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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; joan.solsman@dowjones.com

Stock News for Fluor (FLR)
DateTimeHeadline
02/20/201710:58:00Fluor Named to FORTUNE Magazine’s World’s Most Admired Companies Lis...
02/17/201708:02:08Annual Report (10-k)
02/17/201707:37:25Current Report Filing (8-k)
02/17/201707:30:00Fluor Reports Fourth Quarter and Full Year 2016 Results
02/16/201722:00:00Fluor Awarded Contract for Woodfibre LNG Project in Canada
02/14/201711:23:25Statement of Ownership (sc 13g)
02/14/201710:18:04Amended Statement of Ownership (sc 13g/a)
02/13/201714:27:50Statement of Changes in Beneficial Ownership (4)
02/13/201714:26:57Statement of Changes in Beneficial Ownership (4)
02/13/201707:54:08Amended Statement of Ownership (sc 13g/a)
02/10/201708:25:35Current Report Filing (8-k)
02/10/201706:50:00Fluor Announces Preliminary Fourth Quarter Results
02/08/201716:08:52Statement of Changes in Beneficial Ownership (4)
02/08/201716:07:13Statement of Changes in Beneficial Ownership (4)
02/08/201716:05:29Statement of Changes in Beneficial Ownership (4)
02/08/201716:02:51Statement of Changes in Beneficial Ownership (4)
02/08/201716:01:06Statement of Changes in Beneficial Ownership (4)
02/08/201715:58:53Statement of Changes in Beneficial Ownership (4)
02/08/201715:57:07Statement of Changes in Beneficial Ownership (4)
02/08/201715:53:11Statement of Changes in Beneficial Ownership (4)

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