Core Insights - Aristides Capital has initiated a new position in Fluor Corporation, acquiring 224,842 shares valued at approximately $9.46 million as of September 30, representing about 2.84% of its total reportable U.S. equity assets [1][2]. Company Overview - Fluor Corporation is a global leader in engineering and construction services, focusing on energy, infrastructure, technology, and government projects [6]. - The company operates a project-driven business model, generating revenue through large-scale contracts in various sectors including energy transition, infrastructure, and government services [9]. Financial Performance - Fluor's revenue for the trailing twelve months (TTM) is reported at $15.59 billion, with a net income of $3.38 billion [4]. - The company's stock price as of the latest report is $40.69, reflecting a 20% decline over the past year, underperforming the S&P 500, which has increased by about 15% during the same period [3][4]. Recent Developments - Despite a challenging third quarter, where revenue fell 18% year over year, adjusted EBITDA increased by 29% to $161 million, and management has raised full-year adjusted EPS and EBITDA guidance [10]. - Fluor's backlog stands at $28.2 billion, with 82% being reimbursable, which mitigates risks associated with cost overruns [10][11]. - The company has repurchased $70 million of its stock in the quarter and plans to repurchase up to $800 million more by early 2026, supported by $2.8 billion in cash and marketable securities [11].

Matrix Service Company Conference Call Summary Company Overview - **Company Name**: Matrix Service Company (Ticker: MTRX) - **Industry**: Engineering and Construction (ENC) for oil, gas, utility, and industrial markets - **Key Segments**: - Storage and Terminal Solutions (49% of revenue) - Utility and Power Infrastructure (33% of revenue) - Process and Industrial Facilities (18% of revenue) [4][4][4] Financial Performance - **Fiscal Year End**: June 30 - **Fiscal 2025 Revenue**: Approximately $770 million - **Fiscal 2026 Revenue Guidance**: $875-$925 million (14%-20% growth) [4][4] - **Backlog**: $1.2 billion [4][4] - **Q1 Fiscal 2026 Revenue**: $211.9 million (28% increase from $165 million in Q1 Fiscal 2025) [14][14] - **Gross Margin**: Increased to 6.7% from 4.7% year-over-year [15][15] - **Liquidity**: Strong at $248.9 million with no outstanding debt [15][15] Strategic Focus - **Core Values**: Safety is the number one core value [2][2] - **Market Position**: Positioned to capitalize on multi-year spending cycles in LNG, NGL infrastructure, data centers, and utility investments [3][3] - **Growth Strategy**: Focus on organic and inorganic growth, enhancing market share, and expanding into high-growth verticals [12][12] Project and Backlog Insights - **Project Awards**: $187 million in Q1, with a book-to-bill ratio of 0.9 [9][13] - **Opportunity Pipeline**: $6.7 billion in project opportunities expected to be awarded in the next 12-18 months [10][10] - **Backlog Composition**: 70% fixed-price projects, 30% reimbursable or cost-plus projects [18][18] Market Dynamics - **Competitive Landscape**: Fair market conditions with good opportunities available; timing of awards is a key factor [24][24] - **Employee Retention**: No significant issues in retaining key employees [25][25] Technology and Efficiency - **Technological Advancements**: Implementation of new project management systems and 3D technology to improve efficiency and profitability [22][22] - **AI Integration**: Evaluating AI's role in enhancing project management and operational efficiency [22][22] Long-term Outlook - **Revenue Growth**: Anticipated to continue, with a focus on reaching $250 million in quarterly revenue by the end of the fiscal year [32][32] - **Profitability Goals**: Targeting a gross margin of 10% and reducing SG&A to 6.5% of revenue [33][33] Key Takeaways - **Recurring Revenue**: Approximately 90% of revenue comes from recurring customers, emphasizing the importance of long-term relationships [4][30] - **Safety and Quality**: Commitment to safety and quality project execution as core operational principles [7][7] - **Market Trends**: Elevated spending across various industries, including data centers and low-carbon infrastructure, presents growth opportunities [8][8]

Core Insights - Aecom reported stronger-than-expected fourth-quarter adjusted earnings, with adjusted earnings per share at $1.36, slightly above the consensus estimate of $1.34 [1] - Quarterly revenue was $4.18 billion, which fell short of analyst expectations of $4.32 billion, leading to a more than 2% decline in shares intra-day [1] - The company achieved a record segment adjusted operating margin of 17.1%, reflecting a 40-basis-point improvement from the previous year [2] Financial Performance - Net service revenue increased by 8%, driven by a 9% growth in the Americas design division [1] - Adjusted EBITDA rose by 13% to $329 million [2] Future Guidance - For fiscal 2026, Aecom provided guidance for adjusted earnings per share in the range of $5.65 to $5.85, indicating approximately 9% growth at the midpoint [2] - The company raised its quarterly dividend by 19% to $0.31 per share [2]

