Fluor Corporation said its net earnings in 2013 were $668 million, up from $456 million in 2012.
Consolidated segment profit for the year rose to $1.2 billion, up from $769 million a year ago. Results for 2012 included a charge of $1.57 per diluted share relating to a completed offshore wind farm project. Increased segment profit for 2013 otherwise reflects growth in the Oil & Gas, Power and Government segments. Revenue of $27.4 billion in 2013 was comparable with the prior year, reflecting growth in the Oil & Gas and Power segments which was offset by revenue reductions in Industrial & Infrastructure, Government and Global Services.
Full year new awards were $25.1 billion, comprised of $12.9 billion in Oil & Gas, $6.6 billion in Industrial & Infrastructure, $4.1 billion in Government and $1.5 billion in Power. Consolidated backlog at year-end was $34.9 billion, which compares with $38.2 billion a year ago, reflecting a continued decline in mining and metals awards and the fourth quarter cancellation of a large copper/gold project in South America.
“ Our financial results for 2013 met our expectations, and we continue to be very encouraged by the significant and sustained progress of our Oil & Gas group. With the recent award of the Kitimat project in Canada, Fluor will add full scale LNG projects to its already broad service offering, ” said Chairman and Chief Executive Officer David Seaton. “ For 2014, we are tracking a number of mega-project opportunities globally in Oil & Gas, as well as large infrastructure and power prospects in their target markets. ”
Press Release, February 19, 2014; Image: Fluor