Fluor announces record sales and profits
By Steve Skinner26 February 2009
Fluor saw a +33% increase in sales for 2008, up from US$ 16.7 billion in 2007 to a record US$ 22.3 billion last year. Pre-tax profits jumped +71% from US$ 649 million in 2007 to US$ 1.1 billion.
The company's Industrial and Infrastructure business reported pre-tax profits of US$ 208 million, up +106% on the US$ 101 million seen in 2007. Results include a pre-tax gain of US$ 79 million from the sale of its joint venture interest in the Greater Gabbard Offshore Wind Farm project as well as increased contributions from mining and projects.
Fluor's Government business also reported an increase in pre-tax profits, up +78% to US$ 52 million from US$ 29 million in 2007. A statement said improved results reflected strong performance on current contracts, as well as improvements resulting from the shift away from fixed price contracts, where the business incurred charges in 2007.
"2008 was without a doubt the strongest year in the company's history, with record-setting sales, profits and new awards," said Alan Boeckmann, chairman and CEO.
"While the economic environment is creating uncertainty in a number of our markets, many of our key clients continue to invest in strategic long-term programs where Fluor excels. We remain optimistic that our substantial backlog and diversified business model will allow Fluor to deliver solid results in 2009."