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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
07/01/201517:39:00Fluor Selected for Six-Year Position on the Air Force Contract...
07/01/201509:00:00Fluor Corporation to Hold Second Quarter Earnings Conference...
06/30/201509:14:00Fluor Consortium Selected as Preferred Bidder to Manage and Operate...
06/23/201507:22:00Fluor von BASF als weltweiter Entwicklungspartner ausgewählt
06/23/201506:33:00Fluor Selected by BASF as Global Engineering Partner
06/19/201512:25:09Annual Report of Employee Stock Plans (11-k)
06/19/201512:23:13Annual Report of Employee Stock Plans (11-k)
06/09/201516:03:00Fluor’s Peter Oosterveer Elected to Board of U.S.-China Business C...
06/04/201517:28:43Initial Statement of Beneficial Ownership (3)
06/03/201516:52:00Fluor Recognized for Its Role on Sadara Chemical Project in Saudi...
05/28/201516:09:00Fluor-Led Joint Venture Selected as Preferred Bidder for Bergstrom...
05/28/201509:00:00Fluor to Present at Credit Suisse Engineering & Construction...
05/27/201502:20:00Fluor fête la cérémonie de lancement de projet pour l’usine de f...
05/26/201516:48:00Fluor Celebrates Project Initiation Ceremony of Hexcel’s Carbon F...
05/20/201512:15:10What Is the S&P 500 Index?
05/11/201517:01:58Statement of Changes in Beneficial Ownership (4)
05/11/201517:01:31Statement of Changes in Beneficial Ownership (4)
05/11/201516:59:23Statement of Changes in Beneficial Ownership (4)
05/11/201516:58:04Statement of Changes in Beneficial Ownership (4)
05/11/201514:13:06Statement of Changes in Beneficial Ownership (4)

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