The stock market is soggy again today as traders are taking profits on the market’s incredible run since early March. Fluor (FLR), one of my top Blue Chip Growth stocks, is having a good day after it posted healthy profits for the first quarter.
Engineering and construction firm Fluor Corp. on Monday reported first-quarter profit and revenue which beat Wall Street expectations, helped by strong results in its oil and gas and government segments. The company did lower its full-year outlook due to project cancellations, but the revised guidance still tops analysts’ forecast.
Fluor said earnings for the quarter ended March 31 jumped 50 percent to $204.8 million, or $1.12 per share, from $137 million, or 74 cents per share, in the same period last year. Revenue increased 21 percent to $5.8 billion from $4.81 billion in the first quarter of 2008.
Analysts surveyed by Thomson Financial had forecast profit of 93 cents per share on revenue of $5.76 billion.
Not only is that a huge earnings jump, it’s also a big earnings surprise. Shares of Fluor have been up by as much as 10.7% today. The stock continues to be an excellent buy.