Fluor Corporation Earnings Cheat Sheet: Optimistic About Robust 2011

S&P 500 (NYSE:SPY) component Fluor Corporation (NYSE:FLR) reported its results for the first 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 First Quarter

Results: Net income for the heavy construction company rose to $139.7 million (78 cents/share) vs. $136.6 million (76 cents/share) in the same quarter a year earlier. A rise of 2.2% from the year earlier quarter.

Revenue: Rose 2.8% to $5.06 billion YoY.

Actual vs. Wall St. Expectations: FLR beat the mean analyst estimate of 76 cents/share. Estimates ranged from 66 cents per share to 83 cents per share.

Quoting Management: “With another strong quarter of new awards, Fluor’s backlog has grown to over $37 billion which is a new company record. Our earnings results were also solid, with substantial positive contributions coming from all five business segments,” said Chief Executive Officer, David Seaton. “We continue to track a very healthy prospect list and believe that new awards will remain robust throughout 2011.”

Key Stats:

Over the last five quarters, revenue has fallen an average of 3.4% year over year. The biggest drop came in the first quarter of the last fiscal year, when revenue fell 15.2% from the year earlier quarter.

Competitors to Watch: Jacobs Engineering Group Inc. (NYSE:JEC), URS Corporation (NYSE:URS), KBR, Inc. (NYSE:KBR), The Shaw Group Inc. (NYSE:SHAW), Tutor Perini Corporation (NYSE:TPC), Quanta Services, Inc. (NYSE:PWR), Granite Construction Inc. (NYSE:GVA), EMCOR Group, Inc. (NYSE:EME), Michael Baker Corporation (AMEX:BKR), and Babcock & Wilcox Co (NYSE:BWC)

Stock Performance: Shares of FLR are trading at $70.88 as of May 6, 2011 at 1:10 PM ET, up from yesterday’s closing price of $65.69.



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