Profits up at Fluor

US contractor Fluor has announced consolidated profits of US$ 1 billion for 2011, compared with US$ 621 million in 2010.

Consolidated revenues for the year totalled a record US$ 23.4 billion, up +12% from US$ 20.8 billion a year ago, mainly due to strong growth in the mining and metals business line within the industrial and infrastructure (I&I) division.

The I&I division reported profits of US$ 389 million, compared to a loss of US$ 169.7 million in 2010. Revenue for the segment rose +41% year-on-year to US$ 9.7 billion in 2011. New awards remained steady at US$ 12.2 billion, which compares with US$ 12.5 billion in 2010.

Fluor's Oil & Gas unit reported profits of US$ 276 million in 2011, down from US$ 344 million in 2010. Revenues rose by +3% to US$ 8 billion in 2011. In the fourth quarter, the segment booked a US$ 1.5 billion award for the construction management of Syncrude CanadaMildred Lake project in Alberta, Canada.

Meanwhile, Fluor's Power group reported profits of US$ 81 million, down from US$ 171 million last year, on a -56% decline in revenues to US$ 743 million.

The company said these lower segment results primarily reflected the completion or near-completion of several large projects and relatively low new award volume in 2010.

Boosted by a strong second half, 2011 new awards in the power division rose to US$ 1.6 billion, a substantial improvement from US$ 757 million in 2010. The fourth quarter included an award from the Lower Colorado River Authority to build a 540 MW gas-fired combined-cycle power plant in Texas.