WRAPUP 1-Fluor profit up, McDermott hampered by weather

By Anna Driver

HOUSTON, May 12 (Reuters) - Engineering and construction company Fluor Corp (FLR.N: Quote, Profile, Research, Stock Buzz) reported a better-than-expected quarterly profit and raised its outlook due to a jump in new business, while peer McDermott International Inc (MDR.N: Quote, Profile, Research, Stock Buzz) had lower earnings as weather disruptions hurt its offshore oil unit.

Fluor's shares rose about 4 percent in after hours trading, while McDermott's shares were down a fraction.

Fluor's net earnings rose 63 percent to $138 million, or $1.50 per diluted share. Analysts on average had expected a profit of $1.27 per share, according to Reuters Estimates.

"Fluor's key clients continue to make substantial investments in major new energy, industrial and infrastructure projects globally," Alan Boeckmann, Fluor's chief executive officer, said in a statement.

Revenue was up 32 percent to $4.8 billion and new project awards rose 28 percent to $5.7 billion.

The Irving, Texas, company boosted its full-year earnings forecast to $6.25 to $6.55 a share from a prior view of $5.10 to $5.50 per share. Analysts had expected a profit of $5.63.

Consolidated backlog at Fluor rose to a record $31.5 billion, up 33 percent from a year ago.

By contrast, McDermott's first profit fell 22 percent as weather-related downtime hit its offshore oil and gas construction business.  Continued...