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FLUOR ANNOUNCES THIRD QUARTER RESULTS

 FLUOR ANNOUNCES THIRD QUARTER RESULTS
 IRVINE, Calif., Sept. 3 /PRNewswire/ -- Fluor Corp. (NYSE: FLR)


today announced net earnings of $36.8 million, or 45 cents per share, for its third quarter ended July 31, 1992. Net earnings for the same period in 1991, which included a nonrecurring gain of $12.4 million after tax, or 15 cents per share, were $47.5 million, or 58 cents per share. Excluding the 1991 nonrecurring gain, net earnings for the quarter advanced 5 percent. The nonrecurring gain in 1991 was because of the reversal of accrued lease liabilities related to the company's purchase of its Sugar Land, Texas, engineering office, net of an increase in a foreign lease reserve. Revenues for the third quarter of 1992 rose 5 percent to $1.7 billion from $1.6 billion a year ago.
 Operating results continued to improve in the third quarter compared to a year ago. The improvement was generated by earnings growth in Fluor Daniel, the company's core engineering and construction (E&C) business, and A.T. Massey, Fluor's low-sulfur coal investment.
 Higher profit margins on increased revenues pushed Fluor Daniel's quarterly operating profit significantly ahead of last year's results. New E&C awards for the quarter were a strong $2.7 billion, slightly ahead of last year's robust third quarter which included a portion of the large Saudi Aramco contract. Backlog grew 16 percent to $12.8 billion from $11.1 billion in 1991. Following the close of the third quarter, Fluor Daniel was selected to manage the Department of Energy's $4 billion, eight-year environmental cleanup program for uranium production facilities at Fernald, Ohio. A portion of the contract will be included in 1992's fourth quarter awards.
 Les McCraw, chairman and chief executive officer, said, "Fluor Daniel's continued commitment to market diversity remains key to our success. While the outlook across Fluor Daniel's complete spectrum of markets remains uneven, our organizational flexibility is allowing us to concentrate on areas of greatest near-term opportunity. Additionally, growth in our E&C margins reflects ongoing success in our focus to provide value to clients through excellence in project execution."
 Combined results for the company's natural resource investments were well ahead of a year ago because of strong earnings growth by A.T. Massey which more than offset an operating loss by Doe Run, the company's lead investment. Selected investments in additional low- sulfur coal reserves and operating assets over the past year are beginning to contribute to Massey's earnings.
 The operating loss at Doe Run was slightly greater than the third quarter last year, although somewhat improved from the second quarter this year. Lead prices showed modest improvement in the final few weeks of the period. Because of a strike that began on July 30, the Herculaneum smelter is currently being operated by salaried personnel. No immediate problems in meeting customer demand are anticipated.
 Cash balances were lower at the end of the quarter, reflecting investments in operations, including the acquisition of attractively priced low-sulfur coal reserves, which offer higher returns over time. As a result, reduced cash balances, combined with lower interest rates, generated modest net interest expense compared with net interest income a year ago. Lower stock plan expenses, income from excess pension assets and strong emphasis on cost containment benefited corporate general and administrative expenses compared with the third quarter last year.
 For the first nine months of 1992, net earnings were $98 million, or $1.20 per share. The comparable nine-month period of 1991, which included nonrecurring gains totaling $27.4 million, or 34 cents per share, was $114.9 million, or $1.41 per share. Excluding the nonrecurring gains, earnings for the first nine months of 1992 advanced 12 percent. Revenues for the 1992 period were $4.9 billion compared with $5.1 billion in 1991. New awards year-to-date totaled $6.9 billion, up 3 percent from the same period last 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)
 Percent
 Third Quarter 1992 1991 Change
 Revenues $1,697.7 $1,613.0 +5 pct.
 Net earnings 36.8 47.5(a) -22 pct.
 Net earnings per common share .45 .58(a) -22 pct.
 Weighted average shares 81.9 81.9 ---
 New awards 2,748.6 2,695.4 +2 pct.
 Backlog -- July 31 12,846.6 11,052.3 +16 pct.
 Work Performed $1,492.3 $1,392.6 +7 pct.
 Nine Months
 Revenues $4,868.8 $5,072.7 -4 pct.
 Earnings
 Continuing operations 98.0 103.2 -5 pct.
 Discontinued operations --- 11.7 ---
 Net earnings 98.0 114.9(b) -15 pct.
 Earnings per common share
 Continuing operations 1.20 1.27 -6 pct.
 Discontinued operations --- .14 ---
 Net earnings 1.20 1.41(b) -15 pct.
 Weighted average shares 81.9 81.8 ---
 New awards 6,908.9 6,717.9 +3 pct.
 (a) Includes $12.4 million (15 cents per share) net nonrecurring gain from reversal of accrued lease liabilities.
 (b) Includes $27.4 million (34 cents per share) net nonrecurring gains from a federal tax refund plus interest and reversal of accrued lease liabilities.
 -0- 9/3/92
 /CONTACT: Deborah Land, 714-975-3971, or Lila Churney, investor relations, 714-975-3909, both of Fluor/
 (FLR) CO: Fluor Corp. ST: California IN: CST SU: ERN


BP-LS -- LA008 -- 6223 09/03/92 08:02 EDT
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