Engineering and construction company Fluor Corp. (FLR) reported Wednesday a 31 percent increase in profit for the fourth quarter, reflecting revenue growth and as the year-ago quarter was weighed down by charges. Earnings per share came in above analysts' expectations, while quarterly revenues missed their estimates. The company also maintained its earnings outlook for the full-year 2012, saying it remains encouraged about future opportunities across its diverse end-markets.
The Irving, Texas-based company reported net earnings of $153.1 million or $0.90 per share for the fourth quarter, higher than $117.1 million or $0.65 per share in the year-ago quarter.
On average, 21 analysts polled by Thomson Reuters expected the company to report earnings of $0.82 per share for the quarter. Analysts' estimates typically exclude special items.
Revenue for the quarter increased 19 percent to $6.25 billion from $5.27 billion in the same quarter last year, reflecting significant increase in Industrial & Infrastructure, but missed nineteen Wall analysts' consensus estimate of $6.38 billion.
Segment profit for the quarter soared to to $279 million from $77 million in the same period last year, which primarily included pre-tax charges of $180 million on the Greater Gabbard Offshore Wind Farm project.
The company's new awards in the quarter were $4.27 billion, which included awards of $2.5 billion in oil & gas, and $947 million in power segments, 40 percent lower than $7.09 billion in the year-ago quarter. Backlog at the end of the quarter was $39.48 billion, up 13 percent from $34.91 billion a year ago.
The company incurred an income tax expense of $64.8 million, compared to a $96.6 million benefit from the tax restructuring of a foreign subsidiary.
"I am pleased that Fluor has delivered another year of strong new awards, resulting in double-digit backlog growth and earnings per share at the top end of our expectations for 2011. We continue to have a strong prospect list which supports our growth projection for 2012," Chairman and CEO David Seaton said in a statement.
Looking ahead to fiscal 2012, Fluor maintained its earnings outlook in a range of $3.40 to $3.80 per share. Analysts currently expect the company to earn $3.76 per share for the year.
The guidance includes the estimated impact of ongoing operating expenses of about $0.20 per share associated with the company's investment in NuScale Power.
In Wednesday's regular trading session, FLR is trading at $60.36, down $1.29 or 2.09% on a volume of 1.96 million shares. The stock lost a further $0.76 or 1.26% in after-hours trading.
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