Fluor Sales Down 27% in 2Q - Modern Distribution Management

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Fluor Sales Down 27% in 2Q

Year-to-date sales down 26.4 percent year-over-year.

Engineering and construction firm Fluor Corp. (NYSE: FLR), Irving, TX, reported sales for the second quarter of $5.3 billion, down 27 percent year-over-year. Profit was $77.8 million, down from $161.4 million in the second quarter of 2013.

"Our oil & gas group continues to generate substantial double-digit profit growth," said CEO David Seaton. "While we see continued weakness in many non-energy-related markets, we are very encouraged by the robust slate of major oil, gas and petrochemical prospects globally."

Oil & gas segment sales of $2.8 billion was level with the second quarter of 2013, as contributions from new projects were largely offset by lower revenue on large projects that progressed toward completion. Industrial & infrastructure sales for the quarter were $1.5 billion, down from $3.1 billion a year ago, reflecting a continued decline in contributions from the mining and metals business line, partly offset by growth in the infrastructure business line.

Government group sales for the quarter declined 11 percent to $599 million, while global services sales declined 5.8 percent and power business sales declined to $204 million, from $423 million a year ago.

Year-to-date sales were $10.6 billion, down 26.4 percent over the prior-year period. Profit decreased 30.8 percent to $226.9.

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