Fluor Corp

Latest Results (20.12.2024):

Revenue and Earnings

Fluor Corp reported its financial results for the third quarter of 2024, with revenue amounting to $4.1 billion. The net earnings attributable to Fluor were $54 million, translating to $0.31 per diluted share. The company's consolidated segment profit for the quarter was $117 million, a decrease from the $276 million profit recorded in the same quarter of 2023.

Cash Flow and Share Repurchase

Fluor Corp generated a strong operating cash flow of $330 million in the third quarter of 2024. The company has increased its 2024 cash flow guidance to approximately $700 million. Additionally, the Board of Directors approved an increase in the share repurchase program, authorizing the repurchase of up to 30.5 million shares as part of the management’s capital allocation strategy.

Adjusted Earnings and Guidance

For the third quarter of 2024, Fluor Corp reported an adjusted diluted earnings per share (EPS) of $0.51. The company has tightened its full-year adjusted EPS guidance to a range of $2.55 to $2.75 per diluted share, down from the previous range of $2.50 to $3.00. The full-year adjusted EBITDA guidance has also been revised to a range of $525 to $575 million, reflecting project timing and cancellations.

Segment Performance

Fluor Corp's Energy Solutions segment reported a profit of $50 million in the third quarter of 2024, down from $177 million in the same period of 2023. The Urban Solutions segment saw a slight increase in profit to $68 million, while the Mission Solutions segment reported a profit of $45 million, up from $38 million in the previous year. The Other segment, which includes Stork and NuScale, reported a loss of $46 million.

Outlook and Strategic Moves

Fluor Corp is not providing forward-looking guidance for U.S. GAAP net earnings or EPS due to uncertainties. However, the company plans to deconsolidate NuScale in the fourth quarter, resulting in a $1.6 billion gain. Fluor is also in the process of selling Stork’s U.K. operations, expected to complete by the first quarter of 2025, pending regulatory approval.