- Engineering and construction giant Fluor Corp. on Monday reported a first-quarter profit of $205 million, or $1.12 a share, up from $137 million, or 74 cents a share, a year ago.
- Revenue jumped 21% to $5.8 billion. Analysts polled by FactSet Research were looking for a profit, on average, of 92 cents a share with sales of $5.65 billion.
- Despite the better-than-expected results, Fluor cut its 2009 earnings outlook to a range of $3.80 to $4.10 a share from $3.90 to $4.20 a share.
- Wall Street previously forecast an annual profit of $3.77 a share.
Based on the future projections so far I’ve seen from reports such as Cisco and now Fluor, the future is still very bleak. Companies are cutting down forecasts suggesting that customers are not confident enough to expand their business activity anytime soon.
Technicals
In the short run, technicals looks great with an ascending triangle formed since March 5th and breaking out with high volume on May 8th. May look for entrance if there’s any significant pull back. Potential target price $49.17.
Source: MarketWatch
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