Strong financial start for Fluor

By Sarah Ann McCay05 May 2013

The new Tappan Zee Bridge accross the Hudson River in New York is scheduled to be completed in 2018.

The new Tappan Zee Bridge accross the Hudson River in New York is scheduled to be completed in 2018.

US contractor Fluor Corporation put in a strong performance for the first quarter 2013 with net earnings of US$ 166 million, up from US$ 155 million in Q1, 2012.

Gains were also seen in consolidated segment profit and revenue. Fluor achieved a profit of US$ 294 million while revenue hit US$ 7.2 billion, up +16% and +14%, respectively, from the first quarter of 2012.

Fluor attributed its strong start to the year to growth in the Oil & Gas and Industrial & Infrastructure segments.

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

The Industrial & Infrastructure group reported segment profit of US$ 127 million, up +12% from US$ 113 million in the first quarter of 2012. Revenue for the segment was $3.1 billion, compared with $3 billion a year ago. New awards for the group included the Tappan Zee Bridge in New York and the Horseshoe road project in Texas.

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