Fluor achieves US$ 27 billion record revenues

US contractor Fluor posted strong results for 2012, with revenues up +18% to US$ 27.6 billion – a record for the company.

New awards won in 2012 totalled US$ 27.1 billion, meaning that Fluor finished the 2012 financial year with a backlog of US$38.2 billion.

Fluor said its results in 2012 reflected strong double-digit growth in Oil & Gas and Global Services, and strength in Industrial & Infrastructure.

Fluor’s Industrial & Infrastructure group reported segment profit of US$ 124 million, down from US$ 389 million in 2011. The results reflected strong growth in the mining and metals business, and progress on large domestic infrastructure projects, but were impacted by a US$ 416 million pre-tax charge due to the adverse arbitration decision in the fourth quarter relating to tthe Greater Gabbard wind farm project.

Total revenue for the segment rose +26% to US$ 12.2 billion in 2012. New awards totalled US$ 9.5 billion, a decline from $ 12.2 billion a year ago.

“The underlying profitability of the company has never been stronger, notwithstanding the surprising and unexpected adverse arbitration decision on our Greater Gabbard claims,” said chairman and CEO David Seaton. “We are very optimistic about the opportunities we see in our oil, gas, petrochemical and infrastructure markets in particular, and expect to deliver solid results in line with our guidance for 2013.”