Strong financial start for Fluor
By Sarah Ann McCay05 May 2013
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.