Fluor -3.3% after sharp Q1 declines, lower 2014 earnings outlook

Fluor (FLR) -3.3% premarket after posting sharp Y/Y declines in Q1 earnings and revenues, missing analyst expectations.

Q1 revenue was $5.4B, down from $7.2B in the year-ago quarter due primarily to significantly lower in revenue from the Industrial and Infrastructure segment’s mining and metals business line.

Oil and Gas segment profit rose 32% Y/Y to $138M, on $2.7B in revenue.

New orders for the quarter hit a record $10.7B, including $8.8B in oil and gas; consolidated backlog at quarter's end rose to $40.2B from $37.5B a year ago.

Cut FY 2014 EPS guidance to $4.10-$4.45 from $4.10-$4.60 and $4.40 analyst consensus estimate.

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Comments (1)
  • rjd1234
    , contributor
    Comments (2) | Send Message
    Fluor are a top class company and cover all areas of the international E&C industry. Like other large companies in our sector today's quarter is a snapshot of hundreds of projects from studies through to commissioning and start up.


    The vagaries of clients and subcontractors and the current state of various markets in various parts of the world is constantly moving feast.


    You must measure performance over a period of 12-18 months. In the last week or two, many of the major E&C companies have taken a battering from the analysts and overall market.


    This is along term business not a six month view - given them a chance over a longer time scale


    2 May 2014, 01:51 PM Reply Like
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