Fluor Swings To Q4 Profit - Update

(RTTNews) - Fluor Corp. (FLR) Tuesday reported a swing to profit in the fourth quarter from a loss last year, as the engineering and construction company's last year results were heavily impacted by a significant arbitration charge related to a wind farm project. Earnings for the quarter came in ahead of Wall Street expectations, but revenues fell short.

Irving, Texas-based Fluor reported a fourth-quarter profit of $166.8 million or $1.01 per share, compared to a loss of $4.4 million or $0.03 per share a year ago.

Last year's results reflect a pre-tax charge of $416 million or $1.61 a share, related to an adverse arbitration ruling on a completed offshore wind farm project.

On average, 20 analysts polled by Thomson Reuters expected Fluor to report earnings of $0.98 per share for the quarter. Analysts' estimates typically exclude special items.

Fluor's revenues for the fourth quarter dropped to $6.29 billion from $7.02 billion last year. Analysts expected revenues of $6.79 billion for the quarter.

Fluor's oil and gas division revenues rose to $3.00 billion from $2.63 billion, while industrial & infrastructure unit revenues declined to $2.20 billion from $3.14 billion last year.

Government segment revenues slipped to $648.1 million from $793.1 million, while global services units' revenues dropped to $157.8 million from $176.6 million. Power division revenues dropped to $281.9 million from $290.6 million.

Looking forward to the full year 2014, Fluor continues to see earnings of $4.10 to $4.60 per share. Analysts currently expect full-year earnings of $4.40 per share.

FLR closed Tuesday's trading at $80.13, up $0.46 or 0.58%, on the NYSE.