Aliso Viejo-based Fluor Corp. reported a big gain in pending work, buoyed by contracts the engineering services company has won in Iraq and elsewhere.
As of Dec. 31, Fluor said its backlog of work stood at $14.8 billion, up from
$10.6 billion a year earlier, a 40% increase. The backlog is up from $13.7 billion at the end of the third quarter.
The company is “particularly encouraged by the strong growth we’ve achieved in backlog this year,” Chief Executive Alan Boeckmann said in a statement.
Fluor’s wins in Iraq have helped build the company’s backlog. Fluor has been awarded $2.6 billion worth of work in Iraq on its own and with Britain’s AMEC PLC, much of which hasn’t been booked yet as revenue.
Of course, Fluor could not realize all of its backlog. The company has said some Iraq work may not reach the totals expected as money is shifted among projects there.
The backlog news came as part of Fluor’s fourth-quarter earnings.
Net income fell to 7% from a year earlier to $47.5 million with the loss of more profitable power work, Fluor said. Revenue grew 16% to $2.74 billion.
