Fluor(FLR) - 2021 Q2 - Earnings Call Presentation

Financial Performance & Guidance - Fluor raised its adjusted EPS guidance for 2021 to $0.60-$0.80 per share, correlating to an adjusted net income of $94 million to $128 million[16] - Previous adjusted EPS guidance was $0.50 to $0.80 based on 141 million shares, implying adjusted net income of $71 million to $113 million[16] - Q2 2021 adjusted earnings per share was $0.32, excluding NuScale expenses, currency exchange losses, and certain legal-related costs[13] - Q2 segment profit was $67 million, or 2.1%, including a $20 million charge for embedded derivatives in Energy Solutions and $19 million in NuScale expenses[14] - Excluding these expenses, the total segment profit margin improves to 3.3%, in line with guidance for the year[14] - Fluor is updating 2024 EPS guidance to $2.50 to $2.90 to account for diluted share count[16] Project Updates & Backlog - Urban Solutions backlog declined by approximately $1 billion in the quarter due to the cancellation of a steel project in North America[4] - Gordie Howe bridge project incurred a $138 million charge due to COVID-related delays and cost overruns; Fluor has just under $1 billion in backlog remaining and anticipates substantial completion by the end of 2024[5] - Q2 backlog contained $1.2 billion in zero margin or loss position projects[15] - Excluding Gordie Howe, approximately $200 million in backlog remains for projects in a loss position, virtually all of which will complete by the end of 2022[15] Strategic Initiatives - NuScale has received $192 million in outside investments in the first seven months of the year[11] - Fluor is working on or has recently completed pre-EPC work representing over $150 billion in total installed cost and pursuing another 200 study and FEED projects, representing almost $200 billion in total installed cost[12]