Fluor Rises 6% and Flowserve Climbs 2% After Earnings
Flowserve Corporation (NYSE:FLS) reported its results for the fourth quarter. Net income for the diversified machinery company rose to $125.1 million ($2.25 per share) vs. $112.5 million ($2 per share) in the same quarter a year earlier. This marks a rise of 11.2% from the year-earlier quarter. Revenue rose 11% to $1.27 billion from the year-earlier quarter. Flowserve Corporation was about in line with expectations as the mean analyst estimate of $2.26 per share. Analysts were expecting revenue of $1.25 billion.
Fluor Corporation (NYSE:FLR) reported net income above Wall Street’s expectations for the fourth quarter. Net income for Fluor Corporation rose to $153.1 million (90 cents per share) vs. $117.1 million (65 cents per share) in the same quarter a year earlier. This marks a rise of 30.7% from the year-earlier quarter. Revenue rose 18.7% to $6.25 billion from the year-earlier quarter. Fluor Corporation beat the mean analyst estimate of 82 cents per share. It fell short of the average revenue estimate of $6.38 billion.
“I am pleased that Fluor has delivered another year of strong new awards, resulting in double-digit backlog growth and earnings per share at the top end of our expectations for 2011,” said Chairman and Chief Executive Officer David Seaton. “We continue to have a strong prospect list which supports our growth projection for 2012.”
Competitors to Watch: Jacobs Engineering Group Inc. (NYSE:JEC), URS Corporation (NYSE:URS), KBR, Inc. (NYSE:KBR), The Shaw Group Inc. (NYSE:SHAW), Tutor Perini Corporation (NYSE:TPC), Quanta Services, Inc. (NYSE:PWR), Granite Construction Inc. (NYSE:GVA), EMCOR Group, Inc. (NYSE:EME), Michael Baker Corporation (AMEX:BKR), and Babcock & Wilcox Co (NYSE:BWC).
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