Fluor Corporation (FLR) reported fourth-quarter 2012 earnings per share from continuing operations of $1.58; well above the Zacks Consensus Estimate of earnings per share of 68 cents. The results include after-tax charge of approximately $1.61 per diluted share, relating to the adverse arbitration ruling on the Greater Gabbard wind farm project loss per share of 3 cents compared with the earnings per share of 90 cents in the prior year period.
For 2012, earnings per share from continuing operations were $4.28, above the Zacks Consensus Estimate of $3.38. Including a charge of approximately $1.57 per share relating to the previously announced arbitration ruling on the Greater Gabbard project, earnings for the quarter were $2.71 compared with $3.40 in 2011. Results for the year were aided by strong double-digit growth in Oil & Gas and Global Services, and strength in Industrial & Infrastructure.
Total Revenue
Total revenue was $7.02 billion in fourth quarter of 2012 compared with $6.25 billion in the fourth quarter of 2011.
For 2012, total revenue was $27.6 billion, up 18% year over year. The surge was driven by strong growth in the Industrial & Infrastructure and Oil & Gas business segments. Consolidated backlog at the end of the year was $38.2 billion compared with $39.5 million at the end of 2011.
New awards in 2012 were strong at $27.1 billion, compared with bookings of $26.9 billion a year ago, including $12.6 billion in Oil & Gas and $9.5 billion in Industrial & Infrastructure.
Segment Revenue
Revenue from the Oil & Gas segment was $9.5 billion in 2012, up 19% year over year, driven by new awards and good order backlog. New awards won during the year were approximately $12.6 billion with backlog amounting to $18.2 billion. Petrochemical projects in North America, Europe and Asia aided backlog of the company.
Industrial & Infrastructure revenue was $12.2 billion, an increase of 26% year over year. The rise was due to increased mining and metals business. New awards won during the year were $9.5 billion with backlog amounting to $15.5 billion at the end of the year.
Government segment revenue was $3.3 billion compared with $3.4 billion in 2011. New awards won during the quarter were $3.2 billion with backlog amounting to $978 million at the end of the year.
Global Services segment posted revenue of $1.7 billion, an increase of 9% year over year, driven by growth across all business lines. New awards won during the year were $904 million with backlog amounting to $1.7 billion at the end of the quarter.
Power segment revenue declined to $841 million compared with $743 million. New awards won during the quarter were $884 million with backlog amounting to $1.9 billion at the end of the quarter. Weak demand for new power generation projects continues to impact the segment.