Core Viewpoint - Fluor is undergoing a significant business reset, focusing on unwinding legacy risks, reshaping its project mix, and unlocking value from its NuScale Power stake, while managing stock volatility and aiming for improved performance in the coming years [2][9]. Group 1: Company Overview - Fluor is one of the oldest construction and engineering firms in the U.S., with a history spanning 113 years [2]. - The company has a market capitalization of $7 billion and has experienced a 15% decline year-to-date, significantly below its all-time high of $101 from 2008 [3]. Group 2: Financial Performance - In Q3, Fluor's revenue fell 18% year-over-year to $3.4 billion, marking the eighth consecutive quarter of missing analysts' expectations [5]. - Adjusted earnings per share increased by 33% to $0.68, indicating some positive performance despite revenue challenges [5]. - The company booked $3.3 billion in new contracts in Q3, raising its total backlog to $28.2 billion, with 82% of this backlog being reimbursable work [6]. Group 3: Strategic Initiatives - Execution of Fluor's reorganization plan is critical for restoring investor confidence and achieving consistent performance [5]. - Fluor is implementing a risk-reducing strategy by focusing on reimbursable contracts rather than fixed-price contracts [6]. - The company is also pursuing an exit strategy from NuScale Power, having raised over $600 million from a stock sale and planning to monetize its remaining 39% stake, estimated at $800 million [7][8]. Group 4: Future Outlook - The NuScale windfall is seen as a potential catalyst for Fluor's future growth, especially with the rising demand for nuclear energy to support new AI data centers [7][8]. - The company is viewed as a transition story with potential for improvement, contingent on its ability to execute its plans effectively [9].