USA: Fluor Net Earnings Down

Fluor Corporation said that its net earnings for the second quarter were $161 million, compared with $165 million in the second quarter of 2011.

Segment profit for the quarter was $287 million, which compared with $280 million a year ago. During the quarter, the Company achieved double-digit profit growth in four segments, with only Power showing a decline. Consolidated revenue grew by 18 percent to $7.1 billion, from $6.0 billion in the second quarter of 2011.

New awards for the second quarter were strong at $7.3 billion, compared with a record $9.7 billion recorded in the second quarter of 2011. Current quarter awards included $5.0 billion in the Oil & Gas segment, $1.1 billion in Industrial & Infrastructure and $769 million in Government. Consolidated backlog for the quarter rose to a company record of $43.0 billion, up $2.7 billion from a year ago.

“Our strong performance to date clearly demonstrates the benefits of our end market diversification and strong global presence,” said Chairman and Chief Executive Officer David Seaton. “We continue to see substantial market opportunities globally, and are particularly encouraged by a growing prospect list in the United States relating to the availability of low cost shale gas.”

Fluor’s financial condition remains very strong, with substantial liquidity including cash plus current and noncurrent marketable securities totaling $2.5 billion at the end of the quarter. During the second quarter, the company repurchased 2.2 million shares for $106 million. Corporate G&A expense for the second quarter of 2012 was $31 million, comparable to the second quarter of last year.

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LNG World News Staff, August 03, 2012