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First quarter results reflect substantial growth in the Industrial & Infrastructure segment, offset by lower Oil & Gas and Power segment contributions.
"With another strong quarter of new awards, Fluor's backlog has grown to over $37 billion which is a new company record. Our earnings results were also solid, with substantial positive contributions coming from all five business segments," CEO David Seaton said.
New project awards for the first quarter were $6.2 billion, nearly doubling the $3.4 billion in new awards booked a year ago. The quarter included $3.9 billion of awards in Industrial & Infrastructure, $966 million in Oil & Gas, $882 million in Government and $422 million in Global Services. Consolidated backlog for the quarter rose to a company record of $37.2 billion, which increased by $2.3 billion over last quarter and by $11.5 billion from a year ago.
Fluor's Oil & Gas business unit reported segment profit of $62 million, down from $92 million in the first quarter of 2010. Revenue was $1.7 billion, compared with $2.1 billion last year.
The Industrial & Infrastructure group reported segment profit of $92 million, up nearly threefold from $32 million in the first quarter of 2010, due to significant growth in both the mining and metals and the infrastructure business lines. Revenue for the segment was $2.0 billion, up 60 percent from a year ago, primarily driven by growth in the mining and metals business line.
Government posted segment profit of $34 million, compared with $35 million in the first quarter of 2010. Revenue for the quarter grew by 23 percent to $818 million, up from $663 million a year ago.
Segment profit for Global Services was $31 million in the first quarter, up from $27 million a year ago, with revenue increasing by 12 percent to $378 million.
Fluor's Power group reported first quarter segment profit of $30 million, down from $56 million a year ago. Revenue declined by 60 percent to $212 million.
Fluor Corp. provides comprehensive capabilities and expertise in the fields of engineering, procurement, construction, commissioning, operations, maintenance and project management.