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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
09/06/201619:02:00Fluor Completes Citral Facility for BASF PETRONAS Chemicals
08/31/201616:20:00Fluor to Present at D.A. Davidson E&C Conference
08/08/201616:33:12Statement of Changes in Beneficial Ownership (4)
08/08/201616:30:32Statement of Changes in Beneficial Ownership (4)
08/08/201616:28:28Statement of Changes in Beneficial Ownership (4)
08/08/201616:15:54Statement of Changes in Beneficial Ownership (4)
08/08/201616:08:00U.S. Department of Energy Extends Savannah River Site Management...
08/05/201615:27:35Current Report Filing (8-k)
08/04/201616:21:40Current Report Filing (8-k)
08/04/201616:15:00Fluor Reports Second Quarter Results
08/04/201612:15:03Initial Statement of Beneficial Ownership (3)
08/03/201620:44:00James Hackett Elected to Fluor’s Board of Directors
08/03/201618:05:00Fluor Corporation Announces Quarterly Dividend
08/02/201608:29:00Fluor a remporté le projet d'expansion de Bauxite en Guinée
08/01/201616:30:00Fluor Awarded Bauxite Expansion Project in Guinea
07/25/201616:11:00Fluor-Led Team Completes Second Major U.S. Transit P3 Commuter...
07/21/201605:59:00Stork Awarded Multi-Services Contract by Repsol Sinopec Resources...
07/14/201616:54:00Fluor Awarded Maintenance Alliance Contract for Power Plants...
07/11/201616:30:00Tengizchevroil Announces Final Investment Decision for Tengiz...
07/08/201614:06:18Initial Statement of Beneficial Ownership (3)

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