Fluor Corp Earnings: Revenue Growth Drives Margin, Profit Increases

S&P 500 (NYSE:SPY) component Fluor Corporation (NYSE:FLR) reported net income above Wall Street’s expectations for the fourth quarter. Fluor Corporation provides professional services and project management in the fields of procurement, engineering, construction and maintenance.

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Fluor Earnings Cheat Sheet for the Fourth Quarter

Results: Net income for Fluor Corporation rose to $153.1 million (90 cents per share) vs. $117.1 million (65 cents per share) in the same quarter a year earlier. This marks a rise of 30.7% from the year-earlier quarter.

Revenue: Rose 18.7% to $6.25 billion from the year-earlier quarter.

Actual vs. Wall St. Expectations: Fluor Corporation beat the mean analyst estimate of 82 cents per share. It fell short of the average revenue estimate of $6.38 billion.

Quoting Management: “I am pleased that Fluor has delivered another year of strong new awards, resulting in double-digit backlog growth and earnings per share at the top end of our expectations for 2011,” said Chairman and Chief Executive Officer David Seaton. “We continue to have a strong prospect list which supports our growth projection for 2012.”

Key Stats:

Revenue has risen the past four quarters. Revenue increased 9.5% to $6.04 billion in the third quarter. The figure rose 17.1% in the second quarter from the year earlier and climbed 2.8% in the first quarter from the year-ago quarter.

The company topped expectations last quarter after falling short of forecasts in the third quarter with net income of 78 cents versus a mean estimate of net income of 85 cents per share.

Looking Forward: Over the past ninety days, the average estimate for the first quarter of the next fiscal year has fallen from 88 cents per share to 87 cents, indicating that analysts are growing pessisimistic about the company’s performance next quarter. The average estimate for the fiscal year has remained at $3.33 per share.

(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)

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To contact the reporter on this story: Derek Hoffman at staff.writers@wallstcheatsheet.com

To contact the editor responsible for this story: Damien Hoffman at editors@wallstcheatsheet.com