Fluor
Engineering and construction contractor Fluor Corp. said its first-quarter profit surged 63 percent, helped by new contracts in the oil and gas industry.
Irving-based Fluor (NYSE: FLR) earned $138 million, or $1.50 per share, compared with $84.6 million, or 94 cents per share, in the quarter last year.
Revenue rose 32 percent to $4.81 billion from $3.64 billion a year earlier.
Results beat average analysts’ estimates for earnings of about $1.27 per share on revenue of $4.64 billion.
Fluor was awarded $5.7 billion in new projects during the quarter, up 28 percent from $4.5 billion in the first quarter last year. The company received $4.3 billion in oil and gas projects, while the backlog of contracts rose 33 percent to $31.5 billion.
Revenue in the oil and gas segment jumped 55 percent to $2.6 billion. Revenue in the global services segment rose 11 percent to $706 million, revenue in the power segment increased 104 percent to $422 million, and revenue in the industrial and infrastructure segment was flat at $796 million us fast cash.
"Fluor’s key clients continue to make substantial investments in major new energy, industrial and infrastructure projects globally," Chief Executive Alan Boeckmann said in a statement. "With robust new award levels, a growing backlog and world-class execution capabilities, our outlook is increasingly positive and we expect substantial expansion in both revenue and earnings in 2008."
The company raised its earnings forecast for the year to $6.25 to $6.55 per share, up from its previous target of $5.10 to $5.50 per share.
Web site: www.fluor.com
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