May 2 Engineering company Fluor Corp
posted a better-than-expected quarterly profit on Thursday,
helped by contracts to build oil and natural gas facilities.
Breakneck development of shale oil and natural gas fields in
the United States and elsewhere has helped Fluor and its peers,
which design and construct many of the facilities used to
Fluor's first-quarter net profit was $166.5 million, or
$1.02 per share, compared with $154.9 million, or 91 cents per
share, in the year-ago period.
Analysts had expected earnings of 96 cents per share,
according to Thomson Reuters I/B/E/S.
Revenue rose 14 percent to $7.19 billion. Analysts expected
revenue of $6.91 billion.
Fluor, the largest publicly-traded U.S. engineering group,
stood by its forecast for 2013 earnings of $3.85 to $4.35 per
share, saying energy projects should help offset weakness in the
The Irving, Texas-based company's backlog of projects fell
12 percent to $37.5 billion at the end of the first quarter
primarily due to a downturn in the mining sector.
Backlog at rival KBR Inc declined in the first
quarter, though KBR posted a smaller-than-expected decline in
earnings as it improved profit margins.