WASHINGTON (dpa-AFX) - Fluor Corp. (FLR) announced, in light of the lower than expected first quarter result, and, secondarily, risk around the pace of new awards and revenue for the next few quarters, the company is revising 2017 guidance for EPS to a range of $2.25 to $2.75, from the previous range of $2.75 to $3.25.
'We continue to experience headwinds as it relates to the timing of client capital decisions as we come off of one of the lowest commodity cycles this industry has seen in recent history,' said David Seaton, Fluor CEO.
For first quarter, net earnings attributable to Fluor were $61 million, or $0.43 per share, compared to $104 million, or $0.74 per share a year ago. The company said the primary reason for the decline in year-over-year results is the progression of current projects from higher margin engineering activities to lower margin construction activities. First quarter revenue was $4.8 billion compared to $4.4 billion in the prior year.
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