Engineering and construction firm Fluor Corp. (FLR) said Thursday after the markets closed that its first quarter profit rose from last year, driven by growth in its oil & gas and industrial & infrastructure segments.
The company's quarterly earnings per share also came in above analysts' expectations as did its quarterly revenue.
At the same time, the company maintained its 2013 earnings guidance of $3.85 to $4.35 per share. Analysts polled by Thomson Reuters currently expect the company to earn $4.17 per share for the full year 2013.
"We are pleased with our financial results for the quarter, including $6.5 billion of new awards," said Chairman and Chief Executive Officer David Seaton. "We are particularly encouraged by the strength of our Oil & Gas business."
Fluor shares are currently losing 0.04% in after hours trading after closing the day's regular trading session at $57.45, up $1.30 or 2.32%. The shares trade in a 52-week range of $44.99 to $66.83.
The company's consolidated segment profit for the first quarter increased 16% year-over-year to $294 million. First quarter segment profit for the company's oil and gas unit rose 42% to $105 million, while segment profit for its industrial & infrastructure group grew 12% to $127 million.
Government segment profit for the quarter increased 17% to $41 million, while global services segment profit declined 15% to $28 million. The company's power group reported a first quarter segment loss of $6.8 million, compared with a segment loss of $2 million in the prior year quarter.
For the first quarter ended March 31, 2013, the Irving, Texas-based company reported net income of $166.5 million or $1.02 per share, compared to $154.9 million or $0.91 per share for the year-ago quarter.
On average, 18 analysts polled expected the company to earn $0.96 per share for the first quarter.
Total revenue for the first quarter rose 14% to $7.19 billion from $6.29 billion in the same quarter last year. Sixteen analysts had a consensus revenue estimate of $6.91 billion for the first quarter.
First quarter new awards were $5.12 billion, down 22% from the $8.39 billion new awards in the first quarter of 2012.
The company ended the first quarter with a total backlog of $37.46 billion, down 12% from $42.45 billion a year ago due to a downturn in the mining and metals market.
Smaller rival KBR Inc. (KBR) last week reported lower revenue and profit for the first quarter, but its quarterly results came in above Wall Street expectations. The company also maintained its full year 2013 earnings forecast.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.