Fluor Posts 3Q Loss On Charges; Revenue Tops Views, Orders Strong

Date : 11/04/2010 @ 4:57PM
Source : Dow Jones News
Stock : Fluor Corp. (FLR)
Quote : 45.68  0.96 (2.15%) @ 3:59PM

Fluor Posts 3Q Loss On Charges; Revenue Tops Views, Orders Strong

Fluor (NYSE:FLR)
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Fluor Corp. (FLR) swung to a third-quarter loss on charges related to a U.K. wind farm and a legal fight while revenue surprisingly rose.

New orders were "very strong" at $7.6 billion, compared with $2.9 billion a year earlier. Backlog rose $2.8 billion during the quarter to $33 billion, up 18% from a year earlier.

The engineering and construction company was mostly resilient during the recession but has suffered in recent quarters with reduced revenue and sagging results at its oil-and-gas business.

Fluor faced particular setbacks in the latest period, saying last month it expected to record a $163 million charge because of estimated cost increases for an offshore wind project off the U.K. It said last week a court ruling against a joint venture it's involved in would result in further charges.

It reported a loss of $53.6 million, or 30 cents a share, compared with a year-earlier profit of $162.1 million, or 89 cents a share. The latest quarter included a 90-cent charge from the wind farm and a 32-cent impact from the legal ruling.

Revenue increased 1.7% to $5.51 billion. Analysts most recently forecast $5.21 billion, according to a poll by Thomson Reuters.

Oil-and-gas segment revenue slumped 40% and earnings slid 60% on lower level of new rewards previously. But industrial and infrastructure revenue nearly doubled but the segment swung to a loss on the charges.

Looking ahead, Fluor reiterated its 2010 earnings target and gave an initial 2011 view of $3 to $3.40 a share. Analysts' average estimate was $3.30.

Shares closed at $49.80 and were inactive after-hours.

 
 

-By Matt Jarzemsky and Kevin Kingsbury, Dow Jones Newswires; 212-416-2240; matthew.jarzemsky@dowjones.com

 
 

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