Fluor Corp. posted quarterly earnings Tuesday that exceeded Wall Street's expectations, and said it expects modest earnings growth for the full year, despite weak coal markets.
The Aliso Viejo-based engineering and construction giant said its net earnings for the second quarter totaled $51 million, or 66 cents a share, compared with a net loss of $72.9 million, or 97 cents a share, a year ago.
Excluding nonrecurring items, net earnings from operations rose 12% to $52.4 million, or 68 cents a share, from a profit of $46.9 million, or 62 cents a share, a year earlier. Wall Street analysts had expected the company to post earnings of 65 cents a share, according to a survey by First Call/Thomson Financial.
Revenue fell 16% to $2.6 billion.
Quarterly operating profit for Fluor Daniel, the company's engineering, procurement and construction business, rose to $42 million from $39 million a year ago, the company said.
Operating profits at A.T. Massey, Fluor's low-sulfur coal business, fell to $30 million from $32 million a year ago. For the full year, Massey is projected to post operating profits of about $130 million, down from $147 million last year, Fluor said, citing difficult market conditions.
