Core Insights - Fluor Corporation is set to release its third-quarter earnings results on November 7, with analysts expecting earnings of 45 cents per share, a decrease from 51 cents per share in the same period last year [1] - The consensus estimate for Fluor's quarterly revenue is $4.2 billion, an increase from $4.09 billion a year earlier [1] Recent Performance - In the second quarter, Fluor reported results that fell below estimates and subsequently lowered its FY25 adjusted EPS guidance, leading to a 6% drop in share price to $44.58 [2] Analyst Ratings - Truist Securities analyst Jamie Cook maintained a Buy rating but reduced the price target from $52 to $51 [4] - UBS analyst Steven Fisher also maintained a Buy rating, cutting the price target from $60 to $56 [4] - Citigroup analyst Andrew Kaplowitz kept a Buy rating while lowering the price target from $71 to $57 [4] - Baird analyst Andrew Wittmann maintained a Neutral rating and reduced the price target from $55 to $46 [4] - Keybanc analyst Sangita Jain downgraded the stock from Overweight to Equal-Weight with a price target of $41 [4]

Core Insights - Fluor Corporation is set to release its third-quarter earnings results on November 7, with analysts expecting earnings of 45 cents per share, a decrease from 51 cents per share in the same quarter last year [1] - The consensus estimate for Fluor's quarterly revenue is $4.2 billion, an increase from $4.09 billion a year earlier [1] Recent Performance - In the second quarter, Fluor reported results that fell below estimates and subsequently lowered its FY25 adjusted EPS guidance, leading to a 6% drop in share price to $44.58 [2] Analyst Ratings - Truist Securities analyst Jamie Cook maintained a Buy rating but reduced the price target from $52 to $51 [4] - UBS analyst Steven Fisher also maintained a Buy rating, cutting the price target from $60 to $56 [4] - Citigroup analyst Andrew Kaplowitz kept a Buy rating while lowering the price target from $71 to $57 [4] - Baird analyst Andrew Wittmann maintained a Neutral rating and reduced the price target from $55 to $46 [4] - Keybanc analyst Sangita Jain downgraded the stock from Overweight to Equal-Weight with a price target of $41 [4]

Q3 2025 EARNINGS | NOVEMBER 6, 2025 | NASDAQ: BWMN TRANSPORTATION POWER, UTILITIES & ENERGY BUILDING INFRASTRUCTURE NATURAL RESOURCES Gary Bowman Chief Executive Officer Bruce Labovitz Chief Financial Officer Safe Harbor Statement Please note that many of the comments made today are considered forward-looking statements under federal securities laws. As described in our filings with the SEC, these statements are subject to numerous risks and uncertainties that could cause future results to differ from those ...

Core Insights - KBR has been awarded a contract by ENKA to provide detailed engineering design services for the Associated Gas Upstream Project Phase 2 (AGUP2) in Iraq, part of the Gas Growth Integrated Project (GGIP) operated by TotalEnergies [1][2][3] Company Summary - KBR has a long-standing relationship with TotalEnergies and ENKA, having previously delivered the Front-End Engineering Design (FEED) for the AGUP2 project [2][3] - The company has been a trusted service provider in Iraq for over 40 years, contributing to the country's energy infrastructure development [4] - KBR employs approximately 37,000 people globally, providing diverse and mission-critical roles across 29 countries [5] Project Details - The AGUP2 project aims to process oil and associated gas from the Ratawi oil field, increasing production capacity to 210,000 barrels per day of oil and 154 million standard cubic feet per day of gas, while eliminating routine flaring [3][4] - The GGIP includes multiple components such as gas recovery, power generation, oil field redevelopment, and renewable energy investment, with a goal of improving Iraq's electricity supply [6] Strategic Importance - The AGUP2 project is seen as a strategic milestone for Iraq's energy future, supporting the country's goal of energy self-sufficiency and improved environmental performance [4] - KBR's expertise in gas processing and energy transition technologies positions the company as a key player in Iraq's decarbonization efforts and TotalEnergies' integrated approach to responsible energy production [4]

