Fluor reports record backlog of orders, sees new Q1 projects nearly double from 2010
Fluor reported a record backlog of orders on Friday, saying that new project awards in the company’s first quarter nearly doubled year-earlier levels.
The US-based contractor noted the growth in orders as part of its first-quarter earnings, which saw profit climb 2.3% to $140mn amid strength in the company’s industrial and infrastructure business.
Revenues for that business jumped 60% to $2 billion, driven by growth within mining and metals.
Meanwhile, the oil and gas business unit lagged behind, with profit down 33% to $62mn.
Overall, Fluor recorded new project awards of $6.2 billion, nearly doubling the $3.4 billion in awards booked a year ago.
The quarter included $3.9 billion of awards in industrial and infrastructure, $966mn in oil and gas, $882mn in government and $422mn in global services.
Consolidated backlog for the quarter rose to a company record of $37.2 billion, Fluor reported, an increase of $2.3 billion from a year ago.
Fluor said it anticipates continuing to book “sizable new awards” throughout 2011. It did not issue a specific forecast.
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