Fluor growth accelerates
By Chris Sleight05 August 2011
Fluor's revenues for the second quarter of the year were US$ 6.03 billion, a +17% increase on the same period last year. Revenues for the first six months of the year were US$ 11.1 billion, a 10% increase on 2010, and an indication that the company saw accelerated growth in the second quarter. Net profits for the second quarter were up +5% to US$ 166 million.
The biggest factor in this growth was a surge in work for Fluor's Industrial & Infrastructure division, where revenues were up +42% on Q2 2010 to US$ 2.60 billion. The company said this was due to increased contributions from its mining and metals line, which provides construction services to mining companies. It added that profit for the division had more than doubled to US$ 109 million in the quarter.
Fluor also said that it had won a record US$ 9.7 billion worth of new orders in the April - June period, beating the previous record of US$ 9.3 billion set in the second quarter of 2010. New work included US$ 5.1 billion in the Industrial & Infrastructure division, US$ 2.7 billion of which was for an iron ore mining expansion programme for BHP Billiton in Australia. The company also won a US$ 1 billion contract for development of a copper and molybdenum mine for Minera Quadra Chile Limitada.
These wins took the company's backlog to a record US$ 40.3 billion - up +34% from the same period last year