Fluor Says Construction Boosted Second-Quarter Profit

Fluor Corp. said the foreign construction activities of its Fluor Daniel unit helped increase its earnings from continuing operations by 8.4% in the second quarter.

The Irvine-based company reported that earnings from continuing operations increased to $38.6 million, or 47 cents a share, up from $35.6 million, or 44 cents, in the year-earlier period.

Revenue for the quarter ended April 30 rose 30% to $2 billion.

In the latest quarter, a onetime gain of $3.4 million, or 4 cents a share, boosted Fluor’s net income to $42 million, or 51 cents. A gain of $12.6 million following a federal income tax audit of its returns for 1984 through 1986 was partially offset by a $9.2-million reserve for an anticipated settlement with the United Mine Workers and a group of coal companies.

In the second quarter of fiscal 1992, losses from discontinued operations of $3.2 million, or 4 cents a share, gave the company net income of $32.4 million, or 40 cents, the company said.

Fluor is an international engineering, construction maintenance and technical service company.

“Operating profit growth by Fluor Daniel, our core engineering and construction business, was responsible for Fluor’s quarterly earnings advance,” said Les McGraw, chairman and chief executive.