Fluor Corp.'s (FLR) fourth-quarter profit rose 31% as the
engineering and construction company reported higher revenue, led
by gains in its industrial and infrastructure segment.
Fluor, the largest publicly traded engineering and construction
company in the U.S., has posted improved bottom-line results over
the past year amid higher sales and strength in its
industrial-and-infrastructure unit. The company has also recorded
record high new project awards and backlog in recent quarters.
However, in the latest period, new awards fell 40% from the
prior year and 37% from the third quarter. Backlog ended the
quarter at $39.48 billion, from the prior quarter's record $41.83
billion.
The company's industrial-and-infrastructure segment--lately
Fluor's biggest by revenue--swung to a profit from a year-ago loss
as its revenue increased 65%. The unit's revenue has been a pillar
of support for Fluor in recent quarters, as the once-dominant
oil-and-gas segment has dragged.
Profit was down 9.3% in the oil-and-gas business in the latest
quarter while the unit's revenue edged up 0.9%.
Overall, Fluor posted a profit of $153.1 million, or 90 cents a
share, up from $117.1 million, or 65 cents a share, a year ago.
Revenue increased 19% to $6.25 billion.
Analysts surveyed by Thomson Reuters expected earnings of 82
cents a share on revenue of $6.38 billion.
In November, Fluor said it struck an agreement with nuclear
alliance GE Hitachi Nuclear Energy to pursue a potential new
nuclear power plant project in Finland.
Shares of the company, which reaffirmed its full-year guidance,
closed at $60.36 Wednesday and were unchanged after hours. Through
the close, the stock is up 20% so far this year.
-By Nathalie Tadena, Dow Jones Newswires; 212-416-3287; nathalie.tadena@dowjones.com