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KBR Announces Second Quarter 2021 Financial Results ; Updates FY 2021 Guidance • Delivered robust revenue growth of 11 % and adjusted EBITDA growth of 47 % • Generated strong free cash flow ; free cash conversion of ~ 120 % for the quarter and ~ 100 % YTD Raising FY 2021 adjusted operating cash flow guidance to $ 300 million- $ 340 million • Healthy bookings momentum , achieving book - to - bill ratio of 1.1x EXHIBIT 99.1 KBR HOUSTON - July 29 , 2021 - KBR , Inc. ( NYSE : KBR ) today announced its second quarter 2021 financial results and updated FY 2021 financial guidance . " KBR delivered an outstanding quarter with excellent results across all core metrics of growth , profitability , bookings and cash conversion , " said Stuart Bradie , KBR President and CEO . " The impressive double - digit top - line growth , terrific organic growth in Government Solutions , strong adjusted EBITDA margins delivering adjusted EBITDA growth of almost 50 % , superb free cash conversion , and healthy book - to - bill of 1.1x all demonstrate the unwavering focus and superb execution of our team . Importantly , we also continued to deliver outstanding safety and operational performance , and we continued to reduce uncertainty by making meaningful progress in resolving legacy matters . " Bradie added , “ Today , KBR is well - positioned in growing end markets advancing national security priorities , defense modernization , energy transition and sustainability . Given our strong operating performance , growing backlog , and continued confidence in our cash - generative business model , we are increasing our full - year 2021 cash guidance . With a 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 as we progress toward our 2025 goals and beyond . " Dollars in millions , except share data Revenues Gross Profit Operating income ( loss ) Adjusted EBITDA¹ Summarized Second Quarter 2021 Financial Results 2021 Three Months Ended June 30 , 2020 Six Months Ended June 30 , 2021 2020 1,536 $ 1,385 $ 207 $ 142 2,997 $ 375 2,922 328 $ ( 88 ) $ ( 12 ) 1 $ ( 81 ) $ 156 $ 106 $ 291 $ 218 Earnings ( loss ) per share : Diluted earnings ( loss ) per share $ ( 1.08 ) $ ( 0.28 ) $ Adjusted earnings per share¹ $ 0.58 $ 0.39 $ ( 0.75 ) $ 1.06 $ ( 1.00 ) 0.78 Cash flows : Operating cash flows $ 104 $ 109 154 $ 150 Adjusted operating cash flows ' $ 108 $ 113 $ 165 $ 178 Adjusted free cash flows ' $ 98 $ 111 $ 149 $ 174 See additional information at the end of this release regarding non - GAAP financial measures . Financial Highlights for the Quarter Ended June 30 , 3021 Revenue of $ 1.5 billion , an 11 % increase in the quarter , is aligned with management's consolidated revenue guidance for the year of circa $ 6 billion . ° Government Solutions posted $ 1.2 billion of revenue in the second quarter , a 29 % increase over 2020. This increase reflects 13 % organic growth with each government business unit delivering organic growth from new program wins and on - contract expansion driven by strong execution . Additionally , Centauri , acquired in October 2020 , recorded over $ 180 million of revenue in the quarter , delivering healthy organic growth of 30 % on top of acquisitive growth .