Shares of Fluor Corp. closed lower Wednesday after the international engineering and construction giant said some of its larger international projects may be delayed.
Fluor's stock lost $2.75 a share to close at $48 in New York Stock Exchange trading. The price had been as high as $56.25 a share during the summer.
Fluor Chairman Les McCraw told Wall Street analysts Tuesday at a meeting in New York that the company will report record earnings when its fiscal year-end results are released later this month.
He cautioned, however, that a growing number of Fluor's larger international projects have uncertain start dates. This could create a lag in new orders, he said.
"When you're talking about projects in another country, there are a ton of things that impact them, such as the local economy and political considerations," Fluor spokeswoman Deborah Land said Wednesday from the company's Irvine headquarters.
Fluor has several multibillion-dollar oil and gas projects underway in Indonesia, Kuwait and the Netherlands.
"Because these large projects may experience a slight delay, their orders may look a little lumpy. That's what's at stake here," said Mark Altman, an analyst with Paine-Webber Inc. in New York.
"This is not that significant. We are still looking at strong earnings for the year end."
For fiscal 1993, Fluor posted a profit of $166.8 million, or $2.03 a share, on revenue of $7.85 billion.
Altman predicts that the company will report earnings of about $190 million, or $2.35 a share, for the current year.