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Fluor 1Q Net Up 2.3% On Industrial, Infrastructure Strength

DOW JONES NEWSWIRES Fluor Corp.'s (FLR) first-quarter profit rose 2.3% as strength in its industrial and infrastructure business offset continued weakness at the oil and gas business. The engineering and construction company has seen weakness at its oil and gas business drag on results in recent quarters. But increases in the company's overall orders and backlog have suggested improvement going forward. It was mostly resilient during the downturn. Fluor reported a profit of $139.7 million, or 78 cents a share, up from $136.6 million, or 76 cents a share, a year earlier. Revenue rose 2.8% to $5.06 billion. Analysts polled by Thomson Reuters had forecast earnings of 76 cents on $5.58 billion in revenue. Gross margin was flat at 5.3%. At the oil and gas segment, revenue dropped 23% as earnings fell 33%. The unit was supplanted as the company's largest top-line and earnings contributor by the industrial and infrastructure business, which saw revenue jump 60% and profit more than double. New awards jumped 84% to $6.2 billion from a year earlier, led by a near-quadrupling of new industrial and infrastructure awards. Backlog ended the quarter at $37.19 billion, up from $25.7 billion. Shares were up a penny at $65.70 in recent after-hours trading. The stock has gained 29% over the past 12 months. -By Matt Jarzemsky, Dow Jones Newswires; 212-416-2240; matthew.jarzemsky@dowjones.com

Stock News for Fluor (FLR)
DateTimeHeadline
11/30/201616:11:00Fluor Named to Forbes JUST 100 List
11/21/201616:12:00Fluor Signs Memorandum of Understanding with Clean Energy Future...
11/08/201616:23:00Brunswick County Power Station Recognized by ENR Mid-Atlantic...
11/08/201611:47:00The Construction Users Roundtable Recognizes Fluor for its Leadership...
11/08/201610:46:07Statement of Changes in Beneficial Ownership (4)
11/08/201610:44:37Statement of Changes in Beneficial Ownership (4)
11/08/201610:42:51Statement of Changes in Beneficial Ownership (4)
11/08/201610:40:10Statement of Changes in Beneficial Ownership (4)
11/03/201616:33:23Quarterly Report (10-q)
11/03/201616:22:16Current Report Filing (8-k)
11/03/201616:15:00Fluor Reports Third Quarter Results
11/02/201619:17:00Fluor Corporation Announces Quarterly Dividend
11/01/201616:19:00Fluor Announces Award of Sasol Oxygen Train Project in Secunda...
10/25/201609:00:00Fluor to Webcast Investor Day Presentation
10/19/201619:35:00ICA Flour se Adjudica un Proyecto de Oro y Plata en México
10/19/201617:51:07ICA Fluor Awarded Gold and Silver Mining Project
10/19/201617:02:00ICA Fluor Awarded Gold and Silver Project in Mexico
10/19/201610:11:00ABBとフルーアが世界の変電設備プロジェクトの実施に向けて提携
10/18/201616:17:00Fluor Completes Module Fabrication for Oil Sands Project
10/06/201608:00:00Fluor Corporation to Hold Third Quarter Earnings Conference Call

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