Fluor posts lower Q2 earnings

U.S.-based LNG engineer Fluor posted a 31 percent drop in its second-quarter net earnings as compared to the same period last year.

Fluor said Thursday its net earnings for the second quarter were $102 million, or $0.72 per diluted share, compared to $149 million, or $1.00 per diluted share a year ago.

Consolidated segment profit for the quarter was $230 million, compared to $282 million a year ago.

“Segment profit results reflect improvement in Industrial, Infrastructure & Power, which was offset by a decline in Energy, Chemicals & Mining due to lower mining activity and forecast revisions on two projects,” the company said.

Fluor’s second-quarter revenue was at $4.9 billion as compared to $4.8 billion in the prior year.

New awards for the quarter were $6.4 billion, including $3.4 billion in Industrial, Infrastructure & Power, $1.2 billion in Government, $1.2 billion in Energy, Chemicals & Mining and $664 million in Maintenance, Modification & Asset Integrity.

Consolidated ending backlog rose to$47.3 billion when compared to $41.6 billion a year ago.

“Taking into consideration the lower than expected second quarter results, the company is narrowing its 2016 guidance for EPS to a range of $3.25 to $3.50 per diluted share, from the previous range of $3.25 to $3.65 per diluted share,” Flour said.

 

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Posted on August 5, 2016 with tags .

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