USA: Fluor Reports Profit Growth

Fluor Corporation announced financial results for its first quarter ended March 31, 2013. Net earnings attributable to Fluor for the first quarter were $166 million, or $1.02 per diluted share, up from $155 million, or $0.91 per diluted share in the first quarter of 2012 which included the benefit of a low tax rate.

Consolidated segment profit for the quarter was $294 million, and revenue was $7.2 billion, up 16 percent and 14 percent, respectively, from the first quarter of 2012. Current quarter results were driven by growth in the Oil & Gas and Industrial & Infrastructure segments.

New awards for the first quarter were substantial at $6.5 billion, including $3.1 billion in Oil & Gas and $2.2 billion in Industrial & Infrastructure. Consolidated backlog at the end of the quarter was $37.5 billion, down 12 percent from a year ago mainly due to a downturn in the mining and metals market.

“We are pleased with our financial results for the quarter, including $6.5 billion of new awards,” said Chairman and Chief Executive Officer David Seaton. “We are particularly encouraged by the strength of our Oil & Gas business.”

Corporate G&A expense for the first quarter of 2013 was $33 million, which compares favorably with $38 million in the first quarter of 2012. Fluor’s financial condition remains strong, with cash plus current and noncurrent marketable securities totaling $2.5 billion at the end of the first quarter.

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LNG World News Staff, May 3, 2013