Record orders in second quarter boost Fluor’s backlog

Fluor won contracts in the second quarter totalling US$ 9.3 billion, a company record. The awards pushed the Group's order backlog to US$ 30.2 billion, up +17.5% on the US$ 25.7 billion reported in the first quarter and down only -2.3% on the US$ 30.9 billion recorded at the end of the second quarter last year.

Sales for the second quarter of US$ 5.1 billion were down -2.6% on the US$ 5.3 billion recorded for the same period last year while pre-tax profits slipped -6.9% to US$ 259 million, down from US$ 278 million 12 months ago. Sales and profits were pinned back by the company's oil and gas sector, which saw revenues fall -42% to US$ 1.7 billion, down from US$ 3 billion last year.

Second quarter sales in the industrial and infrastructure sector rose +82% to US$ 1.8 billion, up from US$ 998 million last year, while the government sector also saw a +62% increase in sales from US$ 478 million to US$ 776 million.

Sales in the power sector also rose to US$ 468 million, up +4.9% on the US$ 446 million reported last year.

Chairman and CEO Alan Boeckmann said, "Fluor has once again demonstrated the tremendous power of its diversified business model with the recognition of record new awards and growing backlog led by our global mining business.

"Looking ahead to the balance of 2010, we see the potential for continued strong new awards in the second half, especially in our mining, oil and gas, and infrastructure businesses," he said.