Fluor Corporation Reports Mixed Results (FLR)

Fluor Corporation (FLR) reports Q3 earnings loss of $0.30 versus consensus of $0.22 loss. Fluor Corporation reports revenues of $5.5 billion versus consensus of $5.21 billion. Revenues increased 2% year over year. The outlook for 2010 earnings has been maintained at the previously indicated range of $1.90 to $2.20 per share, including the impact of charges relating to the Greater Gabbard and SR-125 projects. The company's initial 2011 earnings guidance is a range of $3.00 to $3.40 per share, and reflects the changing margin mix in the overall backlog portfolio. "We are very disappointed that events during the quarter led to the two significant charges," said Chairman and Chief Executive Officer Alan Boeckmann. "Looking ahead, we are encouraged by the strength of new awards in the quarter, which has allowed us to grow our backlog for the second consecutive quarter." Shares of FLR are higher in the after-hours by 0.40%.