Core Viewpoint - Grabar Law Office is investigating claims on behalf of shareholders of Fluor Corporation regarding potential breaches of fiduciary duties by certain officers and directors [1] Group 1: Investigation Details - The investigation is focused on whether Fluor Corporation's officers made materially false and misleading statements and failed to disclose adverse facts about the company's business and operations [3] - Allegations include that costs for specific projects were increasing due to subcontractor errors, price hikes, and scheduling delays, which negatively impacted the company's financial results [3] - The investigation suggests that Fluor's financial guidance for FY 2025 was unreliable, and the effectiveness of its risk mitigation strategies was overstated [3] Group 2: Shareholder Actions - Shareholders who purchased Fluor Corporation shares before February 18, 2025, and still hold them can seek corporate reforms and the return of funds at no cost [2][4] - Interested shareholders are encouraged to contact Grabar Law Office for more information on the investigation and potential actions [2][4]

Core Viewpoint - Rosen Law Firm is encouraging investors of Fluor Corporation to secure legal counsel before the November 14, 2025 deadline for a securities class action lawsuit related to misleading statements made by the company during the class period from February 18, 2025, to July 31, 2025 [1][5]. Group 1: Class Action Details - Investors who purchased Fluor securities during the specified class period may be entitled to compensation without any out-of-pocket fees through a contingency fee arrangement [2]. - A class action lawsuit has already been filed, and interested parties must move the court to serve as lead plaintiff by November 14, 2025 [3]. - The lawsuit alleges that Fluor made false and misleading statements regarding project costs and financial guidance, which negatively impacted the company's business and financial results [5]. Group 2: Rosen Law Firm's Credentials - Rosen Law Firm emphasizes the importance of selecting qualified counsel with a proven track record in securities class actions, highlighting its own success in achieving significant settlements for investors [4]. - The firm has been recognized for its performance in securities class action settlements, including being ranked No. 1 by ISS Securities Class Action Services in 2017 and recovering over $438 million for investors in 2019 [4].

Core Viewpoint - Rosen Law Firm is encouraging investors of Fluor Corporation to secure legal counsel before the November 14, 2025 deadline for a securities class action lawsuit related to misleading statements made by the company during the class period from February 18, 2025, to July 31, 2025 [1][5]. Group 1: Class Action Details - Investors who purchased Fluor securities during the specified class period may be entitled to compensation without any out-of-pocket fees through a contingency fee arrangement [2]. - A class action lawsuit has already been filed, and interested parties must move the court to serve as lead plaintiff by November 14, 2025 [3]. - The lawsuit alleges that Fluor made false and misleading statements regarding project costs and financial guidance, which negatively impacted the company's business and financial results [5]. Group 2: Rosen Law Firm's Credentials - Rosen Law Firm emphasizes the importance of selecting qualified legal counsel with a proven track record in securities class actions, highlighting its own success in achieving significant settlements for investors [4]. - The firm has been recognized for its performance in securities class action settlements, including being ranked No. 1 by ISS Securities Class Action Services in 2017 and recovering over $438 million for investors in 2019 [4].

Company Overview - Fluor Corporation reported a revenue of $163 billion for 2024[8] - The company's backlog is geographically split with 59% in the U S and 41% outside the U S [6] - The contract types are primarily reimbursable at 82% with fixed contracts making up the remaining 19%[6] Segment Performance - Urban Solutions reported Q3 2025 new awards of $18 billion and a backlog of $205 billion[29] - Energy Solutions experienced a segment loss of $533 million in Q3 2025 which includes a $653 million court ruling related to the Santos project[42] - Mission Solutions reported Q3 2025 new awards of $13 billion and a backlog of $26 billion[50] Financial Highlights - The company reported a consolidated segment loss of $439 million and adjusted EBITDA of $161 million for Q3 2025[54] - The diluted adjusted EPS was $068 for Q3 2025[54] - New awards totaled $33 billion in Q3 2025[54]

