KBR -5% on news it will re-file 2013 financial statements

|By:, SA News Editor

KBR (KBR -4.9%) says it will refile its 2013 financial statements following material charges discovered in connection with the preparation of its Q1 10-Q.

A review determined that the estimated costs to complete seven Canadian pipe fabrication and module assembly contracts in the services business segment that were awarded during 2012-13 will result in pre-tax charges of $158M.

KBR also says it overstated revenue recognition for a long-term construction project by ~$9M.