The 2020 Mid-Year Economic Update_long

Fluor Sales Down 15.9% in 2015

Fourth quarter sales down 19.9 percent.

Engineering and construction firm Fluor Corp. (NYSE: FLR), Irving, TX, reported sales for 2015 of $18.1 billion, a decrease of 15.9 percent from last year. Profit decreased 19.3 percent to $412.5 million.

Oil & gas segment sales for the year decreased 12.9 percent from last year to $10 billion. Industrial & infrastructure sales decreased 31.1 percent to $4.1 billion.

Government group sales increased 1.8 percent to $2.6 billion, while global services sales decreased 14.1 percent to $499.1 million. Power group sales decreased 6.1 percent to $946.7 million.

Fourth quarter sales were $4.4 billion, a decrease of 19.9 percent from the same period the previous year. The company reported a loss of $51.4 million for the quarter, compared to $214.5 million the prior year.

Oil & gas segment sales for the quarter decreased 8 percent from last year to $2.4 billion. Industrial & infrastructure sales decreased 40.8 percent to $982.8 million.

Government group sales decreased 8.1 percent to $647.6 million, while global services sales decreased 20.3 percent to $123.9 million. Power group sales decreased 34 percent to $206.2 million.

"Although we are disappointed with the results in Power, our Oil & Gas business performed well and maintained backlog levels despite the continued volatility of oil prices," said Fluor CEO David Seaton. "Our nuclear contracts with Westinghouse, along with recently announced new awards in Infrastructure and our announcement to acquire Stork Holdings B.V., add diversification to our already strong backlog and build upon our strategy to expand our construction and maintenance offerings."

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