The 2020 Mid-Year Economic Update_long

Fluor Sales Down 21.3% in 2014

Fourth quarter sales down 13.3 percent.

Engineering and construction firm Fluor Corp. (NYSE: FLR), Irving, TX, reported full year sales for 2014 of $21.5 billion, a decrease of 21.3 percent from last year. Profit decreased 23.5 percent to $510.9 million from the previous year.

Fourth quarter sales were $5.5 billion, a decrease of 13.3 percent from the same period the previous year. Profit increased 28.6 percent to $214.5 million.

Oil & gas segment sales for 2014 decreased 1.3 percent from last year to $11.4 billion, reflecting increased contributions from upstream and petrochemical projects. Sales for the quarter were $2.6 billion, a 13.7 percent decrease from the same period the previous year.

Industrial & infrastructure sales for the full year decreased 45.3 percent to $6.1 billion due to lower contributions from the mining and metals business line. Sales for the quarter were $1.7 billion, a 23.2 percent decrease year-over-year.

Government group sales for 2014 decreased 8.6 percent to $2.5 billion, while fourth quarter sales increased 8.8 percent year-over-year to $705 million.

Global services sales decreased 4.4 percent to $585 million, mainly driven by reductions in the equipment business line’s mining-related activities and the withdrawal of equipment from Afghanistan. Sales for the fourth quarter were $156.7 million, a 0.7 percent decrease compared to the same period a year ago.

Power group sales decreased 28 percent to $1 billion for 2014, due to lower contributions from solar and gas-fired projects nearing completion. Sales for the quarter were $312.3, a 10.8 percent increase year-over-year.

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