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Fluor 2Q Profit Up 5.1%, Record High Awards

DOW JONES NEWSWIRES Fluor Corp.'s (FLR) second-quarter earnings rose 5.1% on a surge in industrial and infrastructure business, as the engineering and construction company reported a quarter heavy with new project awards. Shares were up 7.2% at $58.50 after hours, as the results beat expectations and Fluor boosted its full-year profit target. Through the close, the stock had fallen 18% since the beginning of the year, worse than the wider market New awards rose 4% to $9.69 billion in the latest period, a record amount for a single quarter. The awards pushed backlog to a new high of $40.28 billion, up 34% from a year earlier and 8.3% from the first quarter. Chief Executive David Seaton said the company was "increasingly confident" in its outlook given the award and backlog levels, resulting in a full-year earnings view boost to $3.10 to $3.40 a share, compared with its November outlook for $3 to $3.40 a share. Earnings in the industrial-and-infrastructure segment, lately Fluor's biggest by revenue, more than doubled as revenue jumped 43%. The unit's revenue has been a pillar of support for Fluor in recent quarters, as its once dominant oil-and-gas segment has dragged. Profit fell 30% in the oil-and-gas business in the latest quarter despite a 12 in revenue. Fluor posted an overall profit of $165.5 million, or 94 cents a share, from $157.4 million, or 87 cents a share, a year earlier. Revenue increased 17% to $6.03 billion. Analysts surveyed by Thomson Reuters expected earnings of 81 cents a share on revenue of $5.77 billion. Gross margin fell to 5.1% from 5.5%. -By Joan E. Solsman, Dow Jones Newswires; 212-416-2291;

Stock News for Fluor (FLR)
02/10/201617:38:29Amended Statement of Changes in Beneficial Ownership (4/a)
02/10/201611:50:14Current Report Filing (8-k)
02/10/201610:32:21Amended Statement of Ownership (sc 13g/a)
02/09/201618:30:41Statement of Changes in Beneficial Ownership (4)
02/09/201618:29:18Statement of Changes in Beneficial Ownership (4)
02/09/201618:28:54Statement of Changes in Beneficial Ownership (4)
02/09/201618:27:31Statement of Changes in Beneficial Ownership (4)
02/09/201618:26:14Statement of Changes in Beneficial Ownership (4)
02/09/201618:24:51Statement of Changes in Beneficial Ownership (4)
02/09/201618:23:35Statement of Changes in Beneficial Ownership (4)
02/09/201618:20:53Statement of Changes in Beneficial Ownership (4)
02/09/201618:19:59Statement of Changes in Beneficial Ownership (4)
02/09/201611:48:18Current Report Filing (8-k)
02/09/201608:42:00Fluor Awarded Front-End Contract for World’s Largest Propylene O...
02/08/201617:16:39Statement of Changes in Beneficial Ownership (4)
02/08/201617:14:52Statement of Changes in Beneficial Ownership (4)
02/08/201617:13:09Statement of Changes in Beneficial Ownership (4)
02/08/201617:10:35Statement of Changes in Beneficial Ownership (4)
02/08/201616:33:00Fluor Awarded Cutbank Ridge Partnership Sweet Gas Plant Project...
02/04/201615:04:00Fluor Corporation Announces Quarterly Dividend

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