UPDATE 1-KBR profit off 40 percent as govt work declines

Thu Apr 29, 2010 6:59am EDT

* Q1 EPS 29 cts misses Wall St view of 39 cts

* Q1 revenue off 19 percent at $2.6 billion

New York, April 29 (Reuters) - KBR Inc (KBR.N), a U.S. engineering company, reported a 40 percent drop in quarterly profit on Thursday as its work in Iraq wound down and spending by many of its energy industry clients remained subdued.

First-quarter net profit fell to $46 million, or 29 cents per share, from $77 million, or 48 cents per share, a year earlier. Revenue fell 19 percent to $2.6 billion.

Analysts had expected a profit of 39 cents per share on revenue of $2.75 billion, according to Thomson Reuters I/B/E/S. (Reporting by Matt Daily, additional reporting by Braden Reddall in San Francisco; Editing by Lisa Von Ahn)

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