Fluor Reports Third Quarter EPS of $.32

Fluor Corporation FLR announced financial results for its third quarter ended September 30, 2010. Revenue rose 2 percent to $5.5 billion, compared with $5.4 billion in the third quarter of 2009. The company reported a net loss attributable to Fluor of $54 million, compared with net earnings attributable to Fluor of $162 million a year ago. This resulted in a loss per diluted share of $0.30, which compares with earnings per diluted share of $0.89 for the same period last year. Third quarter results include previously announced charges of $163 million, or $0.90 per diluted share, for estimated cost increases on the Greater Gabbard Offshore Wind Farm project, and approximately $95 million, or $0.32 per diluted share, due to an adverse legal ruling relating to the collectability of potential claim awards and other amounts due the company on the completed SR-125 road project. Segment profit for the quarter was $38 million, including the impact of the charges mentioned above, down from $300 million a year ago.