Tuesday, July 27, 2010

Fluor (NYSE:FLR) Beats Analysts, But Earnings Fall

Earnings in the second quarter fell for Fluor Corp. (NYSE:FLR) over a year ago, but the company still managed to handily beat analysts' expectations.

For the quarter, Fluor generated $157.4 million, or 87 cents a share. Last year they were stronger with $169.3 million in profits, and 93 cents a share.

Revenue was also down from last year's $5.3 billion, dropping to $5.15 billion.

Analysts had been looking for revenue of $4.97 billion, and earnings of 71 cents a share.

Chairman and Chief Executive Officer Alan Boeckmann said this about the performance of the company in a release, "Fluor has once again demonstrated the tremendous power of its diversified business model with the recognition of record new awards and growing backlog led by our global mining business. Looking ahead to the balance of 2010, we see the potential for continued strong new awards in the second half, especially in our mining, oil and gas, and infrastructure businesses."

The company raised the lower end of their guidance, projecting earnings per share for the entire year to range from $2.90 to $3.20 a share. Prior estimates were from $2.80 a share to $3.20 a share.

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