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Fluor Sales Jump 24% in First Quarter

Fluor Corp. (NYSE: FLR), Irving, TX, reported first-quarter sales of $6.3 billion, up 24 percent over the same period a year ago. Profit attributable to Fluor increased 10.7 percent to $155 million.

"Fluor's strong international presence helped drive new awards of $8.4 billion in the first quarter, including sizable awards in oil and gas production, refining and mining," CEO David Seaton said. "Looking ahead, we see very good growth opportunities across our diversified global business segments."

Fluor's Oil & Gas business reported segment profit of $73 million, which rose 19 percent from the first quarter of 2011. Revenue grew 23 percent to $2 billion.

The Industrial & Infrastructure group reported segment profit of $103 million, up from $92 million in the first quarter of 2011. Revenue for the segment was $2.8 billion, up 40 percent from a year ago.

Government posted segment profit of $35 million, compared with $34 million in the first quarter of 2011. Revenue for the quarter grew to $850 million, compared with $818 million a year ago.

Segment profit for Global Services was $43 million in the first quarter, up from $31 million a year ago. Revenue for the quarter increased 13 percent to $426 million.

Fluor's Power group reported a first quarter segment loss of $1.9 million, which includes research and development activities associated with NuScale. Revenue declined in the quarter to $175 million, which compares with $212 million a year ago.

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