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| Fluor posts strong results Engineering and construction services provider Fluor Corporation announced financial results for its first quarter ended March 31, 2007. Net earnings were $85 million, or $0.94 per share, compared with $89 million, or $1.00 per share for the same period last year. Operating profit for the quarter was $177 million, compared with $184 million in the first quarter of 2006. All business segments posted substantial growth over last year, with the exception of the Government segment which benefited from hurricane relief activities in the first quarter and throughout 2006. Operating margin was 4.9 percent, compared with 5.1 percent a year ago. Revenue of $3.6 billion was level with the first quarter of 2006. Strong growth in Oil & Gas and Global Services revenue offset an expected decline in the Government segment. New project awards for the first quarter were $4.5 billion, up 17 percent from $3.8 billion a year ago. Corporate G&A expense for the quarter was $45 million, compared with $42 million in the first quarter of 2006. Fluor's financial position continues to strengthen, with cash and cash equivalents growing to $1.1 billion, up from $654 million a year ago. write your comments about the article :: © 2007 Construction News :: home page |