Core Viewpoint - The upcoming earnings report for Fluor is critical, with expectations for a year-over-year decline in earnings despite higher revenues, which could significantly impact its stock price [2][9]. Earnings Expectations - Fluor is expected to report quarterly earnings of $0.68 per share, reflecting a year-over-year decline of 10.5% [2]. - The consensus EPS estimate has been revised 5.68% higher over the last 30 days, indicating a reassessment by analysts [3]. Earnings Surprise Prediction - The Zacks Earnings ESP model suggests that a positive Earnings ESP is a strong predictor of an earnings beat, especially when combined with a Zacks Rank of 1, 2, or 3 [5]. - Fluor currently has an Earnings ESP of -2.96%, indicating a bearish outlook from analysts [6]. Industry Comparisons - Quanta Services, another player in the engineering and construction sector, is expected to post earnings of $1.93 per share, representing a year-over-year increase of 17%, with revenues projected at $5.51 billion, up 9.2% [8]. - Fluor's expected revenues are $4.35 billion, reflecting a 10.5% increase from the previous year [18]. Historical Performance - In the last reported quarter, Fluor's actual earnings of $0.47 per share fell short of the expected $0.54, resulting in a surprise of -12.96% [15]. - Quanta Services has beaten consensus EPS estimates three out of the last four quarters, showcasing a stronger performance compared to Fluor [25][26]. Conclusion - Fluor does not appear to be a compelling candidate for an earnings beat, and investors should consider other factors before making decisions regarding this stock [27].

Company Overview - Fluor (FLR) currently holds a Momentum Style Score of B, indicating a positive momentum outlook [3] - The company has a Zacks Rank of 2 (Buy), suggesting strong potential for outperformance in the market [4] Price Performance - Over the past week, Fluor's shares have increased by 7.49%, while the Zacks Engineering - R and D Services industry remained flat [7] - In a longer time frame, Fluor's shares have risen by 10.83% over the past month, compared to the industry's performance of only 0.37% [7] - Over the last quarter, Fluor's shares have surged by 24.5%, and over the past year, they have gained 59.25%, significantly outperforming the S&P 500, which increased by 12.57% and 27.34% respectively [8] Trading Volume - Fluor's average 20-day trading volume is 1,707,978 shares, which serves as a bullish indicator when combined with rising stock prices [9] Earnings Outlook - In the past two months, one earnings estimate for Fluor has been revised upward, while none have been revised downward, leading to an increase in the consensus estimate from $2.86 to $2.88 [11] - For the next fiscal year, one estimate has also moved upwards with no downward revisions during the same period [11] Conclusion - Considering the positive price movements, trading volume, and earnings outlook, Fluor is positioned as a 2 (Buy) stock with a Momentum Score of B, making it a strong candidate for near-term investment [12]

Core Viewpoint - Fluor (FLR) is identified as a strong candidate for investment due to its recent price momentum and reasonable valuation metrics [2][4]. Group 1: Stock Performance - FLR has demonstrated significant price performance, gaining 18.7% over the past 12 weeks, indicating strong momentum [3]. - The stock has a Momentum Score of B, suggesting it is an opportune time for investors to enter [4]. Group 2: Valuation Metrics - FLR is currently trading at a Price-to-Sales ratio of 0.52, meaning investors pay only 52 cents for each dollar of sales, which is considered attractive [5]. - The stock's reasonable valuation despite its momentum characteristics makes it appealing for investment [5]. Group 3: Market Position and Investor Interest - The stock has a four-week price change of 5%, reflecting growing investor interest [9]. - FLR has a beta of 1.99, indicating it moves 99% higher than the market in either direction, showcasing its volatility and potential for returns [10]. Group 4: Earnings Estimates and Analyst Ratings - An upward trend in earnings estimate revisions has contributed to FLR earning a Zacks Rank 2 (Buy), which is associated with strong momentum effects [11]. - The momentum-effect is particularly strong among Zacks Rank 1 and 2 stocks, as rising earnings estimates attract more investor interest [11].

Core Viewpoint - Fluor Corporation is positioned to play a significant role in the renewable energy sector through its partnership with Northvolt, focusing on the construction of a large-scale lithium-ion battery factory in Germany, which aligns with global energy transition efforts [5][12][13]. Company Performance - Fluor's shares have increased by 9.9% year to date (YTD), outperforming the Zacks Engineering - R and D Services industry's growth of 2.8% [3]. - The company has a total backlog of $32.7 billion, with 80% being reimbursable, reflecting a year-over-year growth of 27.7% [8]. - In the first quarter of 2024, Fluor secured new awards totaling $7 billion, achieving a book-to-burn ratio of 1.9x, which aligns with its goal of exceeding a ratio of 1x for the full year [15]. Project Highlights - Fluor has been awarded a contract for engineering, procurement, and construction management services for Northvolt's lithium-ion battery factory, with project completion expected by 2027 [12][13]. - The project is valued at $4.8 billion (€4.5 billion), with Fluor set to recognize its portion in the second quarter of 2024 [5][6]. Market Demand - The demand for Fluor's services is strong, with a robust prospect pipeline that exceeds its existing backlog, driven primarily by opportunities in the chemicals sector, energy transition, fuel production, mining, metals, and big data [14].

