The 2020 Mid-Year Economic Update_long

Fluor Sales Down 25% in 1Q

Profit decreases 10.2 percent in first quarter.

Engineering and construction firm Fluor Corp. (NYSE: FLR), Irving, TX, reported sales for the first quarter of $5.4 billion, down 25 percent from the prior-year quarter. Profit decreased 10.2 percent to $149 million.

"Our oil & gas group continues to perform extremely well, posting nearly $9 billion in new awards and growing profitability by 32 percent," CEO David Seaton said. "However, our overall expectations for the year are tempered by continued weakness in a number of our other end markets.”

New awards for the quarter were $10.7 billion, including $8.8 billion in oil & gas, $924 million in industrial & infrastructure and $748 million in government.

First-quarter oil & gas sales were $2.7 billion, down 1.4 percent year-over-year. Industrial & infrastructure sales were down 46.7 percent to $1.7 billion. Government sales were down 21 percent to $593.2 million. Global services sales were down 4.7 percent to $142.7 million, while power sales were down 34.7 percent to $250.9 million.

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