Fluor Reports Q3 Revenues Growth (USA)

Fluor Corporation today announced financial results for its third quarter ended September 30, 2013. Net earnings attributable to Fluor for the third quarter were $173 million, or $1.05 per diluted share, compared with $145 million, or $0.86 per diluted share, in the third quarter of 2012.

Consolidated segment profit for the quarter rose to $311 million, up 12 percent from $278 million a year ago. Segment profit results reflect growth in the Oil & Gas, Government and Power segments. Consolidated revenue was $6.7 billion, compared with $7.1 billion in the third quarter of 2012. Revenue growth in the Oil & Gas and Power segments was offset by lower revenue in Industrial & Infrastructure and Government.

New awards for the third quarter were $5.6 billion, including $2.4 billion in Oil & Gas, $1.9 billion in Government and $846 million in Power. The largest award in the quarter was for a new ethane cracker on the U.S. Gulf Coast. Consolidated backlog at the end of the quarter was $36.5 billion, which compares with $37.0 billion at the end of last quarter.

“I’m pleased with what we have accomplished this year despite headwinds in our government and mining and metals businesses. Our success to date in capturing key petrochemical projects in North America is a testament to our strong market position,” said Chairman and Chief Executive Officer David Seaton. “We are also excited about our prospects for large LNG projects, as well as major upstream and downstream programs, particularly in what we view as the early stages of a substantial multi-year oil and gas investment cycle.”

Corporate G&A expense for the third quarter of 2013 was $46 million, compared to $41 million in the third quarter of 2012. This increase was primarily due to higher stock price driven compensation costs. Fluor’s cash and marketable securities balance at the end of the third quarter was $3.0 billion, up from $2.6 billion last quarter.

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LNG World News Staff, November 01, 2013