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Fluor 4Q Profit Falls 21% On Cost Increases, Reduced Activity

DOW JONES NEWSWIRES Fluor Corp.'s (FLR) fourth-quarter profit missed analysts' estimates, falling 21% on reduced oil-and-gas segment activity and substantial cost increases on a wind farm project. Shares fell 4.5% to $67.40 in recent trading. Despite those losses, the stock has risen 18% in the past three months. The engineering and construction company was mostly resilient during the recession but has suffered in recent quarters with reduced revenue and sagging results at its oil-and-gas business. Fluor reported a profit of $117.1 million, or 65 cents a share, down from $148.7 million, or 82 cents a share, in the year-earlier period. The latest quarter included a $180 million charge from the Greater Gabbard offshore wind farm and a $152 million tax benefit from the restructuring of a foreign subsidiary. Revenue slipped 3.9% to $5.27 billion. Analysts polled by Thomson Reuters most recently forecast earnings of 75 cents a share of $5.66 billion of revenue. New orders more than doubled to $7.09 billion, compared with $3.32 billion a year earlier. Backlog rose $1.9 billion during the quarter to $34.9 billion, up 30% from a year earlier. Oil-and-gas segment revenue dropped 16% and earnings halved on reduced project activity. Industrial and infrastructure revenue climbed 6.2%, although the segment swung to a loss of $102.4 million on substantial cost increases at the Greater Gabbard wind farm. The company reiterated its 2011 earnings target based on new awards and backlog growth. -By Ian Thomson, Dow Jones Newswires; 212-416-2314; [email protected]

Stock News for Fluor (FLR)
DateTimeHeadline
01/19/201717:40:00Preliminary Award of Project Zuidasdok to Fluor, Heijmans and...
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01/12/201709:00:00Fluor Corporation to Hold Fourth Quarter Earnings Conference...
01/10/201716:16:00Fluor Wins FEED Contract for Potash Mining Project in East Africa
01/06/201711:38:22Statement of Changes in Beneficial Ownership (4)
01/06/201711:35:42Statement of Changes in Beneficial Ownership (4)
01/06/201711:33:05Statement of Changes in Beneficial Ownership (4)
01/06/201711:30:49Statement of Changes in Beneficial Ownership (4)
01/06/201711:28:50Statement of Changes in Beneficial Ownership (4)
01/06/201711:26:18Statement of Changes in Beneficial Ownership (4)
01/06/201711:22:19Statement of Changes in Beneficial Ownership (4)
01/06/201711:20:12Statement of Changes in Beneficial Ownership (4)
01/04/201716:25:59Statement of Changes in Beneficial Ownership (4)
01/04/201707:05:00Fluor Awarded Refinery Project in Chile
12/20/201616:33:00Fluor to Design and Build $2 Billion Diabetes API Manufacturing...
12/15/201612:48:00Fluor-Led Team Completes Tappan Zee Bridge Towers
12/14/201616:37:00Fluor Project Named Power Engineering Magazine’s Overall Project o...
12/07/201616:04:00Fluor Places Final Module for Suncor East Tank Farm Development...
11/30/201616:11:00Fluor Named to Forbes JUST 100 List
11/21/201616:12:00Fluor Signs Memorandum of Understanding with Clean Energy Future...

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