Fluor sees order intake rise
By Chris Sleight11 August 2009
Fluor took US$ 6.8 billion worth of orders in the second quarter of the year, compared with US$ 6.4 billion in the same period in 2008. Revenues and profits for the quarter were both down on a year ago, although the company's performance over the first half of the year has improved on 2008 levels.
The company saw revenues fall -8% in the quarter to US$ 5.29 billion, compared to US$ 5.77 billion 12 months ago. Net profits for the same period came in at US$ 169 million, a -19% fall on a year ago.
Looking at the first half of the year, Flour's revenues were up +4.8% on 2008 levels to US$ 11.1 billion. Net profits were up + 8.7% to US$ 374 million. Despite the increased order intake over the second quarter, Flour has seen its backlog shrink by some -6,5% since the middle of June 2008. However, at US$ 30.9 billion, its order book still represents about 17 months work.
Chairman and CEO Alan Boeckmann said, "While we have posted strong results to date, we remain sensitive to the pace of global economic recovery which could impact the timing of future awards."