Giants’ Revenue Falloff Hurts Market But Approach Acceptance Is Growing
The 2004 revenue total for The ENR Top 100 fell 2.8% from the previous year, to $47.22 billion. On the domestic side, this group had an even larger 6% falloff from the previous year, garnering $30.56 billion in revenue versus the 2003 total of $32.51 billion. International revenue softened the blow somewhat, up 3.8% to $16.66 billion in 2004 from $16.05 billion the year before.
Revenue falloff among some large engineering-procure-construct firms fueled the overall decline. Most notable was Foster Wheeler Corp., which saw its design-build numbers fall from $2.72 billion in 2003 to $1.11 billion in 2004. The sale in 2003 of its environmental group to Tetra Tech was a key factor as was the parent firms overall revenue decline as it struggles to recover from losses.