Fluor's Second-Quarter Profit Jumps 119% after Strong Performances in All Sectors

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Researched by Industrial Info Resources (Sugar Land, Texas)--Fluor Corporation (NYSE:FLR) (Irving, Texas), an engineering, procurement and construction major, has reported that its second-quarter profit has more than doubled to $209 million, up 119%, compared with $96 million in the same period last year. Alan Boeckmann, Fluor's Chairman and CEO, said all of the company's business segments have contributed to the overall growth. He said the company is likely to continue to benefit from strong demand in its key markets worldwide.

Fluor's revenue rose 37% to $5.8 billion, an increase largely attributed to the Oil & Gas and Power industries, including the sale of its joint-venture interest in the Greater Gabbard offshore windfarm project in the United Kingdom. Michael Steuert, Fluor's Senior Vice President and Chief Financial Officer, said the Oil & Gas sector achieved a second-quarter revenue of $3.3 billion, up 56% from the second quarter of 2007. Operating profit grew 68% to $169 million. Industrial Info has been tracking the $540 million, 300-megawatt Greater Gabbard offshore windfarm project since March 2004 when Airtricity Holdings Limited was the owner. In February 2008, Scottish & Southern Energy (Perth, Scotland) acquired Airtricity. For more details, see May 20, 2008, news article - United Kingdom's 504-Megawatt Offshore Windfarm Contracts Fluor and Siemens.

According to Mr. Boeckmann, Fluor achieved a quarterly record in terms of new awards with $6.4 billion, compared with $5.8 billion last year. Industrial Info is tracking 242 active projects for which Fluor has been awarded contracts. The largest of those projects are the $14.6 billion Mina Al-Zour Grassroot Crude Oil Refinery in Kuwait and the $7 billion Panama Grassroot Crude Oil Refinery in Panama.

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