Fluor said that the company’s net earnings for the first quarter were $149 million, compared to $166 million a year ago.
Consolidated segment profit for the quarter was $268 million, compared to $294 million in the first quarter of 2013. Segment profit results included a 32 percent increase in oil & gas, offset by declines in the company’s other segments. Revenue for the first quarter was $5.4 billion, down from $7.2 billion last year, mainly due to a significant reduction in revenue from the Industrial & Infrastructure segment’s mining and metals business line.
New awards for the quarter were a record $10.7 billion, including $8.8 billion in Oil & Gas, $924 million in Industrial & Infrastructure and $748 million in government. Consolidated backlog at the end of the quarter rose to $40.2 billion, up $5.3 billion over last quarter, and up from $37.5 billion a year ago.
“Our Oil & Gas group continues to perform extremely well, posting nearly $9 billion in new awards and growing profitability by 32 percent,” said Chairman and Chief Executive Officer David Seaton . “However, our overall expectations for the year are tempered by continued weakness in a number of our other end markets.”
[mappress]