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Fluor revenue short of estimates, records loss on ruling
February 20, 2013 / 9:21 PM / 5 years ago

Fluor revenue short of estimates, records loss on ruling

Feb 20 (Reuters) - Engineering company Fluor Corp reported on Wednesday a quarterly loss due to a $265 million charge for the Greater Gabbard wind project off the coast of Britain, and said its backlog had declined again.

Fluor said its fourth-quarter net loss was $4 million, or 3 cents per share, compared with a profit of $153 million, or 90 cents per share, a year earlier. Revenue grew 12 percent to $7 billion, short of the $7.2 billion that analysts’ had expected, according to the average on Thomson Reuters I/B/E/S.

At Greater Gabbard, Fluor had a long-running dispute with project owner Scottish & Southern Energy Plc over welding quality, and Fluor had reported an adverse ruling in the case from an arbitration panel in November.

Fluor’s overall backlog of projects fell to $38.2 billion at the end of 2012 from $40.8 billion three months earlier and $43 billion the quarter before that.

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