Fluor Reports 20% Gain in Profit

Fluor Corp. reported a 20% gain in fiscal fourth-quarter profit to $78.9 million, or 93 cents a share, from $66 million, or 79 cents. Revenue climbed 29%, to $3.3 billion from $2.6 billion. The Irvine-based company said big boosts in its core construction and engineering business helped push its fiscal 1996 profit up 16% to a record. For the year, it earned $268.1 million, or $3.17 a share, compared with $231.8 million, or $2.78, a year earlier. Revenue for the 12 months ended Oct. 31 rose 18%, to $11 billion from $9.3 billion. The company said that both its Fluor Daniel construction business and its A.T. Massey low-sulfur coal mining unit posted record operating profits. Despite the upbeat financial news, Fluor’s stock dropped $1.50 to close at $68 in New York Stock Exchange trading.