Fluor Corporation said its net earnings for the second quarter were $161 million, compared with $161 million in the second quarter of 2012.
Consolidated segment profit for the quarter was $288 million and revenue was $7.2 billion, comparable with results in the second quarter of 2012. Current quarter segment profit reflects strong growth in the Oil & Gas segment, which was largely offset by a decline in the Government segment due primarily to the impact of a charge of $17 million, or approximately $0.07 per share, relating to the resolution of the company’s final outstanding embassy claim. Revenue growth in the Oil & Gas and Power segments was offset by lower revenue in Industrial & Infrastructure and Government.
New awards for the second quarter were substantial at $7.2 billion, including $3.6 billion in Industrial & Infrastructure and $3.3 billion in Oil & Gas. Consolidated backlog at the end of the quarter was $37.0 billion, which compares with $37.5 billion at the end of last quarter.
“I am increasingly optimistic about the Company’s prospects, particularly with the strength of future opportunities in oil and gas, ” said Chairman and Chief Executive Officer David Seaton . “We continue to pursue and receive a number of important front-end engineering and design awards, which we expect will translate into significant EPC awards over the next few years.”
Corporate G&A expense for the second quarter of 2013 was $32 million, which compares with $31 million in the second quarter of 2012. Fluor’s financial condition remains strong, with cash plus current and noncurrent marketable securities totaling $2.6 billion at the end of the second quarter.