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FLUOR ANNOUNCES RECORD EARNINGS

 IRVINE, Calif., Dec. 7 /PRNewswire/ -- Fluor Corp. today announced record earnings from continuing operations of $167 million, or $2.03 per share, for the fiscal year ended Oct. 31, 1993, an increase of 23 percent compared with $135 million, or $1.65 per share, from continuing operations in 1992. Revenues from continuing operations were $7.9 billion in 1993 compared with $6.6 billion in 1992.
 Net earnings for 1993 were $167 million, or $2.03 per share. This compares with net earnings in 1992 of $6 million, or 7 cents per share, which included after-tax charges totaling $129 million related to the company's decision to divest its lead business, and to adopt Financial Accounting Standard (FAS) 106 relating to postretirement benefits.
 Operating profits for Fluor Daniel, the company's core engineering and construction (E&C) business, advanced 16 percent over the prior year to $221 million. New awards were $8 billion compared with $10.9 billion a year ago. Backlog was $14.8 billion, slightly above $14.7 billion last year.
 A.T. Massey, Fluor's low-sulfur coal investment, reported operating profits in 1993 of $71 million, which included a nonrecurring pretax charge for the year of $10 million related to the settlement of a dispute with the pension and benefits funds of the United Mine Workers of America. Excluding the nonrecurring charge, Massey's earnings rose slightly over 1992.
 Les McCraw, chairman and chief executive officer of Fluor, said: "We are encouraged by the operating performance of both E&C and coal this past year. While there has not yet been much improvement in certain U.S. and European E&C markets, the outlook shows significant growth opportunities in the Asia Pacific region and Latin America. The outlook for Massey Coal's performance is also positive due to continued operating efficiencies and expanded production."
 For the fourth quarter of 1993, earnings from continuing operations advanced 72 percent to $48 million, or 59 cents per share, compared with $28 million, or 35 cents per share, in the same period last year. Revenues from continuing operations for the quarter were $2.2 billion, up 20 percent compared with $1.8 billion last year.
 Net earnings for the 1993 fourth quarter were $48 million, or 59 cents per share. For the fourth quarter of 1992, Fluor reported a net loss of $59 million, or 73 cents per share, including the effects of discontinuing its lead business.
 New E&C awards for the fourth quarter of 1993 were $1.6 billion, including a portion of the recently announced $1.3 billion project to build a new oil refinery in Thailand for Rayong Refinery Company. New awards for the fourth quarter a year ago were $4 billion which included a major environmental restoration project for the Department of Energy.
 Fluor Corp. is an international engineering, construction, maintenance and technical services company with an investment in low- sulfur coal.
 FLUOR CORP.
 Comparative Financial Results
 (In millions, except per share amounts)
 1993 1992 Percent Change
 FISCAL YEAR
 Revenues $7,850.2 $6,600.7 +19
 Earnings
 Continuing operations 166.8 135.3 +23
 Discontinued operations --- (96.6) ---
 Accounting change --- (32.9) ---
 Net earnings 166.8 5.8 +2,767
 Earnings Per Common Share
 Continuing operations 2.03 1.65 +23
 Discontinued operations --- (1.18) ---
 Accounting change --- (.40) ---
 Net earnings 2.03 .07 +2,800
 Weighted average shares 82.3 81.6 NA
 New awards 8,000.9 10,867.7 -26
 Backlog - Oct. 31 14,753.5 14,706.0 ---
 Work performed 7,109.6 5,888.9 +21
 FOURTH QUARTER
 Revenues 2,193.1 1,832.8 +20
 Earnings
 Continuing operations 48.3 28.2 +72
 Discontinued operations --- (87.5) ---
 Net earnings (loss) 48.3 (59.3) +181
 Earnings Per Common Share
 Continuing operations .59 .35 +69
 Discontinued operations -- (1.08) ---
 Net earnings (loss) .59 (.73) +181
 Weighted average shares 82.4 81.4 NA
 New awards 1,648.5 3,958.8 -58
 Work performed 1,982.9 1,643.8 +21
 -0- 12/7/93
 /CONTACT: Deborah Land, Media Relations, 714-975-3971, or Lila Churney, Investor Relations, 714-975-3909, both of Fluor/


CO: Fluor Corp. ST: California IN: CST SU: ERN

JB-MF -- LA014 -- 1356 12/07/93 14:33 EST
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Publication:PR Newswire
Date:Dec 7, 1993
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