Fluor Continues $80 Billion in Projects as 3Q Profit Nearly Doubles

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Researched by Industrial Info Resources (Sugar Land, Texas)--Fluor Corporation (NYSE:FLR) (Irving, Texas), a leading engineering, procurement and construction firm, has announced that its third-quarter profit has jumped 95% to $184 million, up from $94 million in the same period last year, as a result of strong performances in all five business segments. Operating profit increased 71% to $324 million from $190 million year over year, and new project awards totaled $8.8 billion in the quarter. "Our focus on winning the major long-term capital projects with well-funded clients continues to generate significant growth and opportunity for Fluor," Chairman and CEO Alan Boeckmann said.

Business Segments

• Oil & Gas
• Revenue: $3.3 billion, up 52%
• Operating profit: $206 million, up 84%
• New awards: $5.1 billion
• Backlog: $22.8 billion, up 39%
• Industrial & Infrastructure
• Revenue: $879 million, up 19%
• Operating profit: $28 million, up 3.7%
• New awards: $2.2 billion
• Backlog: $8.5 billion, up 63%
• Government
• Revenue: $369 million, up 9.5%
• Operating profit: $18 million, up from a $2 million deficit
• New awards: $922 million
• Backlog: $886 million, up 5.6%
• Global Services
• Revenue: $593 million, up 9%
• Operating profit: $49 million, up 2.1%
• New awards: $405 million
• Backlog: $2.7 billion
• Power
• Revenue: $531 million, up 64%
• Operating profit: $24 million, up 300%
• New awards: $226 million
• Backlog: $1.6 billion, down 43%

"We remain optimistic that our substantial backlog in our diversified business model will allow us to continue to grow throughout 2009," Boeckmann said. The $8.8 billion in new awards in the quarter includes a $3.4 billion modernization project for BP's (NYSE:BP) (London) Whiting, Indiana, refinery. As part of our International Project Database, Industrial Info is tracking 255 projects worth more than $80.9 billion involving Fluor. The projects include grassroot crude oil refineries, unit additions at nuclear power plants and windfarms. "While there are a number of uncertainties in the global economic environment, our view at this time is that 2009 has the potential to be extremely strong for our company overall," Boeckmann said.

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