Fluor Reports Strong Q1 Results (USA)
Fluor Corporation announced financial results for its first quarter ended March 31, 2011.
Net earnings attributable to Fluor for the first quarter were $140 million, or $0.78 per diluted share, compared with $137 million, or $0.76 per diluted share in the first quarter of 2010. Segment profit for the quarter was $249 million, up from $243 million a year ago. Revenue was $5.1 billion, an increase from $4.9 billion in the first quarter of 2010. As expected, first quarter results reflect substantial growth in the Industrial & Infrastructure segment, offset by lower Oil & Gas and Power segment contributions.
“With another strong quarter of new awards, Fluor’s backlog has grown to over $37 billion which is a new company record. Our earnings results were also solid, with substantial positive contributions coming from all five business segments,” said Chief Executive Officer, David Seaton (image). “We continue to track a very healthy prospect list and believe that new awards will remain robust throughout 2011.”
New project awards for the first quarter were $6.2 billion, nearly doubling the $3.4 billion in new awards booked a year ago. The quarter included $3.9 billion of awards in Industrial & Infrastructure, $966 million in Oil & Gas, $882 million in Government and $422 million in Global Services. Consolidated backlog for the quarter rose to a company record of $37.2 billion, which increased by $2.3 billion over last quarter and by $11.5 billion from a year ago.
Corporate G&A expense for the first quarter of 2011 was $34 million, which compares with $31 million in the first quarter of 2010. Fluor’s financial condition continues to strengthen, with cash plus current and noncurrent marketable securities totaling $2.7 billion at the end of the quarter, up from $2.3 billion a year ago. During the first quarter, the company repurchased 3.5 million shares at a cost of $246 million.
Source: Fluor, May 6, 2011;