UPDATE 2-Fluor cuts 2009 profit outlook, sees drop next year

Mon Nov 9, 2009 10:06pm GMT
 
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* Q3 EPS 89 cents vs 90 cents view of Wall St

* Trims 2009 EPS guidance to $3.75 to $3.90

* Sets 2010 guidance at $3.20 to $3.60 per share

* End Q3 backlog $28 bln vs $30.9 bln at end Q2

* Shares drop 6 pct in after-hours trading (Adds share price, executive quote, analyst views, byline)

By Braden Reddall

SAN FRANCISCO, Nov 9 (Reuters) - Fluor Corp (FLR.N) posted a lower quarterly profit as energy project spending slowed with the drop in oil and gas prices, and the largest publicly traded U.S. engineering company forecast weaker profits for this year and 2010.

Backlog at the end of the third quarter fell to $28 billion, versus $30.9 billion three months before and down 23 percent from a year ago, the company said on Monday.

Fluor removed $1.2 billion from its backlog due to an indefinitely delayed Russian gas processing expansion. The company also took a $45 million provision due to a collection issue with the completed revamp of a paper mill.  Continued...

 

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