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Fluor Corp. reports 18% increase in revenue for 2012

Staff Report
Published Feb. 21, 2013

Texas-based Fluor Corp. reported $27.6 billion in revenue for 2012, an 18% increase from $23.4 billion the year prior.

The company, which has operations in Greenville, said its record 2012 revenue was mainly due to strong growth in the industrial and infrastructure and oil and gas business segments.

“We are very optimistic about the opportunities we see in our oil, gas, petrochemical and infrastructure markets in particular, and expect to deliver solid results in line with our guidance for 2013,” said Chairman and CEO David Seaton in a news release.

Meanwhile, net earnings for the fiscal year ended Dec. 31, 2012 were $456 million, or $2.71 per diluted share, compared with $594 million, or $3.40 per diluted share, in 2011.

Earnings-per-share results included a charge of approximately $1.57 per share relating to the previously announced arbitration ruling on the Greater Gabbard wind project in the U.K. Excluding this charge, net earnings attributable to Fluor for 2012 would have been $4.28 per diluted share.

Consolidated segment profit for the year was $769 million, including the impact of a $416 million pre-tax charge on Greater Gabbard, which compares with $1 billion in segment profit in 2011.

Full-year new awards were strong at $27.1 billion, compared with bookings of $26.9 billion a year ago, including $12.6 billion in oil and gas and $9.5 billion in industrial and infrastructure, the company said.

Consolidated backlog at year-end was $38.2 billion, which compares with $39.5 billion a year ago.

“The underlying profitability of the company has never been stronger, notwithstanding the surprising and unexpected adverse arbitration decision on our Greater Gabbard claims,” Seaton said in a news release.

Fluor Corp. employs more than 40,000 employees worldwide serving a global client base in the energy, chemicals, government, industrial, infrastructure, operations and maintenance, manufacturing and life sciences, mining, power and transportation sectors.

Fluor is traded on the New York Stock Exchange under “FLR.”

Previous coverage

Fluor begins work on Ga. biotech plant
Fluor gives grant to Upstate greenhouse
Greenville Fluor unit acquires ServiTrade
Fluor Greenville to lead N.M. energy program
Fluor net earnings increase by 7.41%
Fluor contracted to build Saudi plant
Fluor wins portion of Navy contract
Fluor reports 66% spike in 2011 earnings

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