Fluor Earnings Skyrocket 35% During Year
Continuing its resurgence despite a softening national economy, Fluor Corp. on Monday reported net earnings of $146.9 million for the year ended Oct. 31, up 35.4% from $108.5 million in the previous year.
The Irvine-based engineering and construction giant said that while it is seeing a slowdown in domestic orders for industrial work, it is beginning to benefit from a revival of the international petrochemical production and processing business that was once Fluor’s mainstay.
Fluor’s revenue for fiscal 1990 rose 18.6% to $7.45 billion from $6.28 billion in 1989. For the fourth quarter of 1990, the company’s net earnings rose 39.9% to $40.7 million from $29.1 million for the same quarter a year ago. Fourth-quarter revenue was $1.97 billion, up 18% from $1.67 billion in the 1989 period.