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FLUOR CORP. ANNOUNCES SECOND QUARTER EARNINGS

 IRVINE, Calif., June 8 /PRNewswire/ -- Fluor Corp. today announced net earnings of $42 million, or 51 cents per share, for the second quarter ended April 30, 1993, compared with net earnings of $32.4 million or 40 cents per share for the same quarter of 1992.
 Second quarter 1993 earnings included the effect of two nonrecurring items which on a net basis contributed $3.4 million or 4 cents per share. As a result of recent court decisions, A.T. Massey, the company's coal investment, reserved $9.2 million (after tax) for the anticipated settlement of a dispute with the pension funds of the United Mine Workers of America/Bituminous Coal Operators of America. This reserve was more than offset by the favorable conclusion of a federal income tax audit for the tax years ended Oct. 31, 1984 through 1986 which increased net earnings by $12.6 million.
 Excluding nonrecurring items, 1993 second quarter earnings were $38.6 million, or 47 cents per share, up 9 percent compared with earnings from continuing operations of $35.6 million or 44 cents per share for the same quarter a year ago. Revenues were $2 billion, up 30 percent from $1.5 billion in the second quarter of 1992.
 New engineering and construction awards in the quarter were $2.3 billion, essentially even with last year's strong $2.3 billion level. Backlog rose 28 percent to $15.3 billion from $12 billion a year ago.
 Les McCraw, chairman and chief executive officer, said: "Operating profit growth by Fluor Daniel, our core engineering and construction business, was responsible for Fluor's quarterly earnings advance. While growth in most industrialized economies around the world remains fragile and capital investment trends continue to be somewhat lackluster, Fluor Daniel's broad diversity has again enabled us to deliver a respectable level of new contract awards."
 Fluor Daniel's quarterly operating profit posted a strong gain over the same period a year ago, due primarily to an increase in the volume of work performed. Excluding the nonrecurring charge described earlier, A.T. Massey, Fluor's coal investment, reported earnings slightly below the second quarter last year primarily because of lower pricing.
 For the first six months of 1993, net earnings were $77.6 million, or 94 cents per share. This compares with net earnings of $28.3 million or 35 cents per share for the same period in 1992. The first six months of 1992 included an after-tax charge of $32.9 million or 40 cents per share for the cumulative effect of adopting Financial Accounting Standard 106 relating to postretirement benefits.
 Excluding the nonrecurring net gain in the second quarter, earnings from continuing operations for the first six months of 1993 advanced 10 percent to $74.3 million or 90 cents per share from $67.8 million or 83 cents per share for the comparable period of 1992. Revenues for the 1993 period were $3.8 billion, compared with $3.1 billion in 1992. New awards through the first half of 1993 totaled $4.4 billion, 5 percent ahead of last year.
 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)
 Percent
 Second Quarter 1993(a) 1992(b) Change
 Revenues $2,006.1 $1,544.3 +30
 Earnings
 Continuing Operations 42.0 35.6 +18
 Discounted Operations --- (3.2) ---
 Net earnings 42.0 32.4 +30
 Earnings per common share
 Continuing operations .51 .44 +16
 Discontinued operations --- (.04) ---
 Net earnings $.51 $.40 +27
 Weighted average shares 82.3 81.9 ---
 New awards $2,296.7 $2,262.4 +2
 Backlog -- April 30 15,340.6 11,979.5 +28
 Work performed $1,831.3 $1,368.8 +34
 Six Months
 Revenues $3,813.0 $3,105.2 +23
 Earnings
 Continuing Operations 77.6 67.8 +15
 Discounted Operations --- (6.6) ---
 Accounting change (SFAS 106) --- (32.9) ---
 Net earnings 77.6 28.3 +174
 Earnings per common share
 Continuing operations .94 .83 +13
 Discontinued operations --- (.08) ---
 Accounting change (SFAS 106) --- (.40) ---
 Net earnings $.94 $.35 +169
 Weighted average shares 82.3 81.5 ---
 New awards $4,353.3 $4,160.3 +5
 (a) Includes a net nonrecurring gain of $3.4 million or 4 cents per share.
 (b) Restated to present the lead business as a discontinued operation and the adoption effective Nov. 1, 1991, of SFAS No. 106 relating to postretirement benefits.
 -0- 6/8/93
 /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 -- LA018 -- 4401 06/08/93 12:46 EDT
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Date:Jun 8, 1993
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