Fluor Shares Fall After Weaker 3Q Earnings Report

PITTSBURGH (AP) — Shares of Fluor Corp. skidded Tuesday, a day after the engineering and construction firm reported an 11 percent drop in third-quarter earnings due to lower revenue at its oil and gas and power units.

The Irving, Texas-based company said Monday it earned $162 million, or 89 cents per share, during the July to September period, compared with $182 million, or $1 per share, in the prior-year period.

Revenue slipped 4 percent to $5.42 billion from $5.67 billion a year earlier. Fluor's power segment and oil and gas unit fell 40 percent and 11 percent, respectively.

Analysts polled by Thomson Reuters forecast a profit of 90 cents per share with revenue of $5.49 billion.

The company said it was awarded $2.88 billion in new projects in the third quarter compared with $8.81 billion in the period a year earlier.

Based on recent cancellations and delays, Fluor trimmed its earnings prediction for the full year to $3.75 to $3.90 per share — down from its previous forecast of $3.80 to $4.10 per share. Analysts are looking for a profit of $3.85 per share.