Fluor(FLR) - 2024 Q4 - Annual Results

Financial Performance - Revenue for 2024 was $16.3 billion, with net income attributable to Fluor of $2.1 billion, or $12.30 per diluted share[2] - Consolidated segment profit for the year was $635 million, up from $537 million in 2023[2] - Adjusted EBITDA for 2024 was $530 million, with adjusted diluted earnings per share of $2.32[2] - Net earnings attributable to Fluor for the year ended December 31, 2024, were $2,145 million, compared to $139 million in 2023, marking a significant increase[26] - Adjusted EBITDA for the year ended December 31, 2024, was $530 million, down from $613 million in 2023[28] - The diluted EPS available to Fluor common stockholders for the year ended December 31, 2024, was $12.30, compared to $0.54 in 2023[26] Revenue and Awards - Full year new awards totaled $15.1 billion, with an ending backlog of $28.5 billion, of which 79% is reimbursable[3] - Total new awards for the year 2024 amounted to $15,123 million, a decrease from $19,528 million in 2023[23] - The backlog at the end of 2024 was $28,484 million, slightly down from $29,441 million at the end of 2023[23] Segment Performance - Urban Solutions segment revenue increased to $7.2 billion, with new awards of $9.5 billion in 2024[10] - Energy Solutions segment revenue decreased to $6.0 billion, with new awards totaling $3.2 billion[11] - Urban Solutions segment revenue increased to $1,999 million in Q4 2024 from $1,420 million in Q4 2023, representing a 40.6% growth[23] Cash Flow and Financial Position - Strong operating cash flow for 2024 was $828 million, the highest since 2015[2] - Cash and marketable securities at the end of 2024 were $3.0 billion, a 14% increase from 2023[3] - Operating cash flow for the year 2024 was $828 million, significantly higher than $212 million in 2023[24] Quarterly Performance - Fourth quarter revenue was $4.3 billion, compared to $3.8 billion in the same quarter of 2023[6] - Total revenue for Q4 2024 reached $4,260 million, a 11.5% increase from $3,820 million in Q4 2023[23] - The total segment profit margin for Q4 2024 was 4.8%, up from 2.2% in Q4 2023[23] Guidance - Adjusted EBITDA guidance for 2025 is set at $575 to $675 million, with adjusted EPS guidance of $2.25 to $2.75 per share[9] Foreign Currency Impact - The company reported a foreign currency gain of $34 million in Q4 2024, compared to a loss of $36 million in Q4 2023[24]