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Fluor Sales Increase 2% in Third Quarter

Fluor Corp. (NYSE: FLR), Irving, TX, reported sales for the third quarter were $5.5 billion an increase of 2 percent compared to the third quarter of 2009. The company recorded a net loss of $54 million for the period, compared to year-ago profit of $162 million.

Third quarter results include previously announced charges of $163 million for estimated cost increases on the Greater Gabbard Offshore Wind Farm project, and approximately $95 million due to an adverse legal ruling relating to the collectability of potential claim awards and other amounts due the company on the completed SR-125 road project.

New project awards for the third quarter were $7.6 billion, compared with $2.9 billion a year ago. Awards in the quarter included $3.0 billion in Industrial & Infrastructure including new infrastructure and mining projects, $2.9 billion in Oil & Gas awards and approximately $1.2 billion of Government awards. Consolidated backlog at the end of the third quarter rose to $33.0 billion, which is a $2.8 billion increase over last quarter and an 18 percent increase from a year ago.

"We are very disappointed that events during the quarter led to the two significant charges," CEO Alan Boeckmann said. "Looking ahead, we are encouraged by the strength of new awards in the quarter, which has allowed us to grow our backlog for the second consecutive quarter."

For the first nine months of 2010, sales were $15.6 billion, down 5.5 percent from the same period a year. Profit fell 55.2 percent to $240 million.

Fluor Corp. designs, builds and maintains many of the world's most challenging and complex projects.

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