Revenue and profit fell for several of construction’s biggest companies, according to numbers posted for their third quarters, but there was also optimism that fast-developing market sectors will become financial springboards to boost future results.
Fluor Corp. reported a 3.3% revenue rise to almost $4.1 billion. But the total still missed analysts’ consensus of $4.73 billion, with the engineer-contractor citing project impacts and reduced energy business earnings. Those factors lowered corporate net income to $54 million, from $169 million in the same quarter last year, it said. Q3 new awards also totaled $2.7 billion compared to $5 billion in the same quarter last year. CEO David Constable said expected conversion of front-end design packages to EPC awards “has not yet come to fruition.”
