Fluor Corp., which is an engineering and construction Company, on Monday, informed that its second quarter profits had slumped, which happened due to the fall in revenue from its oils and gas division by around half the value.
The available results came as a surprise to the analysts since something else had been predicted, but the firm was able to raise the low end of its entire year’s guidance.
As per the Company, it raked in $157.4 million or 87 cents per share, which went down by 7% from the $169.3 million or 93 cents per share that had been earned in the second quarter of the preceding year.
Proceeds plunged by 2.7% to $5.15 billion, which means that there was a drop of 0.14 billion.
After surveying, the market analysts were seen to keep the expectations of achieving profits of 71 cents per share on revenue of $4.97 billion.
Fluor’s gas and oil division experienced a loss of 42% to $1.8 billion.
The firm skimmed its profit guidance for the entire year to a plane of $2.90 to $3.20 per share. Previously, it was predicted at $2.80 to $3.20 per share.
Shares of the Company closed at $47.85, adding 81 cents to the lot.