at Hill Air Force Base in Utah and other locations. The company will also support the F-16, A-10, and T-38 System Program Offices in their digital transformation efforts through digital material management initiatives.
In addition, KBR will provide systems engineering and integration for critical programs such as the A-10 Ground Collision Avoidance System, the F-16's Secure Mission Data System and JARVIS programs. Leveraging its rapid prototyping capabilities, KBR will develop prototypes for essential safety hardware, including the T-38 Canopy Transparency.
KBR’s Solid Backlog Raises Hope for Future
KBR’s strong project momentum stems from its resilient business model and efficiency-driven initiatives. The increasing global emphasis on national security, energy security, energy transition, and climate change has provided significant tailwinds. With over five decades of design engineering expertise across industries, KBR remains a leader in decarbonization efforts, utilizing innovative processes and low-carbon technologies to effectively reduce emissions.
In the second quarter of 2024, KBR received $2.1 billion in bookings and options in highly strategic areas, with a trailing 12-month book-to-bill of 1x. Total revenues increased 6% to $1.86 billion year over year. The upside was backed by growth across Sustainable Technology Solutions (STS), as well as the Government Solutions’ (GS) new and on-contract growth across International, Defense & Intel, and Science and Space, partially offset by contraction in Readiness & Sustainment due to Ukraine funding delays.
As of June 28, 2024, the total backlog (including award options of $3.332 billion) was $20.1 billion compared with $21.73 billion at 2023-end. Of the total backlog, GS booked was $12.89 billion. The STS segment contributed $3.92 billion to the total backlog.
KBR’s Stock Performance
Shares of this company have lost 3.5% in the past three months against the Zacks Engineering - R and D Services industry’s 3.9% growth. Although shares of the company have underperformed its industry, new and on-contract growth across its GS businesses and increased demand for sustainable services and technology are likely to be beneficial in the upcoming period.
Backed by its solid performance in the first half and improving global demand for its services, KBR raised its adjusted earnings per share (EPS) projection to the range of $3.15-$3.30 from $3.10-$3.30 expected earlier.
The Zacks Consensus Estimate for KBR’s 2024 EPS has moved up by a cent to $3.25 in the past 30 days, which reflects 11.7% year-over-year growth on a 9.6% increase in revenues.
KBR’s Zacks Rank & Key Picks
Currently, KBR carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the same space are:
Sterling Infrastructure, Inc. STRL presently sports a Zacks Rank #1 (Strong Buy). Sterling Infrastructure has a trailing four-quarter earnings surprise of 17.4%, on average. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for STRL’s 2024 sales and EPS indicates a rise of 9.7% and 26.6%, respectively, from the prior-year levels.
Howmet Aerospace Inc. HWM presently carries a Zacks Rank #2 (Buy). HWM has a trailing four-quarter earnings surprise of 10.9%, on average.
The Zacks Consensus Estimate for HWM’s 2024 sales and EPS indicates a rise of 12.6% and 40.8%, respectively, from the prior-year levels.
M-tron Industries, Inc. MPTI currently carries a Zacks Rank #2. It has topped earnings estimates in three of the trailing four quarters and missed once, with an average surprise of 9.2%.
The Zacks Consensus Estimate for MPTI’s 2024 sales and EPS indicates a rise of 16.1% and 76.6%, respectively, from prior-year levels.
Zacks Investment Research
CACI International CACI shares have gained 51.5% year to date, outperforming the Zacks Computer and Technology Sector and S&P 500 index’s growth of 19.4% and 18.1%, respectively.
CACI International stock has also outperformed the Zacks Electronics - Semiconductors industry’s return of 15.2% in the same time frame. CACI’s outperformance reflects investors’ confidence in the persistent demand for CACI’s offerings in the federal and defense space.
In a move to further enhance its portfolio, CACI recently agreed to acquire Azure Summit Technology in an all-cash transaction for $1.275 billion. The acquisition will add radio frequency technology and electromagnetic spectrum expertise to CACI’s portfolio.
The Acquisition of Azure Summit to Boost CACI’s Prospects
Azure Summit Technologies’ core expertise lies in intelligence, surveillance and reconnaissance (ISR), electronic warfare (EW) and signals intelligence (SIGINT). These offerings will aid CACI in increasing the depth of its offerings for the Department of Defence clients.
So far this year, CACI has received a dedicated SIGINT order worth $416 million, an ISR order worth $198 million and a $382 million Electronic Warfare Systems Task Order all from the U.S. Army. The acquisition of Azure Summit is anticipated to result in a greater inflow of orders due to the enhanced capabilities of CACI.
Additionally, CACI believes that the acquisition of Azure Summit will be immediately accretive to its revenue growth, EBITDA margin, adjusted earnings per share and free cash flow per share. In an investor presentation, CACI revealed that it expects Azure Summit to contribute nearly $440 million in revenues and approximately $110 million in adjusted EBITDA in the first year following the completion of the acquisition.
CACI International YTD Performance
Near-Term Challenges for CACI
CACI International operates in a highly competitive defense, space, intelligence and mission-critical services market that comprises contenders, including Science Applications International SAIC, Leidos Holdings LDOS and KBR Inc. KBR.
