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KBR Secures Engineering Services Contract for CrossWind
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KBR, Inc. (KBR - Free Report) has secured an engineering services contract, which entitles it to design an advanced offshore energy storage project for CrossWind. Notably, CrossWind is a joint venture (JV) between Shell and Dutch utility company, Eneco.
Per the contract, KBR will provide a front-end engineering design of the baseload power hub for the Hollandse Kust (north) wind farm located offshore Netherlands.
KBR and Shell will design and develop facilities that integrate lithium-ion battery storage and green hydrogen electrolysis production at a megawatt scale. The design will help in hydrogen production and electricity storage in times of high-power production. It will also convert hydrogen to electricity, via a fuel cell, during a lower power production phase.
Pertaining to the contract, Jay Ibrahim, president of KBR Sustainable Technology Solutions, said, “To solve the current global 'energy trilemma,' the world needs an energy mix that relies more on wind, solar and nuclear power. With our deep expertise in engineering and energy solutions, KBR is positioned to help our valued customers — partners like the CrossWind JV —drive the energy transition."
Focus on Energy Transition
KBR has been a leader in energy transition and has wide-ranging experience supporting sustainable energy projects worldwide. The determination to lower emissions, product diversification, energy efficiency, and more sustainable technologies and solutions have been driving KBR’s performance. Demand for the company’s technologies across ammonia for food productions, olefins for non-single-use plastics and in refining for product diversification and more green solutions to meet tighter environmental standards has been going strong. A strategic shift to IP-enabled maintenance is also gaining traction and KBR continues to see increasing activity across the advisory portfolio, particularly in the energy transition.
Sustainable Technology Solutions' (STS) revenues increased 15.6% year over year to $333 million in third-quarter 2022. STS benefited from strong end markets, superior technology offerings and highly sought-after engineering solutions.
As of Sep 30, 2022, total backlog (including award options) was $19.77 billion compared with $19.71 billion at 2021-end. Of the total backlog, Government Solutions booked $11.32 billion. The Sustainable Technology Solutions segment accounted for $4.01 billion of the total backlog.
United Rentals (URI - Free Report) — carrying a Zacks Rank #2 (Buy) — is the largest equipment rental company in the world, with an integrated network of 1,390 rental locations in the United States, Canada and Europe.
URI’s expected earnings growth rates for 2022 and 2023 are 47.3% and 12.5%, respectively. The Zacks Consensus Estimate for current-year and next-year earnings has improved to $32.50 and 36.57 per share from $32.41 and $36.27 per share, respectively, over the past 30 days.
EMCOR Group, Inc. (EME - Free Report) — carrying a Zacks Rank #2 — is one of the leading providers of mechanical and electrical construction, industrial and energy infrastructure, as well as building services for a diverse range of businesses.
EME’s expected earnings growth rates for 2022 and 2023 are 10.2% and 17%, respectively. The Zacks Consensus Estimate for current-year and next-year earnings has improved 0.4% and 3.3%, respectively, over the past 30 days.
Sterling Infrastructure, Inc. (STRL - Free Report) — also carrying a Zacks Rank #2 — has been benefiting from broad-based growth across the e-infrastructure, building and transportation solutions segments.
STRL’s expected earnings growth rates for 2022 and 2023 are 47.4% and 6.3%, respectively. The Zacks Consensus Estimate for current-year and next-year earnings has improved 4.3% and 3.4%, respectively, over the past 30 days.
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KBR Secures Engineering Services Contract for CrossWind
KBR, Inc. (KBR - Free Report) has secured an engineering services contract, which entitles it to design an advanced offshore energy storage project for CrossWind. Notably, CrossWind is a joint venture (JV) between Shell and Dutch utility company, Eneco.
Per the contract, KBR will provide a front-end engineering design of the baseload power hub for the Hollandse Kust (north) wind farm located offshore Netherlands.
KBR and Shell will design and develop facilities that integrate lithium-ion battery storage and green hydrogen electrolysis production at a megawatt scale. The design will help in hydrogen production and electricity storage in times of high-power production. It will also convert hydrogen to electricity, via a fuel cell, during a lower power production phase.
Pertaining to the contract, Jay Ibrahim, president of KBR Sustainable Technology Solutions, said, “To solve the current global 'energy trilemma,' the world needs an energy mix that relies more on wind, solar and nuclear power. With our deep expertise in engineering and energy solutions, KBR is positioned to help our valued customers — partners like the CrossWind JV —drive the energy transition."
Focus on Energy Transition
KBR has been a leader in energy transition and has wide-ranging experience supporting sustainable energy projects worldwide. The determination to lower emissions, product diversification, energy efficiency, and more sustainable technologies and solutions have been driving KBR’s performance. Demand for the company’s technologies across ammonia for food productions, olefins for non-single-use plastics and in refining for product diversification and more green solutions to meet tighter environmental standards has been going strong. A strategic shift to IP-enabled maintenance is also gaining traction and KBR continues to see increasing activity across the advisory portfolio, particularly in the energy transition.
Sustainable Technology Solutions' (STS) revenues increased 15.6% year over year to $333 million in third-quarter 2022. STS benefited from strong end markets, superior technology offerings and highly sought-after engineering solutions.
As of Sep 30, 2022, total backlog (including award options) was $19.77 billion compared with $19.71 billion at 2021-end. Of the total backlog, Government Solutions booked $11.32 billion. The Sustainable Technology Solutions segment accounted for $4.01 billion of the total backlog.
Image Source: Zacks Investment Research
KBR shares gained 16.7% in the past year, outperforming the Zacks Engineering - R and D Services industry’s 8.8% rise.
Zacks Rank & Key Picks
Currently, KBR carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
United Rentals (URI - Free Report) — carrying a Zacks Rank #2 (Buy) — is the largest equipment rental company in the world, with an integrated network of 1,390 rental locations in the United States, Canada and Europe.
URI’s expected earnings growth rates for 2022 and 2023 are 47.3% and 12.5%, respectively. The Zacks Consensus Estimate for current-year and next-year earnings has improved to $32.50 and 36.57 per share from $32.41 and $36.27 per share, respectively, over the past 30 days.
EMCOR Group, Inc. (EME - Free Report) — carrying a Zacks Rank #2 — is one of the leading providers of mechanical and electrical construction, industrial and energy infrastructure, as well as building services for a diverse range of businesses.
EME’s expected earnings growth rates for 2022 and 2023 are 10.2% and 17%, respectively. The Zacks Consensus Estimate for current-year and next-year earnings has improved 0.4% and 3.3%, respectively, over the past 30 days.
Sterling Infrastructure, Inc. (STRL - Free Report) — also carrying a Zacks Rank #2 — has been benefiting from broad-based growth across the e-infrastructure, building and transportation solutions segments.
STRL’s expected earnings growth rates for 2022 and 2023 are 47.4% and 6.3%, respectively. The Zacks Consensus Estimate for current-year and next-year earnings has improved 4.3% and 3.4%, respectively, over the past 30 days.