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

|About: Fluor Corporation (FLR)|By:, SA News Editor

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.