The 2020 Mid-Year Economic Update_long

Fluor Sales Down 8.4% in 2Q

Profit soars 90.9 percent from same period a year ago.

Engineering and construction firm Fluor Corp. (NYSE: FLR), Irving, TX, reported sales for the second quarter of $4.8 billion, down 8.4 percent year-over-year. Profit was $148.5 million, up 90.9 percent from the second quarter of 2014.

"Although our backlog remains at a high level, the continued volatility of oil prices and mined commodities clearly has slowed the pace of new awards and tempered our expectations for the year," said CEO David Seaton. "However, the fact that we have maintained a healthy backlog in a softer economic environment demonstrates that our clients are reacting positively to our integrated solutions strategy."

Oil & gas segment sales of $2.9 billion was down slightly from the second quarter of 2014, as lower revenue on large upstream projects that progressed towards completion were largely offset by an increase in contributions from various petrochemical and downstream projects. Industrial & infrastructure sales for the quarter were $1.1 billion, down from $1.5 billion a year ago, reflecting a continued decline in contributions from the mining and metals and infrastructure business lines.

Government group sales for the quarter increased slightly to $603 million, while global services sales declined 13.2 percent and power business sales increased 23 percent to $250 million.

Year-to-date sales were $9.4 billion, down 12 percent over the prior-year period. Profit increased 29 percent to $292.6 million.

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