UPDATE: Fluor Q2 Profit Drops 2.6%

Fluor FLR reported a 2.6% drop in its second-quarter earnings. Fluor now projects earnings of $3.50 to $3.80 per share for the year, versus its earlier forecast of $3.40 to $3.80 per share. Fluor's quarterly profit dropped to $161.2 million, from $165.5 million, in the year-ago period. On a per-share basis, Fluor earned $0.95 per share. Its revenue climbed 18% to $7.13 billion. However, analysts were expecting earnings of $0.92 per share on revenue of $6.72 billion. Its gross margin declined to 4.5% from 5.1%. Fluor shares closed at $49.72 yesterday.