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Fluor (NYSE: FLR) announced that its joint venture with Austin Bridge & Road, Lone Star Constructors, has commenced work on Phase 1 of the I-35 Northeast Expansion (NEX) South project in San Antonio, Texas. Awarded a $700 million design-build contract by the Texas Department of Transportation (TxDOT) in Q2 2023, the project aims to improve traffic flow and safety on one of Texas' busiest interstates, serving over 150,000 vehicles daily. Phase 1 includes adding three elevated lanes along a critical stretch of I-35. Completion is expected by early 2028. Fluor, with $15.5 billion in revenue for 2023, continues to bolster its reputation for delivering quality infrastructure projects.
Fluor (NYSE: FLR) has inaugurated a new office in Vadodara, India, enhancing its global project execution capabilities. This new office will support the existing operations in New Delhi, which houses approximately 1,600 personnel. The Vadodara location will add around 300 new employees, bolstering projects in various sectors such as advanced manufacturing, energy, infrastructure, and more. Dan Spinks, Senior Vice President of Global Operations for Fluor’s Energy Solutions, highlighted the strategic importance of this expansion, emphasizing the availability of a skilled workforce in the region. Fluor aims to meet client needs with safety, quality, and sustainability, reinforcing its commitment to India and global project execution excellence. Fluor reported a revenue of $15.5 billion in 2023 and ranks 303 in the Fortune 500 list.
Fluor (NYSE: FLR) reported impressive first quarter 2024 results with new awards totaling $7.0 billion and a 28% increase in ending backlog to $32.7 billion. The company plans to divest non-core businesses by the end of Q2 and affirms its 2024 adjusted EPS and adjusted EBITDA guidance. Revenue for the quarter was $3.7 billion, with a net income of $59 million or $0.34 per diluted share. Adjusted EBITDA was $88 million and adjusted earnings per diluted share were $0.47.
Fluor and SunCoke Energy have extended their contract for maintenance and capital projects at five coke plants in the US for seven years. The undisclosed value of the contract will be recognized as a new award in Q1 2024. This partnership has been ongoing since 2017, with Fluor providing maintenance and small capital project services. The contract extension demonstrates the strong partnership between the two companies.
