USA: Fluor Announces First Quarter Results Diversity Ensures Long-Term Growth
Fluor announced its financial results for the first quarter 2016 with net earnings of $ 104 million, compared to $ 144 million a year ago.
Irving/USA – Results for the quarter include $ 22 million in pre-tax expenses associated with the recent acquisition of Stork and other matters. Excluding these expenses the company reported net earnings of $ 120 million, or $ 0.85 per diluted share. Consolidated segment profit for the quarter was $ 241 million, compared to $ 276 million a year ago. Segment profit results reflect reduced mining activities compared to a year ago. First quarter revenue of $ 4.4 billion compares to $ 4.5 billion in the prior year.
New awards for the quarter were $ 4.7 billion, including $ 2.3 billion in Government, $ 1.4 billion in Industrial, Infrastructure & Power, $ 579 million in Energy, Chemicals & Mining and $ 404 million in Maintenance, Modification & Asset Integrity. Consolidated ending backlog of $ 46 billion includes Stork’s backlog of $ 1.5 billion. Consolidated backlog at the end of the first quarter last year was $ 41.2 billion.
"Our new awards in the first quarter reflect the diversity of our business across multiple industries," said Fluor Chairman and Chief Executive Officer David Seaton. "Although some prospective projects have been deferred, and active projects slowed, this diversity shows we can continue to fuel long-term growth in a challenging business environment. I'm particularly encouraged by the strength we see in infrastructure and government."