USA: Fluor Posts Q2 Net Earnings of USD 161 Mln

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.