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EXHIBIT 99.1 • • • KBR Announces First Quarter 2021 Financial Results ; Reaffirms FY 2021 Guidance Delivered $ 89 million of operating income and > 20 % growth in adjusted EBITDA Achieved strong cash generation ; 109 % adjusted free cash conversion of net income Awarded $ 1.6 billion of contracts and options in high - end , technical , upmarket areas Reaffirming FY 2021 guidance that reflects 20 % embedded earnings growth over 2020 CKBR KBR HOUSTON - April 29 , 2021 - KBR , Inc. ( NYSE : KBR ) today announced its first quarter 2021 financial results and reaffirmed FY 2021 financial guidance . " KBR is off to a strong start in 2021 , building on its momentum with new program wins , innovative technologies and solid execution and safety performance , all contributing to profitable growth in the first quarter , " said Stuart Bradie , President and CEO of KBR . " We posted key wins in trusted microelectronics , automation , rapid prototyping , sustainable technology licensing , energy transition and more . At the same time , we continued advancing innovations in important high - growth areas such as climate change , cyber analytics and space superiority . Thanks to the unrelenting focus of our talented people , KBR is poised to continue generating strong free cash flow and to delivering revenue and profitability in line with our expectations and long - term objectives . Given KBR's solid foundation of enduring long - term contracts , and strong macro - tailwinds that align with our expertise , we are confident that the company is well positioned for sustainable growth and value creation . " Summarized First Quarter 2021 Financial Results Dollars in millions , except share data Revenues Operating income ( loss ) Adjusted EBITDA¹ Earnings ( loss ) per share : Diluted earnings ( loss ) per share Adjusted earnings per share¹ Cash flows : Operating cash flows Adjusted operating cash flows¹ Adjusted free cash flows¹ Three Months Ended March 31 , 2021 2020 $ 1,461 $ 1,537 $ 89 $ ( 69 ) $ 135 $ 112 $ 0.33 $ ( 0.73 ) $ 0.48 $ 0.39 $ 50 50 $ $ 57 $ 51 $ 426 41 65 63 See additional information at the end of this release regarding non - GAAP financial measures . Key Financial Highlights Revenue of $ 1.5 billion is aligned with management's consolidated revenue guidance for the year of circa $ 6 billion . New programs , on - contract expansion and acquisitive growth , as follows : approximately $ 145 million , or 71 % , growth in Defense and Intel , 5 % organic ; approximately $ 45 million or 15 % growth , all organic , in Readiness & Sustainment , predominantly in enduring O & M programs such as planning , scheduling , and supporting training rotations at the National Training Center ; and approximately $ 10 million , or 4 % , organic growth in Science & Space ; A reduction of approximately $ 275 million primarily attributable to the non - recurrence of non - core Sustainable Technology activities exited in 2020 and a reduction in the International government business primarily attributable to the substantial completion of a program in 2020 . Selling , general and administrative expenses of $ 89 million declined $ 8 million compared to 2020 , principally due to the company's 2020 restructuring and exit from non - core businesses as well as reduced travel associated with the ongoing pandemic . These decreases were partially offset by an increase in SG & A associated with our acquisition of Centauri in late 2020 .