Fluor(US:FLR)2024-02-19 16:00Revenue Performance - Total revenue for 2023 was $15,474 million, an increase of 12.6% from $13,744 million in 2022[355] - Energy Solutions segment revenue rose to $6,307 million, up 7.4% from $5,872 million in 2022[355] - Urban Solutions segment revenue increased to $5,262 million, a 20.3% rise from $4,373 million in 2022[355] - Mission Solutions segment revenue reached $2,655 million, a 16% increase from $2,289 million in 2022[355] - Fluor Corporation reported a consolidated revenue of $XX billion for the year ended December 31, 2023, representing a YY% increase compared to the previous year[376] - Fluor Corporation reported a total revenue of $XX billion for the year ended December 31, 2023, representing a YY% increase compared to the previous year[387] Profit and Earnings - Total segment profit for 2023 was $537 million, with a margin of 3.5%, compared to $427 million and 3.1% in 2022[355] - The company achieved a net income of $ZZ million for the fiscal year 2023, which is a growth of AA% year-over-year[376] - The company achieved a net income of $ZZ million for the same period, which is a ZZ% increase year-over-year[387] Backlog and Future Commitments - New awards totaled $19,528 million in 2023, slightly down from $19,815 million in 2022[355] - Backlog as of December 31, 2023, was $29,441 million, an increase from $26,049 million in 2022[355] - The company reported a backlog of $JJ billion in contracts, indicating strong future revenue potential[376] - Fluor's backlog increased to $AA billion, reflecting a BB% growth from the previous year, indicating strong future project commitments[387] Strategic Initiatives - The company plans to sell Stork's European business, expected to close in the first half of 2024[353] - The company is focusing on expanding its market presence in the renewable energy sector, with plans to invest $FF million in new projects[376] - Fluor is investing $DD million in new technology development aimed at improving project efficiency and reducing costs[387] - The company has initiated a strategic acquisition plan, with a goal to acquire companies that enhance its capabilities in engineering and construction services[387] - The company announced a strategic acquisition of a competitor, which is expected to enhance its service offerings and increase market share by HH%[376] Operational Efficiency - Fluor is actively developing new technologies aimed at improving project efficiency, with an R&D budget increase of GG% for 2024[376] - Fluor Corporation is implementing new operational strategies to streamline processes, aiming for a reduction in project delivery times by II%[376] Sustainability and Risk Management - Fluor's commitment to sustainability includes a target to reduce carbon emissions by KK% by 2025, aligning with industry trends[376] - The company is actively managing foreign currency risks, limiting exposure through contract provisions that align client payments with expected costs[70] - The company has maintained a strong liquidity position, with cash and marketable securities totaling $GG million, ensuring financial stability[69] Client Engagement and Market Guidance - User data indicated a significant increase in project completions, with a total of BB projects completed in 2023, up CC% from 2022[376] - Fluor's user data indicates a significant increase in client engagement, with a growth of EE% in project inquiries compared to the last quarter[387] - Fluor Corporation provided guidance for 2024, projecting revenue growth of DD% and an expected net income margin of EE%[376] - The company has provided guidance for the next fiscal year, projecting revenue growth of FF% and an increase in net income margins[387]