We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Fluor Corp | NYSE:FLR | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.10 | 0.25% | 40.85 | 40.98 | 40.58 | 40.77 | 207,158 | 17:22:04 |
DOW JONES NEWSWIRES
Foster Wheeler Ltd.'s (FWLT) first-quarter earnings slumped 47% as the engineering and construction company saw a drop in volume, helping push results below analysts' expectations.
Concerns such as Foster Wheeler and rivals Fluor Corp. (FLR) and Jacobs Engineering Group Inc. (JEC) are vulnerable to a prolonged downturn in oil and natural gas prices as producers scale back on projects. Tight credit and the recession pose a likely deterrent to big construction projects.
Foster Wheeler reported a profit of $72.9 million, or 57 cents a share, down from $138.1 million, or 95 cents a share, a year earlier. Excluding various charges and gains, earnings fell to 59 cents from 85 cents.
Revenue decreased 30% to $1.26 billion.
Analysts polled by Thomson Reuters most recently were looking for earnings of 68 cents on revenue of $1.51 billion.
Gross margin rose to 12.9% from 12.1% on lower costs.
Despite the quarter's weakness, Chairman and Chief Executive Raymond Milchovich highlighted Foster Wheeler getting its biggest-ever contract by man-hours for a new oil refinery in India. The project is just gearing up and didn't contribute materially to first-quarter results, he said.
Foster Wheeler had bounced back in recent years from a string of losses, helped by increased energy-industry demand. But the company in recent quarters has seen weak demand in that sector.
Shares closed at $24.04 on Tuesday and didn't trade premarket. The company's stock is down by roughly two-thirds in the past year.
-By Tess Stynes, Dow Jones Newswires; 201-938-2473; tess.stynes@dowjones.com
1 Year Fluor Chart |
1 Month Fluor Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions