Fluor reports Q2 EPS $1.02, consensus 99c Reports Q2 revenue $5.25B, consensus $5.98B. New awards for the quarter were $5.9B, including $3.1B in Government, $1.5B in Oil & Gas and $1.2B in Industrial & Infrastructure. Consolidated backlog at the end of the quarter rose to $40.3B, up modestly over last quarter and up 9% from a year ago.
Fluor downgraded to Underperform from Buy at BofA/Merrill As previously reported, BofA/Merrill assumed coverage on Fluor with an Underperform rating from a Buy rating. The firm sees better value elsewhere in the sector and expects double-digit backlog decline and peak earnings in 2015. Price target is $51.