Fluor Beats On Q4 Earnings, 2015 Guidance Revised

Fluor Corporation (FLR – Analyst Report) reported fourth-quarter 2014 earnings from continuing operations of $1.41 per share, which surpassed the Zacks Consensus Estimate of $1.10 and the year-ago quarter figure of $1.01.

Fluor Corporation – Earnings Surprise | FindTheBest

The quarterly earnings benefitted from the completion of several mining and metals projects and upstream oil & gas projects. Also, for the full year 2014, earnings per share came in at $4.48, up from $4.06 reported in 2013.

Inside the Headlines

Total revenue for the quarter decreased by 13.3% year over year to $5,455.2 million. The deterioration was primarily led by sluggish performance of the mining and metals business and negative impact from the timing of major capital investment decisions of the company. Revenues also fell short of the Zacks Consensus Estimate of $5,801 million.

For the full year, revenues declined substantially by 21.3% year over year to $21.5 billion.

In the reported quarter, Fluor inked contracts worth $6.3 billion. This included a $4.9 billion deal in the Oil & Gas segment, $712 million in Industrial & Infrastructure, $528 million in Power and $157 million in the Government segment. Consolidated backlog was $42.5 billion at year-end, highlighting an increase of 22% from the year-ago period.

In the fourth quarter, Fluor penned a settlement deal with counsel for the lawsuits filed against it regarding the Doe Run lead business. The company recorded an extra after-tax charge of around $6 million from discontinued operations of the business that was sold in 1994.

Q4 Segmental Revenues

Revenues from the Oil & Gassegment dipped 13.7% year over year at $2,590 million.

Revenues in the Industrial & Infrastructure segment dipped 23.2% year over year to $1,691.2 million.

Revenues in the Governmentsegment were up 8.8% year over year to $705 million.

Revenues in the Global Servicessegment declined 1% year over year to $156.7 million.

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Author: Travis Esquivel

Travis Esquivel is an engineer, passionate soccer player and full-time dad. He enjoys writing about innovation and technology from time to time.

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