Core Viewpoint - The Gross Law Firm has issued a notice to shareholders of Fluor Corporation regarding a class action lawsuit due to alleged misleading statements and undisclosed costs related to infrastructure projects [1][3]. Summary by Sections Class Action Details - The class period for the lawsuit is from February 18, 2025, to July 31, 2025 [3]. - Allegations include that Fluor Corporation failed to disclose increasing costs associated with infrastructure projects due to subcontractor design errors, price increases, and scheduling delays [3]. - The lawsuit claims that these issues, along with reduced customer capital spending and economic uncertainty, negatively impacted Fluor's business and financial results [3]. Financial Guidance and Risk Mitigation - The complaint asserts that Fluor's financial guidance for FY 2025 was unreliable and that the effectiveness of its risk mitigation strategy was overstated [3]. - It is alleged that the impact of economic uncertainty on the company's business was understated, leading to materially false and misleading public statements [3]. Next Steps for Shareholders - Shareholders are encouraged to register for the class action by November 14, 2025, to participate in potential recovery [4]. - Once registered, shareholders will receive updates through a portfolio monitoring software regarding the case's status [4]. Law Firm Background - The Gross Law Firm is a nationally recognized class action law firm focused on protecting investors' rights against deceit and fraud [5]. - The firm aims to ensure companies adhere to responsible business practices and seeks recovery for investors who suffered losses due to misleading statements [5].

Core Insights - Bowman Consulting Group Ltd. reported strong financial results for Q3 2025, achieving over $500 million in annualized gross revenue for the first time since its public debut [2][6] - The company continues to focus on improving margins and cash flow generation while strategically allocating capital to enhance growth and shareholder value [2][5] Financial Performance - Q3 2025 gross contract revenue reached $126.0 million, an 11% increase from $113.9 million in Q3 2024 [6] - Net service billing for Q3 2025 was $112.1 million, up 11% from $101.4 million in Q3 2024 [6] - Net income for Q3 2025 was $6.6 million, compared to $0.8 million in Q3 2024 [6] - Adjusted EBITDA for Q3 2025 was $18.3 million, a 7.6% increase from $17.0 million in Q3 2024 [6] - For the first nine months of 2025, gross contract revenue was $361.1 million, a 15% increase from $313.3 million in the same period of 2024 [6] - Net income for the first nine months of 2025 was $10.9 million, compared to a net loss of $2.9 million in the first nine months of 2024 [6] Growth Metrics - Organic net service billing growth for Q3 2025 was 6.6%, down from 8.3% in Q3 2024 [6] - For the first nine months of 2025, organic net service billing growth was 10.6%, compared to 5.6% in the same period of 2024 [6] - The gross backlog increased by 17.9% to $447.7 million from $379.8 million year-over-year [6] Acquisitions and Strategic Initiatives - The company made two acquisitions in Q3 2025 to enhance its power and data center practices, expanding its service offerings [2][12] - Bowman Consulting's internal technology incubator, the BIG Fund, is actively generating innovative ideas and proof-of-concept initiatives [5] Guidance - The company reaffirmed its fiscal year 2025 guidance for net revenue between $430 million and $442 million and adjusted EBITDA between $71 million and $77 million [9] - For fiscal year 2026, Bowman expects net revenue between $465 million and $480 million with an adjusted EBITDA margin of 17.0% to 17.5% [9]

Core Viewpoint - A class action lawsuit has been filed against KBR, Inc. by Berger Montague on behalf of investors who acquired KBR shares between May 6, 2025, and June 19, 2025, alleging that the company misled investors regarding a contract with the U.S. Department of Defense's Transportation Command [1][3]. Group 1: Lawsuit Details - The lawsuit claims that KBR misrepresented its relationship with TRANSCOM and the status of a Global Household Goods Contract, despite TRANSCOM expressing serious concerns [3]. - On June 19, 2025, it was revealed that TRANSCOM was terminating the contract, leading to a significant drop in KBR's share price by $3.85, or 7%, closing at $48.93 on June 20, 2025 [4]. Group 2: Investor Information - Investors who purchased KBR securities during the class period have until November 18, 2025, to seek appointment as lead plaintiff representatives [2].

