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FLUOR CORP. ANNOUNCES FIRST QUARTER RESULTS

 FLUOR CORP. ANNOUNCES FIRST QUARTER RESULTS
 IRVINE, Calif., March 5 /PRNewswire/ -- Fluor Corp. (NYSE: FLR)


today announced net earnings of $28.8 million, or 35 cents per share, for its first quarter ended Jan. 31, 1992, up 12 percent, compared with net earnings of $25.8 million, or 32 cents per share for the same period a year ago. Revenues were $1.6 billion, compared with $1.8 billion in the first quarter of 1991. New engineering and construction awards were $1.9 billion, 5 percent above last year's $1.8 billion. Backlog grew to $11.5 billion, up 19 percent from $9.7 billion a year ago.
 Les McCraw, chairman and chief executive officer, said: "Despite uncertain economic conditions in many of the markets we serve, our broad diversity offered significant opportunities during the quarter for new engineering and construction contracts. New awards in the first quarter represented a broad range of industry and geographic areas. A strengthening U.S. economy and continued penetration of international markets should allow us to further capitalize on our diversity as we move forward."
 Quarterly operating profits for Fluor Daniel, the company's core engineering and construction business, posted a strong gain over the same period a year ago, largely because of improved profit margins. Fluor Daniel continued its strategy to be selective in pursuing jobs where its capabilities and experience add value for clients.
 A.T. Massey, Fluor's low-sulfur coal investment, delivered improved earnings compared with the first quarter of 1991. Doe Run, the company's lead investment, reported a loss for the quarter compared with a modest profit a year ago because of continued low industry-wide pricing and lower volume. The extent of the negative change in lead results year to year was significant. Doe Run's new lead recycling plant is contributing to reduced costs and improved productivity in an environmentally safe manner.
 Fluor's financial condition remains exceptionally strong, though significantly lower interest rates and reduced interest earning assets decreased the net interest income compared with the prior year. Corporate general and administrative expenses for the first quarter of 1992 were considerably lower than a year ago.
 "We are convinced our strategy of engineering and construction diversification and a flexible operating style positions us to deliver long-term growth," continued McCraw. "The dynamic nature of the market requires agility on our part to capitalize on opportunities as they occur."
 Fluor Corp. is an international engineering, construction, maintenance and technical services company with investments in coal and lead.
 FLUOR CORP.
 Comparative Financial Results
 (In millions, except per share amounts)
 Percent
 First Quarter 1992 1991 change
 Revenues $1,596.5 $1,758.2 -9
 Net earnings 28.8 25.8 +12
 Earnings per common share .35 .32 +10
 Weighted average shares 81.9 81.5 ---
 New awards 1,897.9 1,815.5 +5
 Backlog - Jan. 31 11,546.7 9,703.5 +19
 Work performed $1,384.0 $1,496.1 -8
 -0- 3/5/92
 /CONTACT: Deborah Land (media), 714-975-3971, or Lila Churney (investors), 714-975-3909, both of Fluor Corp./
 (FLR) CO: Fluor Corp. ST: California IN: CST SU: ERN


EH-JL -- LA011 -- 5244 03/05/92 08:03 EST
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Publication:PR Newswire
Date:Mar 5, 1992
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