Fluor Corp. (NYSE: FLR) reported Q1 EPS of $0.43, $0.24 worse than the analyst estimate of $0.67. Revenue for the quarter came in at $4.8 billion versus the consensus estimate of $4.83 billion.

Net earnings attributable to Fluor for the first quarter were $61 million, or $0.43 per diluted share, compared to $104 million, or $0.74 per diluted share a year ago. The primary reason for the decline in year-over-year results is the progression of our current projects from higher margin engineering activities to lower margin construction activities. Results for the quarter include a pre-tax charge of approximately $30 million for unanticipated cost increases on projects in the Industrial, Infrastructure & Power segment, as well as a pre-tax foreign exchange expense as the result of a strengthening Mexican peso, partially offset by favorable tax benefits. Consolidated segment profit for the quarter was $133 million, compared to $241 million a year ago. First quarter revenue of $4.8 billion compares to $4.4 billion in the prior year.

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