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Fluor Reports Third Quarter Results And Establishes 2013 EPS Guidance

Fluor Corporation (NYSE: FLR) today announced financial results for its third quarter ended September 30, 2012. Net earnings attributable to Fluor for the third quarter were $145 million, or $0.86 per diluted share, compared with $135 million, or $0.78 per diluted share in the third quarter of 2011. Segment profit for the quarter was $278 million, which compared with $236 million a year ago. Consolidated revenue grew by 18 percent to $7.1 billion, from $6.0 billion in the third quarter of 2011. Improved results were partially offset at the end of the quarter by a lower than expected award fee on the LOGCAP IV contract, the impact of foreign currency losses, and a higher than anticipated effective tax rate.

New awards for the third quarter were $6.3 billion, which compares with $6.7 billion a year ago. Current quarter awards were broad-based with $2.0 billion in the Oil & Gas segment, $2.0 billion in Government, $1.7 billion in Industrial & Infrastructure and $581 million in Power. Consolidated backlog for the quarter declined to $40.8 billion, from $43.0 billion last quarter, primarily due to the cancellation of two mining projects totaling $2.0 billion.

“While we are on track for 2012 and there continues to be a robust list of opportunities in oil, gas, petrochemical and infrastructure, our outlook for 2013 is tempered by the continuing weak global economy and the deferral of major mining capital programs,” said Chairman and Chief Executive Officer David Seaton. “Although we see growth in 2013, the anticipated resurgence in oil and gas is not expected to fully benefit financial results until 2014.”

Fluor’s cash plus current and noncurrent marketable securities totaled $2.8 billion at the end of the quarter, compared with $2.8 billion a year ago. Over the past year, the Company has returned approximately $300 million of cash to shareholders through share repurchases and dividends. Corporate G&A expense for the quarter was $41 million, compared with $37 million in the third quarter of 2011.

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