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.
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.”
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.