Fluor Corp. (NYSE: FLR), Irving, TX, reported sales for the first quarter of $7.2 billion, an increase of 14.2 percent compared to the same period a year earlier. Profit increased 7.5 percent to $166.5 million.
Fluor’s Oil & Gas business reported profit of $105 million, a 42 percent increase from the first quarter of 2012. Sales grew 36 percent to $2.8 billion. First-quarter results reflect growing contributions from upstream and petrochemical projects.
The Industrial & Infrastructure group reported profit of $127 million, up 12 percent from the first quarter of 2012. Sales were $3.1 billion, up 3.3 percent year-over-year. Segment profit improvements were driven mainly by increased contributions from the infrastructure business line.
Government posted profit of $41 million, a 17.1 percent increase from the first quarter of 2012, including higher LOGCAP IV award fees and the close out of prior year indirect rates. Sales for the quarter declined 12 percent to $751 million, impacted by lower LOGCAP IV task order volume and lower activity levels at the Savannah River site for the Department of Energy.
Segment profit for Global Services was $28 million in the first quarter, a 15.1 percent decline from a year ago, and sales decreased 18 percent to $150 million. Results for the quarter were lower than last year due to reduced contributions from the equipment business line.
Fluor’s Power group reported a first-quarter segment loss of $6.8 million, which includes $15 million for the research and development expenses associated with the company’s majority ownership in NuScale. This compares with a segment loss of $2 million, including $10 million of NuScale expenses, a year ago. Sales increased 119 percent to $383 million, due to progress on gas-fired and solar projects.
