Earnings rose at Fluor, Irving, Texas, in the first quarter, which the weapons complex contractor attributed to new awards in its Urban Solutions segment.
Net earnings for the first quarter ended March 31 were $59 million, or $0.34 a share, up from a loss of $107 million or 0.82 a share, in the year-ago quarter, Fluor said in a Friday press release.
Quarterly revenue was $3.73 billion, nearly flat year-over-year from $3.75 billion.
Quarterly segment operating income for the Mission Solutions segment where Fluor coordinates its Department of Energy and defense work, was $22 million, up from $7 million a year ago. Segment revenue was $601 million, down from $649 million in the year-ago period.
The company expects DOE’s National Nuclear Security Administration to announce an award decision on the Pantex Plant in Texas by mid-year, said Fluor Chairman and CEO David Constable during a Friday conference call. Word could come in the next month or so.
During the quarter, the company benefited from DOE Environmental Management Office extensions at the Portsmouth Site in Ohio and the Paducah Site in Ohio, according to the earnings slide presentation.
Company officials also hope to retain their share of the $45-billion Hanford Integrated Tank contract, which is being challenged in court. Fluor is a junior partner to BWX Technologies on the contract, which has been awarded but not started because of the court challenge.
