Fluor Earnings Cheat Sheet: Beats Forecasts

S&P 500 (NYSE:SPY) component Fluor Corporation (NYSE:FLR) reported net income above Wall Street’s expectations for the second 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 Second Quarter

Results: Net income for Fluor Corporation rose to $165.5 million (94 cents per share) vs. $157.4 million (87 cents per share) in the same quarter a year earlier. This marks a rise of 5.2% from the year earlier quarter.

Revenue: Rose 17.1% to $6.03 billion from the year earlier quarter.

Actual vs. Wall St. Expectations: FLR beat the mean analyst estimate of 81 cents per share. It beat the average revenue estimate of $5.77 billion.

Quoting Management: “With strong earnings and record new awards, driving our backlog to over $40 billion for the first time in history,I am very pleased with our performance to date,” said David Seaton, Chief Executive Officer. “We are increasingly confident in our business outlook and, as a result, are adjusting our earnings guidance range for 2011.”

Key Stats:

Gross margin shrank 0.4 percentage point to 5.1%. The contraction appeared to be driven by increased costs, which rose 17.6% from the year earlier quarter while revenue rose 17.1%.

The company has now beaten estimates the last two quarters. In the first quarter, it topped expectations with net income of 78 cents versus a mean estimate of net income of 76 cents per share.

The company’s revenue has now risen for two straight quarters. In the first quarter, revenue increased 2.8% to $5.06 billion 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).

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(Source: Xignite Financials)