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UPDATE 1-Fluor Q3 profit up but 2013 outlook short of estimates

Thursday, 1 Nov 2012 | 8:29 PM ET

Nov 1 (Reuters) - Engineering company Fluor Corp reported on Thursday a rise in quarterly profit but said there was a decline in its backlog of work due to mining project cancellations, and gave an outlook for 2013 that was short of analysts' estimates.

Shares of Fluor, the largest publicly traded U.S. engineering company, fell 3.4 percent to $55.72 in after-hours trading on Thursday.

Its project backlog dropped to $40.8 billion at the end of the third quarter from $43 billion three months before, mainly due to the cancellation of two mining projects worth $2 billion.

Chief Executive David Seaton said the company's outlook for 2013 was tempered by the continuing weak global economy and the deferral of major mining capital programs.

``Although we see growth in 2013, the anticipated resurgence in oil and gas is not expected to fully benefit financial results until 2014,'' Seaton said in a statement.

Fluor's third-quarter net profit was $145 million, or 86 cents per share, compared with $135 million, or 78 cents per share, a year earlier. Revenue grew 18 percent to $7.1 billion.

The company also issued a forecast for 2013 earnings of between $3.85 and $4.35 per share, below analysts' average forecast of $4.40, according to Thomson Reuters I/B/E/S.

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