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Fluor's Profit Up 15% on New Government Orders

California

February 05, 2004|From Bloomberg News

Fluor Corp., the largest publicly traded engineering and construction company in the U.S., on Wednesday said fourth-quarter profit rose about 15% as it won new orders from the U.S. government.

Net income rose to $51.5 million, or 63 cents a share, from profit from continuing operations of $44.7 million, or 56 cents, a year earlier, the Aliso Viejo-based firm said. Sales fell to $2.36 billion from $2.47 billion.

Fluor has expanded its transportation and government services units through acquisitions amid sales declines in its business of building oil refineries and rigs. Fluor's backlog of new orders rose 9% to $10.6 billion, primarily because of contracts from the Defense, State and Homeland Security departments. Fluor expects earnings this year of $2 to $2.40 a share.

Including profit of $3.5 million, or 5 cents a share, for discontinued operations, net income in the year-ago quarter was $48.2 million, or 61 cents, Fluor said.

Fluor shares fell 78 cents to $37.30 on the New York Stock Exchange. They have risen 29% in the last year. The company announced earnings after the stock market closed.

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