The earnings call presented a mix of strong backlog growth, advancements in key segments like Urban Solutions and data centers, and positive cash flow developments. However, it also highlighted challenges in project conversions, cost overruns in Mexico, and reduced guidance, balancing the overall sentiment.

Company Guidance

During the third quarter of 2024, Fluor Corporation provided detailed guidance, highlighting several key metrics. The company reported a revenue of $4.1 billion and consolidated new awards totaling $2.7 billion, which contributed to a total backlog of $31.3 billion, with 80% being reimbursable. Urban Solutions reported a segment profit of $68 million, with new awards of $828 million and an ending backlog of $19 billion, reflecting a 72% increase over the past year. Mission Solutions reported a segment profit of $45 million, with new awards of $274 million and an ending backlog of $3.1 billion. Energy Solutions contributed a segment profit of $50 million, with new awards totaling $1.5 billion. Fluor's adjusted EBITDA for Q3 was $124 million, and the company updated its 2024 guidance, projecting an adjusted EPS range of $2.55 to $2.75, and adjusted EBITDA between $525 million and $575 million. The company also noted a strong cash and marketable securities balance of $2.9 billion, excluding NuScale, and emphasized a book-to-burn ratio of 1.1 for the first three quarters of 2024.

Strong Backlog and Revenue Growth

Fluor reported a total backlog of $31.3 billion, with 80% being reimbursable. Revenue for the third quarter was $4.1 billion, and new awards were $2.7 billion.

Urban Solutions Segment Success

Urban Solutions reported a segment profit of $68 million, with a 72% increase in backlog over the past 12 months.

Advancements in Data Centers and Life Sciences

Fluor has been developing innovative cooling processes and modularization designs for data centers, and its Life Sciences backlog increased nearly 90% over the past year.

Positive Cash Flow and Share Repurchase Program

Operating cash inflow for the third quarter was $330 million. Fluor's Board increased the share repurchase program to 30.5 million shares.

NuScale Deconsolidation and Gain Recognition

Fluor anticipates recognizing a gain of $1.6 billion in Q4 from the deconsolidation of NuScale.

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Fluor (FLR) Earnings, Revenues Date & History

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FLR Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Feb 25, 2025	2024 (Q4)	0.78 / -	0.68	―	―	―
Nov 08, 2024	2024 (Q3)	0.76 / 0.51	1.02	-50.00% (-0.51)
Aug 02, 2024	2024 (Q2)	0.73 / 0.85	0.76	11.84% (+0.09)
May 03, 2024	2024 (Q1)	0.54 / 0.47	0.28	67.86% (+0.19)
Feb 20, 2024	2023 (Q4)	0.57 / 0.68	0.43	58.14% (+0.25)
Nov 03, 2023	2023 (Q3)	0.56 / 1.02	0.07	1357.14% (+0.95)
Aug 04, 2023	2023 (Q2)	0.43 / 0.76	0.13	484.62% (+0.63)
May 05, 2023	2023 (Q1)	0.37 / 0.28	0.16	75.00% (+0.12)
Feb 21, 2023	2022 (Q4)	0.51 / 0.43	0.31	38.71% (+0.12)
Nov 04, 2022	2022 (Q3)	0.42 / 0.07	0.23	-69.57% (-0.16)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

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FLR Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Nov 08, 2024	$58.93	$50.93	-13.58%
Aug 02, 2024	$47.47	$47.50	+0.06%
May 03, 2024	$41.24	$38.90	-5.67%
Feb 20, 2024	$42.09	$36.73	-12.73%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

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