Fluor Reports Second Quarter 2024 Results
Fluor (NYSE: FLR) reported strong financial results for Q2 2024. Revenue increased 7% to $4.2 billion, while net earnings attributable to Fluor rose to $169 million ($0.97 per diluted share) from $61 million in the prior year. Adjusted diluted EPS was $0.85. The company demonstrated robust operating cash flow of $282 million, prompting an increase in 2024 cash guidance to $500-$600 million.
Fluor's consolidated segment profit reached $194 million, slightly up from $191 million in Q2 2023. New awards for the quarter totaled $3.1 billion, with ending consolidated backlog growing to $32.3 billion. The company's cash position improved to $2.6 billion. Fluor affirmed its 2024 adjusted EPS guidance and tightened its adjusted EBITDA outlook, reflecting confidence in its strategy and market positioning.
Fluor (NYSE: FLR) ha riportato risultati finanziari solidi per il secondo trimestre del 2024. I ricavi sono aumentati del 7% raggiungendo 4,2 miliardi di dollari, mentre gli utili netti attribuibili a Fluor sono saliti a 169 milioni di dollari (0,97 dollari per azione completamente diluita) rispetto ai 61 milioni dell'anno precedente. Il valore dell'EPS rettificato è stato di 0,85 dollari. L'azienda ha dimostrato un robusto flusso di cassa operativo di 282 milioni di dollari, portando ad un aumento delle previsioni di cassa per il 2024 a 500-600 milioni di dollari.
Il profitto consolidato del segmento di Fluor ha raggiunto 194 milioni di dollari, leggermente superiore ai 191 milioni del secondo trimestre del 2023. I nuovi contratti assegnati nel trimestre hanno totalizzato 3,1 miliardi di dollari, con il portafoglio consolidato finale in crescita a 32,3 miliardi di dollari. La posizione di cassa dell'azienda è migliorata a 2,6 miliardi di dollari. Fluor ha confermato le previsioni per l'EPS rettificato del 2024 e ha stretto le proprie previsioni riguardanti l'EBITDA rettificato, riflettendo fiducia nella sua strategia e posizionamento di mercato.
Fluor (NYSE: FLR) reportó sólidos resultados financieros para el segundo trimestre de 2024. Los ingresos aumentaron un 7% a 4,2 mil millones de dólares, mientras que las ganancias netas atribuibles a Fluor se elevaron a 169 millones de dólares (0,97 dólares por acción diluida) desde los 61 millones del año anterior. El EPS diluido ajustado fue de 0,85 dólares. La compañía mostró un robusto flujo de caja operativo de 282 millones de dólares, lo que llevó a un aumento en la guía de efectivo para 2024 a 500-600 millones de dólares.
El beneficio consolidado por segmento de Fluor alcanzó los 194 millones de dólares, ligeramente superior a los 191 millones del segundo trimestre de 2023. Los nuevos contratos asignados para el trimestre totalizaron 3,1 mil millones de dólares, con un backlog consolidado que creció hasta 32,3 mil millones de dólares. La posición de efectivo de la compañía mejoró a 2,6 mil millones de dólares. Fluor reafirmó su orientación de EPS ajustado para 2024 y ajustó su perspectiva de EBITDA ajustado, reflejando confianza en su estrategia y posicionamiento en el mercado.
플루어 (NYSE: FLR)는 2024년 2분기 강력한 재무 결과를 발표했습니다. 매출이 7% 증가하여 42억 달러에 달했습니다, 그리고 플루어에 귀속된 순이익이 1억 6,900만 달러로 증가했습니다 (희석 주당 0.97달러) 지난해 6,100만 달러에서. 조정된 희석 EPS는 0.85달러였습니다. 회사는 2억 8,200만 달러의 견고한 운영 현금 흐름을 보여주었고, 이에 따라 2024년 현금 가이던스를 5억~6억 달러로 상향 조정했습니다.
플루어의 연결 부문 이익은 1억 9,400만 달러로, 2023년 2분기의 1억 9,100만 달러에서 소폭 증가했습니다. 이번 분기에 새로운 수주가 총 31억 달러에 달했으며, 연결된 잔존 기간이 323억 달러로 증가했습니다. 회사의 현금 위치는 26억 달러로 개선되었습니다. 플루어는 2024년 조정 EPS 가이던스를 유지하고 조정된 EBITDA 전망을 강화하며 자신의 전략과 시장 위치에 대한 믿음을 반영했습니다.
