If you have watched the infrastructure stock news this week, you will know most of these companies have beat earnings expectations and the industry isn’t seeing any major weakness ahead.
Fluor (NYSE:FLR) posted $1.05 EPS on $4.22 Billion in revenues, and estimates were $0.95 EPS and $3.8 Billion in revenues. The power division and oil and gas projects were mostly credited. Its shares were up about 3% yesterday in after-hours trading and that is in-line with pre-market indications on no volume so far.
McDermott International Inc. (NYSE:MDR) posted a profit thattripled, and it even split its stock 2 for 1. The company posted $1.31 EPS and estimates were under $1.00, and revenues were $1.42 Billion versus $1.39 Billion expected. Shares were up almost 3% in after-hours trading yesterday and are actually indicated up over 4% for the open.
AECOM Technology (NYSE:ACM), the company that is considered the bridge design and engineering contract winner, also is trading higher pre-market. The company posted $0.26 EPS on $1.1 Billion in revenues, and estimates were $0.25 EPS and $1.07 Billion revenues. Aecom shares are up more than 5% pre-market.
Foster Wheeler Ltd. (NASDAQ:FWLT) is actually indicated a bit lower this morning after its earnings report. The company posted $1.41 EPS, above the $1.33 EPS estimate (actual net results were $0.99 on items). But revenues were $1.19 Billion, compared to estimates of $1.2 Billion. That EPS number is before a increased reserve charge for a legacy power project. The global power group unit has its highest backlog in years and it expects high bookings in engineering and construction in the second half. Foster Wheeler shares are trading down 2% pre-market.
The market cap of these companies combined is more than $30 Billion.
Jon C. Ogg
August 8, 2007
Jon Ogg can be reached at [email protected]; he does not own securities in the companies he covers.
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