Irving-based Fluor beats earnings estimates, sets projects record

July 27, 2010 | The Dallas Morning News

Irving-based Fluor Corp. scored a record $9.3 billion in new project awards between April and June, handily beat Wall Street earnings estimates and raised the lower end of its 2010 earnings guidance.

The engineering, construction and procurement giant beat its previous record of $8.8 billion in new contract awards, it said Monday in its second-quarter earnings announcement. It set its previous record in the third quarter of 2008.

The company compiled its recent gains largely by snaring a series of mining deals in Mongolia, Chile, the Middle East and Canada. The company's industrial and infrastructure unit won $7.2 billion in new awards, driven by new mining and metals projects.

That helped boost the company's backlog of projects over $30 billion again. The company's total backlog rose to $30.2 billion, up from $25.7 billion in the previous quarter but down from $30.9 billion a year ago.

"I think we'll be able to continue to build backlog," said Alan Boeckmann, Fluor's chairman and chief executive, in an interview Monday.

"The big driver this quarter was obviously mining, with $7 billion out of the $9 billion in new awards," he said. "That's going to shift a bit in the next quarters. I think we've got some strong awards coming in from the U.S. government, from infrastructure and from oil and gas."

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