Financial Data and Key Metrics Changes - The company's Q3 revenues were $1.46 billion, representing a 23% year-over-year increase, driven by engineering and real estate services segments [6][9] - Adjusted EBITDA for the quarter was $191 million, a 24% increase from the previous year [6] - Overall internal growth for the quarter was 13% [6] Business Line Data and Key Metrics Changes - Engineering segment revenues increased by 36%, with internal growth of 6% [7] - Real estate services segment revenues rose by 13%, with capital markets up 21% and leasing revenues up 14% [6][7] - Outsourcing revenues increased by 8%, led by valuation and advisory practices [7] Market Data and Key Metrics Changes - Assets under management reached $108 billion, a 10% increase from the previous year [5] - The company raised $1 billion in new capital commitments during the quarter, with total year-to-date fundraising at $4.4 billion [8] Company Strategy and Development Direction - The company is focused on unifying operations under the Harrison Street Asset Management brand, which is expected to strengthen the business and deliver value to shareholders [4][5] - The engineering sector is seen as a significant growth area, with plans to double revenue and profitability in the coming years [25][94] - The company is actively pursuing acquisitions in various segments, particularly in engineering, to capitalize on growth opportunities in fragmented markets [25][94] Management's Comments on Operating Environment and Future Outlook - Management anticipates an increase in business activity as interest rates stabilize and investor confidence builds [4] - The capital markets recovery is described as gradual, with expectations for continued growth in Q4 and beyond [41][46] - Management remains confident in meeting full-year guidance despite slight expected declines in investment management margins due to integration costs [9][40] Other Important Information - The company has $9 billion in dry powder available for deployment, which is expected to drive future growth [5][86] - The integration of IAM under the Harrison Street platform has received positive client feedback, indicating a successful transition [33] Q&A Session Summary Question: Inquiry about engineering margins and service mix - Management noted that engineering margins were slightly impacted by service mix, with a net margin decrease of 20 to 30 basis points [14][15] Question: Discussion on investment management margins and future outlook - Management indicated that integration costs would impact margins for the next two to three quarters, but they are focused on long-term growth [16][18] Question: Organic growth in engineering - Year-to-date organic growth in engineering is around 8%, with expectations to maintain mid-high single-digit growth for the year [22][23] Question: Capital markets activity and pipeline - The capital markets pipeline is solid, with expectations to exceed last year's performance in Q4 [41][42] Question: Construction activity and market conditions - Management indicated that construction activity is currently soft, particularly in condominiums, but there is ongoing activity in data centers and related infrastructure [61] Question: Performance of recent acquisitions - The integration of Triovest and Asterisk is ongoing, with positive early results noted for both acquisitions [96][98]

