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"Our performance in the third quarter reflects the benefits of our diverse mix of geographies and end markets,” said president Stephen Kadenacy. “From this diversity, and through consistent execution, we are able to generate consistent results and deliver value for our stockholders.”
The Americas Design business grew 4.4% and the Building Construction business was up 14%, marking its eighth consecutive quarter of double-digit growth.
“The distinct advantages of our design, build, finance, and operate capabilities are becoming more apparent in the type of work we pursue and win, including $1.1 billion of power projects we won in the third quarter and the LA Rams stadium we and our joint-venture partner were selected to build after the quarter closed," said chairman and chief executive officer Michael Burke.
Wins in the quarter of US$4.5bn resulted in a value of 1.02 for the 'book-to-burn' ratio - the amount of wins divided by revenue recognised during the period.
Wins were driven primarily by two large contracts to construct combined cycle gas power plants in the US and strength in the Asia Pacific design markets. Total backlog declined slightly to US$38.4bn, due primarily to changes in foreign currency rates.
Revenue in the Construction Services business was US$1.7bn, which was largely unchanged, with the double-digit growth in the Building Construction business offset by weakness in oil and gas that was exacerbated by the fires in Fort McMurray, Canada.
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