USA: Fluor Posts Revenue Rise for Q1

Fluor Corporation yesterday announced financial results for its first quarter ended March 31, 2012.

Net earnings attributable to Fluor for the first quarter rose to $155 million, compared with $140 million in the first quarter of 2011. Consolidated segment profit for the quarter was $253 million, compared with $249 million a year ago. Consolidated revenue was $6.3 billion, up 24 percent from $5.1 billion in the first quarter of 2011. First quarter results included double-digit revenue and profit growth in the Oil & Gas, Industrial & Infrastructure and Global Services segments.

New awards for the first quarter were strong at $8.4 billion, up from $6.2 billion a year ago. Segment awards included $3.9 billion in Oil & Gas, $3.7 billion in Industrial & Infrastructure, $389 million in Government and $249 million in Global Services. Consolidated backlog for the quarter rose to a company record of $42.5 billion, up 14 percent from a year ago and up 8 percent over last quarter.

“Fluor’s strong international presence helped drive new awards of $8.4 billion in the first quarter, including sizable awards in oil and gas production, refining and mining. I’m particularly pleased with the award of several key energy projects which will support growth in our Oil & Gas segment,” said Chairman and Chief Executive Officer, David Seaton. “Looking ahead, we see very good growth opportunities across our diversified global business segments.”

Corporate G&A expense for the first quarter of 2012 was $38 million, which compares with $34 million in the first quarter of 2011. The first quarter effective tax rate was 26 percent, which is lower than the rate expected for the full year. Fluor’s financial condition remains very strong, with cash plus current and noncurrent marketable securities totaling $2.7 billion at the end of the quarter.

[mappress]
LNG World News Staff, May 4, 2012