Headwinds hit Fluor income

A wind turbine is pictured near Stade, Germany, 11 February 2008. Photo: Christian Hager

Headwinds: Fluor earnings hit by 'adverse' ruling on wind farm dispute

C3828 Christian Hager

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Luke Johnson

 20 February 2013 22:53 GMT

An "adverse" arbitration ruling undermined what was an otherwise bright quarter and year for US engineering and construction contractor Fluor Corporation, which performed on the back of strong oil and gas business.

Texas-based Fluor said it would have to pay a $265 million after-tax charge ($416 million before tax) related to the giant Greater Gabbard wind farm project offshore UK.

That took a big bite out of the company's total earnings, which came in at a loss of $4 million, or about three cents per share, for the three months ending in December. That compared to a profit of $153 million, or 90 cents per share, in the 2011 period.

Excluding the Greater Gabbard charge, Fluor said it would have earned $1.58 per share.

Revenues for…

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