Fluor (NYSE: FLR) a annoncé de solides résultats financiers pour le deuxième trimestre 2024. Le chiffre d'affaires a augmenté de 7 % pour atteindre 4,2 milliards de dollars, tandis que le bénéfice net attribuable à Fluor a grimpé à 169 millions de dollars (0,97 dollar par action diluée) contre 61 millions de dollars l'année précédente. Le BPA dilué ajusté était de 0,85 dollar. L'entreprise a démontré un flux de trésorerie opérationnel robuste de 282 millions de dollars, ce qui a conduit à une révision à la hausse des prévisions de trésorerie pour 2024 entre 500 et 600 millions de dollars.
Le bénéfice consolidé par segment de Fluor a atteint 194 millions de dollars, en légère hausse par rapport à 191 millions de dollars au deuxième trimestre 2023. Les nouvelles commandes pour le trimestre ont totalisé 3,1 milliards de dollars, avec un arriéré consolidé en fin de période passant à 32,3 milliards de dollars. La position de liquidités de l'entreprise s'est améliorée pour atteindre 2,6 milliards de dollars. Fluor a confirmé ses prévisions de BPA ajusté pour 2024 et a resserré ses prévisions d'EBITDA ajusté, reflétant sa confiance dans sa stratégie et son positionnement sur le marché.
Fluor (NYSE: FLR) hat für das zweite Quartal 2024 starke Finanzergebnisse gemeldet. Der Umsatz stieg um 7% auf 4,2 Milliarden Dollar, während der Nettogewinn, der Fluor zuzurechnen ist, auf 169 Millionen Dollar anstieg (0,97 Dollar pro verwässerter Aktie) gegenüber 61 Millionen Dollar im Vorjahr. Der bereinigte verwässerte EPS betrug 0,85 Dollar. Das Unternehmen zeigte einen robusten operativen Cashflow von 282 Millionen Dollar, was die Erhöhung der Cash-Prognose für 2024 auf 500-600 Millionen Dollar zur Folge hatte.
Der konsolidierte Segmentgewinn von Fluor erreichte 194 Millionen Dollar, was ein leichter Anstieg gegenüber 191 Millionen Dollar im 2. Quartal 2023 ist. Die neuen Aufträge für das Quartal beliefen sich auf insgesamt 3,1 Milliarden Dollar, wobei sich der konsolidierte Auftragsbestand auf 32,3 Milliarden Dollar erhöhte. Die Liquiditätsposition des Unternehmens verbesserte sich auf 2,6 Milliarden Dollar. Fluor bestätigte die Prognose für das bereinigte EPS 2024 und straffte die Wiedereingabe der bereinigten EBITDA-Prognose, was Vertrauen in die eigene Strategie und Marktausrichtung widerspiegelt.
- Revenue increased 7% year-over-year to $4.2 billion
- Net earnings attributable to Fluor grew to $169 million from $61 million in the prior year
- Strong operating cash flow of $282 million in Q2
- 2024 cash guidance range increased to $500-$600 million
- Consolidated backlog grew to $32.3 billion from $25.5 billion a year ago
- Cash and marketable securities improved to $2.6 billion
- New awards decreased to $3.1 billion from $3.7 billion in Q2 2023
Insights
Fluor 's Q2 2024 results demonstrate solid financial performance and operational execution. The 7% year-over-year revenue increase to
The diluted EPS of
The consolidated backlog of
Fluor's improved cash position, with cash and marketable securities rising to
Overall, Fluor's Q2 results paint a picture of a company executing well on its strategy, with strong financial performance and a solid foundation for future growth. However, investors should monitor new award trends and the company's ability to maintain its improved margins in the coming quarters.
Fluor's Q2 2024 results offer valuable insights into the broader engineering and construction sector. The
The substantial increase in net earnings and EPS reflects not only Fluor's operational improvements but also potentially favorable market conditions. The robust backlog of
Fluor's focus on high-value projects and improved execution aligns with industry trends towards more complex, higher-margin projects. This strategy appears to be paying off, as evidenced by the improved financial results. The company's emphasis on returning capital to shareholders suggests confidence in its market position and future cash flows, which could set a precedent for other players in the sector.
