Fluor reports +12% gain in profit

US contractor Fluor saw consolidated segment profit rise to US$ 331 million for the third quarter, a gain of +12% compared to the same period in 2012.

However, consolidated revenues dropped -6% to US$ 6.7 billion from US$ 7.1 billion in 2012, following lower revenue in the company's industrial, infrastructure and government divisions.

The oil and gas divison and the power business did see revenue gains.

Fluor signed new business worth US$ 5.6 billion during the third quarter, including US$ 2.4 billion in oil and gas, US$ 1.9 billion in government and US$ 846 million in power. The largest award in the quarter was for a new ethane cracker on the US Gulf Coast.

Consolidated backlog at the end of the quarter was US$ 36.5 billion, which compares with US$ 37 billion at the end of last quarter.

“I’m pleased with what we have accomplished this year despite headwinds in our government and mining and metals businesses. Our success to date in capturing key petrochemical projects in North America is a testament to our strong market position,” said chairman and CEO David Seaton.

Net earnings attributable to Fluor for the nine months ended September 30, 2013 were US$ 501 million, up +9% from US$ 461 million for the same period last year.

Revenues increased to US$ 21.1 billion, compared with US$ 20.6 billion a year ago.