Fluor Net Earnings Rise
Fluor Corporation said its net earnings in 2013 were $668 million, up from $456 million in 2012.
Consolidated segment profit for the year rose to $1.2 billion, up from $769 million a year ago. Results for 2012 included a charge of $1.57 per diluted share relating to a completed offshore wind farm project. Increased segment profit for 2013 otherwise reflects growth in the Oil & Gas, Power and Government segments. Revenue of $27.4 billion in 2013 was comparable with the prior year, reflecting growth in the Oil & Gas and Power segments which was offset by revenue reductions in Industrial & Infrastructure, Government and Global Services.
Full year new awards were $25.1 billion, comprised of $12.9 billion in Oil & Gas, $6.6 billion in Industrial & Infrastructure, $4.1 billion in Government and $1.5 billion in Power. Consolidated backlog at year-end was $34.9 billion, which compares with $38.2 billion a year ago, reflecting a continued decline in mining and metals awards and the fourth quarter cancellation of a large copper/gold project in South America.
“Our financial results for 2013 met our expectations, and we continue to be very encouraged by the significant and sustained progress of our Oil & Gas group. With the recent award of the Kitimat project in Canada, Fluor will add full scale LNG projects to its already broad service offering,” said Chairman and Chief Executive Officer David Seaton. “For 2014, we are tracking a number of mega-project opportunities globally in Oil & Gas, as well as large infrastructure and power prospects in their target markets.”
Press Release, February 19, 2014; Image: Fluor