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FLUOR ANNOUNCES SECOND QUARTER RESULTS

 FLUOR ANNOUNCES SECOND QUARTER RESULTS
 IRVINE, Calif., June 4 /PRNewswire/ -- Fluor Corp. (NYSE: FLR) today


announced net earnings of $32.4 million or 40 cents per share for its second quarter ended April 30, 1992. Net earnings for the same period in 1991, which included a nonrecurring gain of $15 million were $41.6 million or 51 cents per share. Excluding the 1991 nonrecurring gain, net earnings for the current quarter rose 23 percent. The nonrecurring gain in 1991, of which $11.7 million, or 14 cents per share was from discontinued operations, resulted primarily from a federal tax refund plus associated interest. Revenues for the second quarter of 1992 were $1.6 billion compared with $1.7 billion a year ago.
 The increase in Fluor's operating results for the second quarter is due primarily to earnings growth in Fluor Daniel, the company's core engineering and construction business, and A.T. Massey, its coal investment.
 Fluor Daniel's quarterly operating profit was ahead of the same period in 1991 because of higher profit margins. New engineering and construction awards for the quarter were $2.3 billion, 3 percent above the strong $2.2 billion reported a year ago. Backlog rose 18 percent to $12 billion from $10.2 billion in the second quarter last year.
 Les McCraw, chairman and chief executive officer, said: "Fluor Daniel's market diversity and flexible operations have allowed us to maintain backlog and earnings growth by shifting resources to markets of greatest near-term opportunity. While we are encouraged by some positive signs in our more economically sensitive markets, we do not as yet see a broad-based upswing in overall U.S. business activity. Approximately 34 percent of current backlog is for projects outside the U.S. where the company is continuing to track a number of large engineering and construction projects."
 Combined results for the company's natural resource investments posted a strong gain over the prior year. Exceptional performance by A.T. Massey, Fluor's low-sulfur coal investment, more than offset an operating loss by Doe Run, the company's lead investment. Cost efficiencies and the disposition of certain marginal coal mining operations helped Massey report substantially higher results.
 Doe Run's loss, which was greater than the second quarter last year, improved from the first quarter this year. Lead performance continues to be impacted by weak industry-wide pricing and lower volume. Doe Run is currently negotiating a union labor contract that expired on April 30 at its Herculaneum smelter. Operations are continuing at the smelter and no supply disruptions to Doe Run's customers are anticipated.
 Fluor continues to enjoy exceptional financial strength. Substantially lower interest income was generated, however, compared to the second quarter last year. Interest income in 1991 was benefited by $5.9 million (pretax), the portion of the nonrecurring item not accounted for under discontinued operations. Interest income in the 1992 quarter reflected significantly lower interest rates and reduced interest-earning assets. Lower stock price driven compensation plan accruals, along with a strong focus on cost containment and productivity, reduced corporate general and administrative expenses compared to the second quarter of last year.
 For the first six months of 1992, net earnings were $61.2 million, or 75 cents per share, compared with $67.4 million, or 83 cents per share in 1991. Excluding the 1991 nonrecurring item, earnings for the first half of 1992 advanced 17 percent. Revenues for the first six months were $3.2 billion, compared with $3.5 billion a year ago. New awards through the first half were $4.2 billion, 3 percent ahead of the previous year.
 Fluor Corp. is an international engineering, construction, maintenance and technical services company with investments in low- sulfur coal and lead.
 FLUOR CORP.
 Comparative Financial Results
 (In millions, except per share amounts)
 Second quarter Percent
 1992 1991 change
 Revenues $1,574.6 $1,701.5 -7
 Earnings
 Continuing operations 32.4 29.9 +8
 Discontinued operations --- 11.7 ---
 Net earnings 32.4 41.6 -22
 Earnings per common share
 Continuing operations .40 .37 +8
 Discontinued operations --- .14 ---
 Net earnings .40 .51 -22
 Weighted average shares 81.9 81.9 ---
 New awards 2,262.4 2,206.9 +3
 Backlog -- April 30 11,979.5 10,155.3 +18
 Work performed $1,368.8 $1,474.7 -7
 Six months Percent
 1992 1991 change
 Revenues $3,171.1 $3,459.7 -8
 Earnings
 Continuing operations 61.2 55.7 +10
 Discontinued operations --- 11.7 ---
 Net earnings 61.2 67.4 -9
 Earnings per common share
 Continuing operations .75 .69 +9
 Discontinued operations --- .14 ---
 Net earnings .75 .83 -10
 Weighted average shares 81.9 81.7 ---
 New awards 4,160.3 4,022.4 +3
 -0- 6/4/92
 /CONTACT: Deborah Land (media), 714-975-3971; or Lila Churney (investor), 714-975-3909, both of Fluor/
 (FLR) CO: Fluor Corp. ST: California IN: CST SU: ERN


EH-JL -- LA010 -- 6858 06/04/92 08:02 EDT
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Date:Jun 4, 1992
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