Feb 20 Engineering company Fluor Corp on
Wednesday reported slower-than-expected revenue growth and a
quarterly loss due to a $265 million charge for the Greater
Gabbard wind project off the coast of Britain.
Shares of Fluor, the largest publicly traded U.S.
engineering company, dropped 2 percent in after-hours trading
following a 3 percent slide in the regular session on the New
York Stock Exchange.
Fluor said its fourth-quarter net loss was $4 million, or 3
cents per share, compared with a profit of $153 million, or 90
cents per share, a year earlier. Revenue grew 12 percent to $7
billion, short of the $7.2 billion that analysts had expected,
according to the average on Thomson Reuters I/B/E/S.
Smaller rival KBR Inc also posted
lower-than-expected revenue on Wednesday as its profit declined
due to previously disclosed charges for its minerals and U.S.
At Greater Gabbard, Fluor had a long-running dispute with
project owner Scottish & Southern Energy Plc over
welding quality, and Fluor disclosed an adverse arbitration
ruling in that case in November. Before taxes, the charge had
totaled $416 million.
Fluor's overall backlog of projects fell to $38.2 billion at
the end of 2012 from $40.8 billion three months earlier and $43
billion in the previous quarter.
But the Irving, Texas-based company is sticking with its
forecast for 2013 earnings of between $3.85 and $4.35 per share.
The outlook has been tempered by the sluggish global economy and
the deferral of spending by big mining companies, Fluor said.