Financial Data and Key Metrics Changes - The company reported a revenue of $4.47 billion, reflecting a 7% increase year-over-year and a 6% organic growth [20][21] - Adjusted EBITDA for the quarter was $616 million, up 3% year-over-year, resulting in an adjusted EBITDA margin of 13.8% [21][25] - Earnings per share (EPS) grew 4% to $3.05, supported by a lower share count [21][25] - Operating cash flow reached $711 million, with a free cash flow conversion ratio of 171% [25] Business Line Data and Key Metrics Changes - National security and digital revenues increased by 8% year-over-year, with 7% coming from organic growth, driven by contract awards and increased volumes [22] - Health and civil revenues rose by 6% year-over-year, with a record non-GAAP operating income margin of 25.7% [23] - Defense systems grew by 11% year-over-year, marking its seventh consecutive period of high single to low double-digit growth [24] Market Data and Key Metrics Changes - The company experienced a 27% sequential increase in funded backlog, indicating strong customer demand [16] - The energy infrastructure business has grown significantly, now representing over $600 million in annual revenues [9] Company Strategy and Development Direction - The company is focused on its North Star 2030 strategy, which includes growth pillars such as space and maritime, energy infrastructure, digital modernization and cyber, mission software, and managed health services [8][12] - The company is investing in AI and automation to enhance operational efficiency and customer outcomes [7][11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating the current government shutdown, noting that most programs remain unaffected [4][19] - The company raised its guidance for 2025, reaffirming revenue guidance of $17 billion to $17.25 billion and increasing EBITDA and EPS guidance [18][26] Other Important Information - The company repurchased $100 million worth of shares and accelerated the payoff of $450 million on its term loan [17] - A dividend of $0.43 per share was announced, marking a 7.5% increase [17] Q&A Session Summary Question: Thoughts on M&A in the current environment - Management indicated a shareholder-friendly approach to capital deployment, focusing on both organic growth and selective M&A opportunities [30][31] Question: Growth in defense systems segment - Management highlighted tracking 10 franchise programs expected to deliver about $15 billion in potential value over the next five years [36] Question: Sustainability of health and civil segment margins - Management expressed confidence in sustaining high margins through innovation and technology investments [45][49] Question: Bid expectations for next year - Management expects a significant increase in bid submissions next year, with a robust pipeline of $69 billion in near-term opportunities [55][58] Question: Impact of the government shutdown on Q4 - Management acknowledged potential risks from the shutdown but remained optimistic about returning to normal operations quickly [74][75] Question: International business performance - Management expressed confidence in growing the international business, particularly in Australia and the U.K., aligned with growth pillars [100] Question: Potential spin-off of Dynetics - Management emphasized the value of Dynetics within the Leidos portfolio and plans to invest in it rather than consider a spin-off [106][108] Question: Recompete contracts for next year - Management noted that it is too early to specify recompete contracts but highlighted several areas with growth momentum [90][92]

Core Insights - KBR, Inc. reported third quarter fiscal 2025 results, showing resilience despite revenue headwinds, with a year-on-year double-digit growth in Adjusted EBITDA and strong cash conversion [2][6][8] Financial Performance - Revenues for the third quarter were $1.931 billion, a slight decrease of 0% or $6 million compared to the previous year [5][8] - Operating income increased by 10% to $191 million, driven by strong project execution on an LNG project [9][12] - Net income attributable to KBR was $115 million, up 15% from the previous year, reflecting improved operating income [9][10] - Adjusted EBITDA reached $240 million, a 10% increase, with an Adjusted EBITDA margin of 12.4% [6][12] - Diluted earnings per share attributable to KBR were $0.90, up 20% from the previous year [11][34] Segment Performance - Mission Technology Solutions (MTS) revenues were flat at $1.406 billion, with operating income remaining stable at $114 million [16] - Sustainable Technology Solutions (STS) revenues decreased by 1% to $525 million, but operating income increased by 13% to $118 million [18][20] - Backlog and options totaled $23.4 billion, with a book-to-bill ratio of 1.4x for the quarter [13][20] Capital Management - Operating cash flows from continuing operations were $198 million, a 29% increase, with an operating cash conversion rate of 152% [21] - KBR returned $122 million to shareholders, including $100 million in share repurchases and $22 million in dividends [21] - As of October 3, 2025, liquidity totaled approximately $1.1 billion, with a net leverage ratio of 2.2x [20] Guidance and Strategic Initiatives - KBR revised its fiscal year 2025 guidance, projecting revenues between $7.75 billion and $7.85 billion, down from the previous range [22][23] - The company announced plans to spin off its Mission Technology Solutions segment into a separate publicly-traded company, targeting completion by mid-to-late 2026 [24]