Fluor Says Net Income Lower Than Expected

Fluor Corp. said first-quarter earnings rose 1.5% from last year, as growth in the oil and gas, industrial and global services business segments was offset by lower profit in the firm’s government and power businesses and a higher effective tax rate.

Net income edged up to $47.4 million from $46.7 million a year ago, which included a gain of $5.1 million related to the sale of two real estate properties. Earnings per share declined to 56 cents from 57 cents because of an increased number of shares outstanding.

Revenue at the Aliso Viejo firm rose 39% to $2.9 billion.