CACI’s competitors, Science Applications International, KBR and Leidos, are established players in the industry with their respective strengths. They compete with CACI through a competitive bidding process. These players also compete for a limited number of government contracts from the Department of Defense, the Department of Homeland Security and other U.S. government agencies, creating a highly competitive environment in this niche industry. This high competition causes pricing pressure leading to low-margin government deals, affecting CACI’s profitability.
CACI International is also facing challenges from recessionary concerns amid the ongoing macroeconomic and geopolitical tensions that might lead to softened spending by government agencies.
CACI’s rising debt level is another major concern. Its long-term debt has increased in the past eight years. The figure rose to $1.48 billion at the end of fiscal 2024 from $1.03 billion at the end of fiscal 2015. As a result, its annualized interest expense has increased during the same time frame. Additionally, the long-term debt level of $1.48 billion as of June 30, 2024, is much more than cash and cash equivalents of $134 million.
Conclusion
CACI’s latest agreement to acquire Azure Summit is likely to enhance its offerings in ISR, EW and SIGINT space, as well as boost its financial prospects. CACI shares have jumped 51% year to date and reached $490.37 as of Sept. 16. Shares of CACI International trade near its 52-week high of $498, which limits the stock’s upside potential.
Intensified competition and its high debt levels, along with low cash levels, also pose major concerns. So, it is prudent for investors to wait for a better entry time. CACI carries a Zacks Rank #3 (Hold) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Zacks Investment Research
KBR, Inc. KBR received a conceptual study contract from one of the world's largest shipbuilders in South Korea — Samsung Heavy Industries (“SHI”).
This first-of-its-kind floating ammonia production facility is part of SHI's diversification in the ocean energy business, with a focus on maritime technology. The process will involve KBR's low-carbon blue ammonia process technology and leverage SHI's expertise in the design of mega-floating vessels.
KBR’s Technology Business Bodes Well
KBR’s focus on a resilient business model and efficiency-boosting initiatives have sparked its project-winning momentum. It remains at the forefront of pioneering decarbonization initiatives through continuous process innovation and harnessing low-carbon technologies to reduce emissions effectively.
KBR has been at the forefront of innovation in the ammonia market for decades. Since 1943, it has licensed, engineered, or constructed more than 260 grassroot ammonia plants across the globe.
In the second quarter of 2024, KBR received $2.1 billion in bookings and options in highly strategic areas, with a trailing 12-month book-to-bill of 1x. Total revenues increased 6% to $1.86 billion year over year. The upside was backed by growth across Sustainable Technology Solutions (STS), as well as the Government Solutions’ (GS) new and on-contract growth across International, Defense & Intel, and Science and Space, partially offset by contraction in Readiness & Sustainment due to Ukraine funding delays.
As of June 28, 2024, the total backlog (including award options of $3.332 billion) was $20.1 billion compared with $21.73 billion at 2023-end. Of the total backlog, GS booked was $12.89 billion. The STS segment contributed $3.92 billion to the total backlog.
KBR’s Stock Performance
Shares of this company have gained 11.1% in the year-to-date period compared with the Zacks Engineering - R and D Services industry’s 25.4% growth. Although shares of the company have underperformed its industry, new and on-contract growth across its GS businesses and increased demand for sustainable services and technology are likely to be beneficial in the upcoming period.
Backed by its solid performance in the first half and improving global demand for its services, KBR raised its adjusted earnings per share (EPS) projection to the range of $3.15-$3.30 from $3.10-$3.30 expected earlier.
KBR’s EPS estimate for 2024 has moved up by a cent to $3.25 in the past seven days, which reflects 11.7% year-over-year growth on a 9.6% increase in revenues.
KBR’s Zacks Rank & Key Picks
Currently, KBR carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the same space are:
Howmet Aerospace Inc. HWM presently sports a Zacks Rank #1 (Strong Buy). HWM has a trailing four-quarter earnings surprise of 10.9%, on average. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for HWM’s 2024 sales and EPS indicates a rise of 12.6% and 40.8%, respectively, from the prior-year levels.
Sterling Infrastructure, Inc. STRL presently carries a Zacks Rank #2 (Buy). Sterling Infrastructure has a trailing four-quarter earnings surprise of 17.4%, on average.
The Zacks Consensus Estimate for STRL’s 2024 sales and EPS indicates a rise of 9.7% and 26.6%, respectively, from the prior-year levels.
M-tron Industries, Inc. MPTI currently carries a Zacks Rank #2. It has topped earnings estimates in three of the trailing four quarters and missed once, with an average surprise of 9.2%.
The Zacks Consensus Estimate for MPTI’s 2024 sales and EPS indicates a rise of 16.1% and 76.6%, respectively, from prior-year levels.
Zacks Investment Research
Sept 12 (Reuters) - KBR Inc KBR.N:
KBR AWARDED CONCEPTUAL STUDY CONTRACT FOR FLOATING BLUE AMMONIA PRODUCTION BY SAMSUNG HEAVY INDUSTRIES
Source text for Eikon: (Full Story)
Further company coverage: KBR.N
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