Fluor Net Income Spurts in Quarter to $23.9 million

Fluor Corp. in Irvine reported that net income more than doubled to $23.9 million in its fiscal second quarter ended April 30, compared to $10.3 million in the year-earlier period. Revenue for the quarter was $1.6 billion, up 42% from $1.1 billion.

For the six months, the international engineering and construction-services firm reported that earnings jumped to $45.5 million from $19.3 million. Revenue for the period was $3.1 billion, up 40% from $2.2 billion.

The company said that new awards for engineering and construction increased 27% to $1.7 billion during the first quarter over the same period a year ago, and the firm’s backlog was up 33% on April 30 compared to a year ago.

Chairman David S. Tappan Jr. said the company’s Fluor Daniel engineering and construction unit was the greatest contributor to earnings. He added that the company’s coal and lead investments also reported earnings increases during the quarter.

In addition to increased volume, margins have continued to widen in the company’s operations, Tappan said.

Fluor, which early in the decade invested heavily in coal and metals when prices for those commodities were at their peak and about to dive, has gone through a major reorganization and diversification since posting a net loss of $633.3 million for fiscal 1985. For last year, Fluor recorded its first operating profit since fiscal 1984 by earning $56 million for the year ended Oct. 31.