UPDATE 1-Fluor 1st-qtr profit jumps 63 pct, raises '08 view

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HOUSTON, May 12 (Reuters) - Fluor Corp (FLR.N: Quote, Profile, Research, Stock Buzz), the engineering and construction company, said on Monday its first-quarter profit rose 63 percent, and raised its 2008 profit outlook, citing new business.

Fluor's shares rose about 4 percent in afterhours trading.

Net earnings rose to $138 million, or $1.50 per diluted share, from $85 million, or 94 cents per diluted share, a year earlier.

Operating profit grew by 40 percent to $249 million. Operating margin increased to 5.2 percent from 4.9 percent.

Revenue was up 32 percent to $4.8 billion, and new project awards climbed 28 percent to $5.7 billion.

The Irving, Texas, company boosted its full-year earnings forecast to $6.25 to $6.55 a share, from a prior view of $5.10 to $5.50 per share.

Analysts, on average, expected a profit of $5.63, according to Reuters Estimates.

Consolidated backlog rose to a record $31.5 billion, up 33 percent from a year ago. (Reporting by Anna Driver in Houston; editing by Jeffrey Benkoe)