Fluor Reports Q4 EPS of $0.65 vs. $0.75

Fluor Corporation FLR today announced financial results for its fiscal year ended December 31, 2010. Net earnings attributable to Fluor for 2010 were $357 million, or $1.98 per diluted share, compared with $685 million, or $3.75 per diluted share in 2009. Consolidated segment profit for the year was $621 million, down from $1.25 billion a year ago. Net earnings attributable to Fluor for the fourth quarter of 2010 were $117 million, or $0.65 per diluted share, compared with $149 million, or $0.82 per diluted share, in 2009. Fourth quarter profit includes the impact of pre-tax charges of $180 million on the Greater Gabbard Offshore Wind Farm project and $28 million on a gas-fired power plant in Georgia. Consolidated tax expense in the fourth quarter included the $152 million benefit from the tax restructuring of a foreign subsidiary. Revenue for the quarter of $5.3 billion was 4 percent below last year, mainly due to lower Oil & Gas and Power segment project activity. Fourth quarter new awards were $7.1 billion including awards of $4.4 billion in Oil & Gas and $1.3 billion in Industrial & Infrastructure, more than doubling total awards of $3.3 billion in the same quarter of 2009.