Fluor Shares Popped: What You Need to Know
Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Shares of global contractor Fluor (NYS: FLR) charged ahead as much as 12% in intraday trading before getting pulled back down to earth.
So what: Second-quarter results from Fluor drove the stock's positive performance today. For the quarter, revenue clocked in at $6 billion, a 15% gain from last year. The bottom line was moving in the right direction as well, climbing from $0.87 in 2010 to $0.94. Both the top and bottom line hurdled analysts' estimates, which called for $0.81 in per-share profit on $5.8 billion in revenue. The company also reported a record backlog of $40.3 billion, which was $10.1 billion higher than last year.
Now what: Not only were the second-quarter results better than expected, but Fluor's management also decided to tighten its full-year outlook to the upside. It now expects that earnings per share will be in around of $3.10 to $3.40, up from a range of $3.00 to $3.40.
While the news out of Fluor was definitely positive, the market is in full-on freak-out mode right now, and it'll be tough for any stock to fight the overwhelmingly bearish tide.
Want to keep up to date on Fluor?Add it to your watchlist.
At the time thisarticle was published Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors.Fool contributorMatt Koppenhefferdoes not have a financial interest in any of the companies mentioned. You can check out what Matt is keeping an eye on by visiting hisCAPS portfolio, or you can follow Matt on Twitter@KoppTheFoolorFacebook. The Fool'sdisclosure policyprefers dividends over a sharp stick in the eye.
Copyright © 1995 - 2011 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.