Fluor Corporation (FLR) swung to a net profit for the quarter ended Dec. 31, 2016. The company has made a net profit of $70.50 million, or $ 0.50 a share in the quarter, against a net loss of $51.40 million, or $0.36 a share in the last year period.
Revenue during the quarter grew 14.16 percent to $4,989.60 million from $4,370.70 million in the previous year period. Gross margin for the quarter contracted 78 basis points over the previous year period to 4.99 percent. Operating margin for the quarter period stood at positive 3.87 percent as compared to a negative 0.73 percent for the previous year period.
Operating income for the quarter was $192.90 million, compared with an operating loss of $31.70 million in the previous year period.
"In 2016 we set the foundation to expand our presence in the markets we serve. This includes our acquisition of Stork, our investment in a fabrication facility in China and the submission of NuScale’s small modular reactor application to the NRC. We were also pleased with the improved slate of opportunities in infrastructure and mining," said David Seaton, Fluor chairman and chief executive officer.
For financial year 2017, the company forecasts diluted earnings per share to be in the range of $2.75 to $3.25.
Operating cash flow declinesFluor Corporation has generated cash of $705.90 million from operating activities during the year, down 16.86 percent or $143.20 million, when compared with the last year. The company has spent $741.40 million cash to meet investing activities during the year as against cash outgo of $66.50 million in the last year. It has incurred net capital expenditure of $154.80 million on net basis during the year, up 142.63 percent or $91 million from year ago.
The company has spent $10.40 million cash to carry out financing activities during the year as against cash outgo of $728.20 million in the last year period.
Debt increases substantiallyFluor Corp has witnessed an increase in total debt over the last one year. It stood at $1,600.10 million as on Dec. 31, 2016, up 62.18 percent or $613.50 million from $986.60 million on Dec. 31, 2015. Short-term debt stood at $82.20 million as on Dec. 31, 2016. Total debt was 17.36 percent of total assets as on Dec. 31, 2016, compared with 12.93 percent on Dec. 31, 2015. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
