UPDATE 1-Fluor quarterly profit up 50 pct, lowers outlook

* Lowers 2009 profit outlook

* Q1 net profit up 50 percent

HOUSTON May 11 (Reuters) - Fluor Corp (FLR.N) reported a 50 percent rise in first-quarter profit on Monday, but recent project cancellations prompted the engineering and construction company to lower its full-year profit outlook.

Net earnings were $205 million, or $1.12 per share, compared with $137 million, or 74 cents a share.

Fluor, based in Irving, Texas said project cancellations, including at $2.1 billion refinery in Kuwait, is pressuring earnings.

For the full year, the company now expects to earn $3.80 to $4.10 per share, down from a prior forecast for $3.90 to $4.20 per share.

Revenue rose 21 percent to $5.8 billion, but Fluor's consolidated backlog fell 7 percent to $29.1 billion from a year earlier. (Reporting by Anna Driver; Editing by Andre Grenon)