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Fluor Sales Down 5% in 2010 on Lower Oil & Gas Activity

Fluor Corp. (NYSE: FLR), Irving, TX, reported sales for 2010 were $20.8 billion, down 5 percent from a year ago, mainly reflecting lower Oil & Gas activity throughout the year.

Profit was $357 million. Full-year new awards were $27.4 billion, up 48 percent from bookings of $18.5 billion a year ago, mainly due to strong mining & metals orders in the Inudstrial & Infrastructure segment and orders in the upstream business within Oil & Gas. Yearend backlog rose to $34.9 billion, up 30 percent from a year ago, and up $1.9 billion over last quarter.

Fourth-quarter sales for the manufacturer were $5.3 billion, 4 percent below last year, due to lower Oil & Gas and Power segment project activity. Profit for the quarter was $117 million.

Fourth-quarter new awards were $7.1 billion including $4.4 billion in Oil & Gas and $1.3 billion in Industrial & Infrastructure, double the total awards in the same quarter of 2009.

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