Fluor Net Earnings Drop
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.”