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Fluor Corporation
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Fluor Corporation provides services on a global basis in the fields of engineering, procurement, construction, operations, maintenance and project management. Headquartered in Irving, Texas, Fluor is a FORTUNE 500 company with revenue of $16.7 billion in 2007.
Growth
The company reported a record second quarter earlier this month. Net earnings jumped 119% to $209 million from last year’s $96 million. The company mentioned that all business segments contributed to this positive result by posting solid growth in profit over last year.
FLR is Bullish on Earnings as are Analysts
The company also hiked its guidance for the year. “We are encouraged by the strength of our financial results to date, and see substantial opportunity for the balance of the year,” said Chief Financial Officer Mike Steuert. “As a result, we are increasing our full year guidance for Earnings Per Share to a range of $3.65 to $3.80 per share for 2008.” This compares with previous guidance of $3.30 to $3.45 per share after adjusting for a two-for-one stock split that was effective on July 16, 2008.
Analysts responded with higher forecasts. Eight out of 11 covering analysts raised full-year 2008 earnings estimates from last month’s $3.29 per share to $3.58.
Income
In early May, Fluor approved a two-for-one stock split. The company said the split will be effected in the form of a stock dividend of one additional share of the company's common stock for each share held by shareholders of record at the close of business on June 16, 2008. The additional shares are scheduled for distribution on July 16, 2008.
FLR also declared a quarterly cash dividend of 25 cents per share, which was paid out on July 2, 2008. The company’s dividend yield of 0.5% stands out in its industry as most of its peers offer no dividend.
Read the full analyst report on FLR
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