Financial Data and Key Metrics Changes - Revenue for Q3 was $3.4 billion, including a $653 million revenue reversal in energy solutions due to litigation [4] - Consolidated new awards for Q3 totaled $3.3 billion, with 99% being reimbursable [4] - Adjusted EBITDA for Q3 was $161 million, compared to $124 million a year ago, and adjusted EPS was $0.68 compared to $0.51 in 2024 [17][24] - The company ended the quarter with $2.8 billion in cash and marketable securities, up $500 million from June 30 [19] Business Segment Data and Key Metrics Changes - Urban Solutions reported a profit of $61 million in Q3, with new awards totaling $1.8 billion, a significant increase from $828 million in the same period last year [5] - Energy Solutions reported a segment loss of $533 million compared to a profit of $50 million a year ago, primarily due to the $653 million court ruling [7] - Mission Solutions reported a segment profit of $34 million for Q3, down from $45 million a year ago, with new awards totaling $1.3 billion compared to $274 million a year ago [10] Market Data and Key Metrics Changes - The total backlog remains around $28 billion, with 82% being reimbursable [4] - The company anticipates significant contributions from Urban Solutions, particularly in metals and mining, and expects a Q4 award for a pharmaceutical facility [7][11] - Energy transition projects have slowed down due to market conditions, while traditional oil and gas activities are picking up [15][58] Company Strategy and Development Direction - The company is transitioning to an asset-light model with a majority reimbursable backlog, aiming for long-term growth [4] - The monetization of the NuScale investment is expected to enhance financial discipline and capital allocation [13][24] - The company is focusing on strategic relationships rather than competitive bidding for new projects, particularly in power generation and data centers [34][46] Management's Comments on Operating Environment and Future Outlook - Management noted that external factors have caused delays in new awards, impacting EBITDA growth rates [14][15] - The company expects to approach $90 billion in new awards over the four-year planning cycle ending in 2028, with most awards concentrated in 2026-2028 [14][59] - The outlook for 2026 suggests EBITDA generation may be marginally better than the guidance for 2025, with a potential shift in growth targets to 2029 [26][59] Other Important Information - The company plans to deploy an additional $800 million in share repurchases through February [23] - The anticipated payment to Santos for the court ruling will be funded from cash generated from core operations [30][54] - The company is actively pursuing opportunities in various sectors, including mining, power generation, and data centers [33][35] Q&A Session Summary Question: Insights on 2026 EBITDA expectations - Management indicated that 2026 EBITDA is expected to be marginally better than 2025, driven by growth in Urban Solutions and the resumption of work in Mexico [27][29] Question: Clarification on Energy Solutions margins - The margins in Energy Solutions, excluding Santos, showed strong performance due to the nearing completion of LNG Canada and resumption of work in Mexico [29] Question: Funding for Santos payment - The Santos payment is expected to be funded from cash on the balance sheet generated from core operations, not from NuScale proceeds [30] Question: Opportunities in power generation and data centers - The company is focusing on strategic relationships for power generation projects and is well-positioned for larger data center projects despite challenging terms in the U.S. [34][35] Question: Competitive landscape for $90 billion potential awards - The competitive set is favorable, with many projects already in progress, particularly in mining and metals, and a focus on negotiated contracts rather than competitive bidding [45][46]

Core Viewpoint - A class action lawsuit has been filed against Fluor Corporation (FLR) by Berger Montague on behalf of investors who acquired shares between February 18, 2025, and July 31, 2025, due to alleged misrepresentation of the company's financial condition and undisclosed issues with major infrastructure projects [1][3]. Company Overview - Fluor Corporation, headquartered in Irving, Texas, provides engineering, procurement, construction, and project management services globally, with its Urban Solutions segment being the largest revenue contributor [2]. Allegations and Investigation - The investigation focuses on claims that FLR misrepresented its financial health and concealed escalating issues related to significant infrastructure projects, including rising costs and delays in the Gordie Howe, I-635/LBJ, and I-35 projects [3]. Financial Performance - On August 1, 2025, FLR reported disappointing Q2 2025 results, with earnings per share (EPS) of $0.43 and revenue of $3.98 billion, missing consensus estimates by $0.13 and $570 million, respectively. The company reduced its full-year forecast, attributing the shortfall to project execution failures and a slowdown in new contract awards. Following this announcement, FLR's stock price fell over 27%, closing at $41.42 on the same day [4]. Market Reaction - In response to the negative news, several brokerages downgraded FLR's stock, citing significant concerns regarding the company's internal controls and transparency [5].

Core Viewpoint - A class action lawsuit has been filed against Fluor Corporation (FLR) by Berger Montague on behalf of investors who acquired shares between February 18, 2025, and July 31, 2025, alleging that the company concealed significant cost overruns and execution problems on key infrastructure projects [1][3]. Company Overview - Fluor Corporation, headquartered in Irving, Texas, provides engineering, procurement, construction, and project management services globally, with its Urban Solutions segment being the largest revenue driver among its three segments [2]. Allegations and Issues - The lawsuit claims that FLR concealed substantial cost overruns and execution issues on major projects, including the Gordie Howe International Bridge and I-635/LBJ, which were affected by subcontractor errors, supply chain inflation, and construction delays [3]. - The company allegedly overstated its risk mitigation strategies while failing to disclose the full impact of reduced client spending and macroeconomic uncertainties [3]. Financial Performance - Despite the ongoing issues, FLR reaffirmed its financial guidance in May 2025. However, on August 1, 2025, the company reported second-quarter results that significantly missed expectations, with non-GAAP EPS of $0.43 (missing by $0.13) and revenue of $3.98 billion (missing by $570 million) [4]. - Following these disappointing results, FLR cut its full-year guidance, leading to a 27.04% drop in stock price to $41.42 on August 1, 2025, prompting analysts to downgrade the stock due to lost confidence in management's disclosures and project oversight [4].