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Fluor Sales Down Slightly in 2Q

Fluor Corp. (NYSE: FLR), Irving, TX, reported sales of $5.2 billion for the second quarter, a decline of 2 percent from the same period last. Profit declined 7 percent to $157 million.

For the first six months, sales were $10.1 billion, down 9 percent from the year ago period. Profit declined 21 percent to $294 million.

New project awards for the second quarter were a record $9.3 billion, well above the quarterly run rate of approximately $3 billion in the prior three quarters. Awards in the quarter included $7.2 billion in Industrial & Infrastructure driven by new mining and metals projects, $1 billion of Oil & Gas awards and approximately $600 million of Government awards. Consolidated backlog rose to $30.2 billion, up from $25.7 billion last quarter, and compared with $30.9 billion a year ago.

"Fluor has once again demonstrated the tremendous power of its diversified business model with the recognition of record new awards and growing backlog led by our global mining business," CEO Alan Boeckmann said. "Looking ahead to the balance of 2010, we see the potential for continued strong new awards in the second half, especially in our mining, oil and gas, and infrastructure businesses."

Fluor Corp. provides expertise in the fields of engineering, procurement, construction, commissioning, operations, maintenance and project management.

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