Fluor Corporation (FLR) clinched a significant win, securing a spot on the Global Contingency Services Multiple Award Contract III by the U.S. Naval Facilities Engineering Systems Command (NAVFAC) Pacific. This accolade positions Fluor among six elite firms eligible to compete for task orders with a combined value of up to $2 billion over a period of 102 months.The contract underscores Fluor’s capability to swiftly deliver critical facility support services in response to a spectrum of exigencies, including ...

Fluor Corporation (FLR) recently won the task order for Pavement and Transportation Support from the U.S. Air Force Installation Contracting Agency. The contract will be based in North Field, Tinian, which is part of the Commonwealth of the Northern Mariana Islands.This task order contract has a period of performance of 60 months and is valued at about $409 million. The cost-plus and fixed-fee task order was awarded to FLR under the Air Force Contract Augmentation Program V (“AFCAP V”).Fluor is positive abo ...

The Russell 2000 index offers investors various small-cap companies that can incite great long-term returns and add a more differentiated investment to their portfolio. Not all stocks in the Russell 2000 are automatic wins, but there are certainly some worth keeping your eye on.These three stocks, in particular, have exciting events that have sparked their popularity and made investors start to consider their potential. While they are riskier than some large-cap stocks, they are in a position to stir up a s ...

It has been about a month since the last earnings report for Fluor (FLR) . Shares have added about 10.2% in that time frame, outperforming the S&P 500.Will the recent positive trend continue leading up to its next earnings release, or is Fluor due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important catalysts. Fluor Q4 Earnings Beat, New Awards & Backlog Up Y/YFluor ...

Fluor Corporation (FLR) is benefiting from robust demand for its engineering and construction solutions, which is reflected in its new award wins and backlog growth. Also, its diversified business is encouraging.The company’s earnings estimate for 2024 has moved north in the past seven days to $2.84 per share from $2.82, showcasing growth rate of 4% year over year. Furthermore, the earnings growth rate of the first quarter of 2024 is 92.9% year over year. The growth prospect is further solidified with a VGM ...

Fluor Corporation (FLR) has been selected, along with partners, for the Hanford Integrated Tank Disposition Contract by the U.S. Department of Energy (“DOE”). The joint venture, Hanford Tank Waste Operations & Closure, LLC, will oversee environmental management operations at the Hanford Site in Washington state. This $45 billion, 10-year contract marks a significant opportunity for Fluor.Shares of Fluor have gained 1.5% during the trading session and 1.6% in the after-hour trading session on Mar 7, 2024.The ...

IRVING, Texas--(BUSINESS WIRE)--Fluor Corporation (NYSE: FLR) announced today that the U.S. Department of Energy (DOE) selected Hanford Tank Waste Operations & Closure, LLC (H2C) – a joint venture led by a subsidiary of BWX Technologies, Inc., together with Fluor and Amentum – to execute the Hanford Integrated Tank Disposition Contract. The new contract has an estimated ceiling of $45 billion over a 10-year ordering period for environmental management operations at the Hanford Site in Washington state. Fluo ...

Fluor Corporation (FLR) reported better-than-expected results for fourth-quarter 2023, wherein earnings surpassed the Zacks Consensus Estimate and increased year over year.In the quarter, the top line of the company grew year over year on the back of solid contributions from the Urban Solutions and Mission Solutions business segments. It has been benefiting from robust end markets, strong client relationships and a resilient capital structure. This growing trend is reflected in solid growth in new awards an ...

Financial Data and Key Metrics Changes - Revenue for 2023 was $15.5 billion, a 13% increase from 2022 [59] - Full year net income was $139 million, or $0.54 per diluted share, with adjusted EBITDA of $613 million [64] - The company established 2024 adjusted EBITDA guidance at $600 million to $700 million, or $2.50 to $3 per diluted share [13][64] - Ending backlog improved to $14.8 billion from $10.3 billion a year ago, with 71% now being reimbursable [50] Business Line Data and Key Metrics Changes - Urban Solutions segment profit for the quarter was $147 million, up from $38 million a year ago, driven by settlements on longstanding claims [60] - Energy Solutions reported a fourth quarter segment profit of $26 million, down from $124 million in 2022, impacted by project nearing completion and cost growth [62] - Mission Solutions reported a segment profit of $31 million in the fourth quarter compared to $20 million a year ago, with ending backlog at $3.9 billion [40] Market Data and Key Metrics Changes - The company reported a book-to-burn ratio of 1.3x for new awards totaling $19.5 billion in 2023 [59] - The current project mix across all business lines is the most diverse it has been in years, with significant prospects in chemicals, advanced technology, life sciences, and energy transition programs [22] Company Strategy and Development Direction - The company aims to be a leader in professional and technical solutions while maintaining global engineering and construction expertise [18] - Strategic priorities include reinforcing financial discipline, pursuing fair contract terms, driving growth across the portfolio, and fostering a high-performance culture [19] - The company is focused on energy transition markets, with over 200 active projects in this area [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth trajectory for 2024, expecting it to be similar or better than 2022 and 2023 [70] - The company anticipates significant completion of legacy projects over the next 12 months, supporting revenue growth [15] - Management noted strong interest in capabilities to support intelligence services, with projects representing over $75 billion in total installed cost [8] Other Important Information - The company added 5,000 employees in 2023 to support growth and project execution [29] - The company has made considerable progress in divesting non-core businesses to focus on high-return end markets [67] - The company expects cash flow for 2024 to be between $350 million and $450 million, excluding cash funding for legacy projects [16] Q&A Session Summary Question: What is the expected cadence of bookings in 2024? - Management is comfortable that 2024 will shape up similarly or better than 2022 and 2023, with strong hit rates on project pursuits [70] Question: Can you elaborate on free cash flow expectations? - The expected range for tax settlements is approximately $150 million to $160 million, with less claim settlements anticipated in 2024 compared to 2023 [71] Question: What is the outlook for the mining sector in Saudi Arabia? - Management is very bullish on the mining sector in Saudi Arabia, seeing it as a growth engine for the company [74] Question: Can you provide details on the nuclear opportunities in Eastern Europe? - The company is actively pursuing nuclear opportunities in Romania and Bulgaria, focusing on energy independence and security [101] Question: What is the company's position in the data center market? - The company is engaged in significant data center projects in Asia and sees this as a growing market [103] Question: How is the company addressing the semiconductor and pharmaceutical sectors? - The company expects continued momentum in bookings in the semiconductor and pharmaceutical sectors, particularly with the flow of CHIPS Act funding [106]

IRVING, Texas--(BUSINESS WIRE)--Fluor Corporation (NYSE: FLR) announced financial results for its year ended December 31, 2023. Revenue for 2023 was $15.5 billion and net income attributable to Fluor was $139 million, or $0.54 per diluted share. Consolidated segment profit1 for the year was $537 million compared to $427 million in 2022. Including the adjustments outlined in the reconciliation table at the end of this release, the company recognized adjusted EBITDA1 of $613 million and adjusted diluted earni ...