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Fluor posts strong Q2 results

Industry

Fluor Corporations net earnings for the second quarter rose to US$165mn compared with $157mn in Q2 of 2010, while revenues rose 17 per cent to US$6 billion, up from $5.2 billion in the second quarter of 2010.

Fluor attributed this strong growth to substantial growth in the Industrial & Infrastructure segment.

"With strong earnings and record new awards, driving our backlog to over US$40 billion for the first time in history, we are increasingly confident in our business outlook and, as a result, are adjusting our earnings guidance range for 2011," said David Seaton, Chief Executive Officer.

Fluor saw new projects awards hit US$9.7 billion in the second quarter which was a company record for a single quarter and compares with the previous high mark of US$9.3 billion in the second quarter a year ago.

The current quarter included US$5.1 billion of awards in Industrial & Infrastructure, US$3.2 billion in Oil & Gas, and US$1.1 billion in Government.

Fluor’s Oil & Gas segment had a number of wins during the quarter, including a significant award for utilities and offsites component of the Dow/Aramco Ras Tanura integrated project or RTIP in Saudi Arabia.

Seaton added: “we're particularly pleased about our success in winning this critically important award in the project, which will become the largest integrated petrochemical complex in the world. We were able to leverage our strong relationship with Dow and our experiences with them in the Middle East and our extensive history in Saudi Arabia but, more importantly, reestablish our relationship with Aramco, which has been an important strategic initiative for Fluor for some time.”

Other major awards included the polymers project in Saudi, additional scope on the West Qurna project in Iraq.
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