Fluor Q2 Profit Doubles, Raises Estimates

Irving, TX (AHN) - Shares of Fluor Corp surged in afterhours trading Monday after the company posted second quarter profit that more than doubled from last year and topped analyst estimates.

The engineering and construction company earned $209 million or $1.13 a share, compared with $96 million or 53 cents a share in the same period a year earlier. Revenue rose to $5.77 billion, up 37 percent from $4.22 billion last year.

Fluor's second quarter earnings received a boost from the sale of their stake in Greater Gabbard Offshore Windfarm. Excluding the gain from the sale the company earned 87 cents a share. The results topped estimates of 82 cents a share on $5.18 billion in revenue, according to Thomson Financial.

The company's oil and gas business was strong, posting a 68 percent increase in operating income to $169 million. Revenue for the unit rose 56 percent to $522 million.

"We are very well positioned and remain confident that strong demand in our key markets in the U.S. and around the world will continue to drive substantial growth for the company," Chairman and Chief Executive Officer Alan Boeckmann said, according to the Associated Press.

Fluor raised its full year earnings forecast, now expecting $3.65 to $3.80 a share compared to the original forecast of $3.30 to $3.45 a share.

Shares of Fluor traded 5 percent higher afterhours to $80.25.