Core Insights - Fluor has been awarded a significant management and operations contract for the Pantex Plant, enhancing its role in the U.S. Nuclear Security Enterprise and affirming its commitment to national security [6][9] - The contract has an initial term of five years with the potential for three additional five-year options, potentially reaching a total funding level of approximately $30 billion if all options are exercised [7] - Fluor's participation in this contract is expected to bolster its portfolio, enhance its reputation in the defense sector, and provide substantial long-term revenues [2] Financial Performance - In Q1 2024, Fluor secured consolidated new awards amounting to $7 billion, achieving a book-to-burn ratio of 1.9x, aligning with its full-year plan to exceed a ratio of 1x [3] - The total backlog for Fluor stands at $32.7 billion, with 80% being reimbursable, reflecting a year-over-year growth of 27.7% [11] Strategic Positioning - Fluor's involvement at the Pantex Plant supports critical activities such as life extension programs for nuclear weapons, ensuring the reliability and safety of the U.S. nuclear arsenal [8] - The company is actively monitoring a robust prospect pipeline, with potential projects exceeding its existing backlog, particularly in the chemicals sector, energy transition, fuel production, mining, metals, and big data [10]

Financial Data and Key Metrics Changes - Revenue for the first quarter was $3.7 billion, with consolidated new awards strong at $7 billion, leading to a total backlog of $32.7 billion, of which 80% is reimbursable [45][72] - Adjusted EBITDA for the first quarter was $88 million compared to $71 million a year ago, and adjusted EPS was $0.47 compared to $0.28 in Q1 of 2023 [70][71] - Operating cash flow for the quarter was an outflow of $111 million, an improvement from an outflow of $161 million a year ago [73] Business Line Data and Key Metrics Changes - Urban Solutions reported a profit of $50 million in the first quarter, with new awards of $4.9 billion compared to $1.8 billion a year ago, and backlog now stands at $18.6 billion, 78% of which is reimbursable [48] - Mining and Metals saw strong performance with approximately $740 million recognized for a project in Chile, and nearly $4 billion in prospects anticipated across various projects [51] - Advanced Technologies and Life Sciences secured a $3.2 billion EPCM award for a manufacturing facility, reflecting strong demand in this segment [52] Market Data and Key Metrics Changes - The company is experiencing strong demand across various markets, including life sciences, semiconductors, and data centers, with a pipeline of opportunities representing a total install cost 14 times the size of the current backlog [47] - Clients' capital expenditure plans remain robust, with top customers expected to spend between $155 billion and $165 billion in 2024, slightly up from 2023 [7][8] - The geopolitical environment has not significantly impacted clients' CapEx plans, with major clients continuing to operate globally despite challenges [6] Company Strategy and Development Direction - The company is focusing on its technology hub in Europe to support growth in advanced technology and life sciences markets, aiming to enhance collaboration with clients and local partners [42][44] - The strategy includes a strong emphasis on execution excellence and investing in people and systems to meet future demand [47] - The company is positioning itself to capitalize on the growing demand for data centers and energy transition projects, with expectations of increased investment in these areas [54][66] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to generate substantial value for shareholders, citing strong performance and a solid backlog [19] - The outlook for the remainder of the year includes expectations for a book-to-bill ratio in excess of 1 and a linear ramp-up in bookings across all segments [32][33] - Management acknowledged challenges in labor markets, particularly in Mexico, but remains optimistic about resolving these issues and maintaining project timelines [90][91] Other Important Information - The company completed the sale of Stork European operations and is in the process of selling storage U.K. operations, marking a significant milestone in divesting non-core businesses [74] - The company is actively pursuing energy transition projects across various markets, including battery manufacturing and renewable fuels [65] Q&A Session Summary Question: What were the drivers behind the increased operating cash flow guidance? - Management indicated that improved clarity on margin trajectories and early onboarding of activities in Urban Solutions contributed to the increased cash flow guidance [81][82] Question: What is the risk of further charges on the project in Mexico? - Management acknowledged challenges in the labor market due to the project's unique location but expressed confidence in negotiating a commercial resolution with clients [88][90] Question: What is the outlook for achieving consistent quarters and higher margins? - Management highlighted progress in the reimbursable portfolio and expressed confidence that a better balance of risk will lead to reduced volatility in future earnings [92][93]

Fluor Corporation Brett Turner Exhibit 99.1 6700 Las Colinas Blvd Media Relations Irving, Texas 75039 864.281.6976 tel 469.398.7000 main tel Jason Landkamer Investor Relations 469.398.7222 tel News Release FLUOR REPORTS FIRST QUARTER 2024 RESULTS IRVING, Texas (May 3, 2024) - Fluor Corporation (NYSE: FLR) announced financial results for its first quarter ended March 31, 2024. Revenue for the quarter was $3.7 billion and net income attributable to Fluor was $59 million, or $0.34 per diluted share. Consolidat ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 Or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 1-16129 FLUOR CORPORATION (Exact name of registrant as specified in its charter) (State or other jurisdiction of (I.R.S. Emp ...

Investors are always looking for stocks that are poised to beat at earnings season and Fluor Corporation (FLR) may be one such company. The firm has earnings coming up pretty soon, and events are shaping up quite nicely for their report.That is because Fluor is seeing favorable earnings estimate revision activity as of late, which is generally a precursor to an earnings beat. After all, analysts raising estimates right before earnings — with the most up-to-date information possible — is a pretty good indica ...

Have you been searching for a stock that might be well-positioned to maintain its earnings-beat streak in its upcoming report? It is worth considering Fluor (FLR) , which belongs to the Zacks Engineering - R and D Services industry.This engineering, construction and operations company has an established record of topping earnings estimates, especially when looking at the previous two reports. The company boasts an average surprise for the past two quarters of 53.44%.For the most recent quarter, Fluor was ex ...