Fluor Q2 Profit Top Estimates; Backs FY14 EPS View

(RTTNews) - Fluor Corp. (FLR) reported net income for the second quarter of $77.8 million or $0.48 per share, compared to $161.4 million or $0.98 per share for the year-ago quarter.

In the second quarter of 2014, the company received an appellate court ruling relating to the Doe Run lead business, which the company sold in 1994. As a result, the company has recorded a charge of $85.2 million or $0.54 per share from discontinued operations, which may result in cash outflows in the future.

Revenue for the second quarter fell to $5.25 billion from $7.19 billion a year ago, mainly due to reductions in the Industrial & Infrastructure segment's mining and metals business line.

Analysts polled by Thomson Reuters expected the company to earn $0.99 per share on revenue of $5.98 billion for the second quarter.

Consolidated backlog at the end of the quarter rose to $40.3 billion, up modestly over last quarter and up 9% from $37.0 billion a year ago.

The company maintained its full year 2014 EPS from continuing operations guidance of $4.10 to $4.45 per share. Analysts currently expect the company to earn $4.25 per share for the full year 2014.