22 Feb 12. Rheinmetall achieves best result in the Company’s history
*Consolidated sales up 12% to €4,454m
*Growth in Automotive and Defence sectors
*Earnings before interest and taxes (EBIT) up 19% to €354m
*Earnings before taxes (EBT) increases by 29% to €295m
Rheinmetall AG, based in Düsseldorf, achieved significant growth in sales and earnings in fiscal 2011. Preliminary consolidated earnings before interest and taxes(EBIT) reached a new high at €354m. Sales generated in the fiscal year total €4,454m according to preliminary figures. Rheinmetall had recently forecast sales of €4.4bn and EBIT between €340m and €360m. Rheinmetall has expanded the sales volume in both sectors and reports growth of approximately 12% in fiscal 2011 compared with the previous year’s figure of €3,989m. There has been an even higher rise in earnings: EBIT climbed by €57m from the €297m figure achieved the previous year – an increase of 19%. Hence, the EBIT margin in the Group has improved from 7.4% (2010) to 7.9% in fiscal 2011. The Rheinmetall Group also achieved a new record in earnings before taxes (EBT) of €295m. EBT is up €66m or 29% year-on-year. The Automotive sector excelled, with a very pleasant development in sales combined with a particularly positive growth in earnings. Automotive has boosted sales by €331m or 17% to €2,313m (2010: €1,982m). The sector achieved anincrease in EBIT of €70 m or 86%, which now totals €151m (2010: €81m). In the year under review, sales in the Defence sector increased by 7% or €134m to €2,141m (2010: €2,007m). At €223m, EBIT is slightly down on the previous year’s figure of €234m. With an EBIT margin of 10.4% the Defence sector has again reached a high level. Rheinmetall will publish its final figures for fiscal 2011 on March 21, 2012.
22 Feb 12. KBR (NYSE:KBR) announced that fourth quarter 2011 net income attributable to KBR was $90m, or $0.60 per diluted share, compared to net income attributable to KBR of $78m, or $0.51 per diluted share, in the fourth quarter of 2010. Consolidated revenue in the fourth quarter was $2.1bn compared to $2.3bn in the fourth quarter of 2010. Operating income was $136 m compared to $148m in the prior year fourth quarter. Fourth quarter operating income, when compared to the prior year fourth quarter, was negatively impacted by approximately $25m in cost and schedule issues on three legacy projects at Roberts & Schaefer and lower profits in Downstream, Oil and Gas, and Services. Hydrocarbons revenue and income was $989m and $99m, down 7% and 14%, respectively, compared to the fourth quarter of 2010. Infrastructure, Government, and Power (IGP) revenue in the fourth quarter was $707 m, down $138 m compared to the prior year fourth quarter. The fourth quarter of 2011 included an expected revenue reduction of $222m, compared to the prior year fourth quarter, related to reduced activity on the LogCAP contracts. IGP income was $55m in the fourth quarter, up $17m or 45%, compared to the prior year fourth quarter. Services revenue and income in the fourth quarter was $378 m and $15m, down 7% and 50%, respectively, compared to the fourth quarter of 2010. North American Government and Logistics (NAGL) job income was $45m compared to job income of $29m in the fourth quarter of 2010. The increase in job income is primarily related to net favorable cost reserve adjustments. International Government, Defence and Support Services (IGDSS) job income was $50m compared to job income of $26m in the fourth quarter of 2010. The increase in job income primarily related to improved margins on the Allenby & Connaught, Namsa Kabul, Namsa KAF, Afghanistan ISP, and CONLOG projects. Corporate general and administrative expense was $51m compared to $55m in the prior year fourth quarter. Cost controls and budgetary discipline are evident in all areas. Total cash provided by operating activities in the fourth quarter of 2011 was $338 m and was $650m for the twelve months of 2011, driven by overall e