The increase in cash guidance implies a positive outlook for the industry as a whole, potentially indicating steady project flow and improved payment terms. However, investors should remain cautious about broader economic factors that could impact the engineering and construction sector, such as inflation, interest rates and potential shifts in government infrastructure spending.
In conclusion, Fluor's results paint a generally positive picture for the engineering and construction industry, with signs of growth and improved profitability. However, the sector remains sensitive to economic cycles and policy changes, necessitating ongoing monitoring of market conditions and competitive dynamics.
-
Q2 2024 revenue of
$4.2 billion 7% compared to prior year -
Q2 2024 net earnings attributable to Fluor of
$169 million $61 million -
Q2 2024 diluted earnings per share (EPS) of
$0.97 $0.85 -
Strong Q2 operating cash flow of
$282 million $500 $600 million - Company affirms 2024 adjusted EPS and tightens adjusted EBITDA guidance
[1] Non-GAAP Financial Measure. See “Non-GAAP Financial Measures” for additional information.
“Our quarterly results demonstrate that our strategy is working, thereby ensuring targeted market growth and project execution excellence,” said David E. Constable, chairman and chief executive officer of Fluor. “For the second half of 2024, our focus will be on deploying resources onto our high-value project backlog and positioning the company to return capital to shareholders.”
Second quarter new awards were
Outlook
We are not providing forward-looking guidance for
The company affirms its adjusted EPS guidance of
Business Segments
Energy Solutions reported a profit of
Urban Solutions reported a profit of
Mission Solutions reported a profit of
The Other segment, which includes Stork and Fluor’s
Conference Call
Fluor will host a conference call at 8:30 a.m. Eastern on Friday, August 2, 2024 which will be webcast live and can be accessed by logging onto investor.fluor.com. The call will also be accessible by telephone at 888-800-3960 (
A replay of the webcast will be available for 30 days.
Non-GAAP Financial Measures
This news release contains discussions of consolidated segment profit (loss), adjusted net earnings, adjusted EPS and adjusted EBITDA that are non-GAAP financial measures under SEC rules. Segment profit (loss) is calculated as revenue less cost of revenue and earnings attributable to noncontrolling interests. The company believes that segment profit (loss) provides a meaningful perspective on its business results as it is the aggregation of individual segment profit measures that the company utilizes to evaluate and manage its business performance. Adjusted net earnings is defined as net earnings from core operations excluding NuScale profit (loss) and the impacts of foreign exchange fluctuations, impairments and certain items that management believes are unrelated to actual normalized operational performance. Net earnings from core operations is net earnings attributable to Fluor excluding the results of our remaining Stork and AMECO businesses that are no longer classified as discontinued operations but that continue to be marketed for sale or that have been sold. Adjusted EPS is defined as adjusted net earnings divided by adjusted weighted average diluted shares outstanding. Adjusted weighted average diluted shares outstanding assumes the conversion of our convertible preferred stock. Adjusted EBITDA is defined as net earnings from operations before interest, income taxes, depreciation and amortization (EBITDA), further adjusted by the same items excluded from adjusted net earnings. The company believes adjusted net earnings, adjusted EPS and adjusted EBITDA allow investors to evaluate the company’s ongoing earnings on a normalized basis and make meaningful period-over-period comparisons. However, non-GAAP measures have limitations as analytical tools and should not be considered in isolation from or a substitute for measures of financial performance prepared in accordance with
About Fluor Corporation
Fluor Corporation (NYSE: FLR) is building a better world by applying world-class expertise to solve its clients’ greatest challenges. Fluor’s nearly 34,000 employees provide professional and technical solutions that deliver safe, well-executed, capital-efficient projects to clients around the world. Fluor had revenue of
Forward-Looking Statements: This release may contain forward-looking statements (including without limitation statements to the effect that the Company or its management "will," "believes," "expects," “anticipates,” "plans" or other similar expressions). These forward-looking statements, including statements relating to strategic and operation plans, future growth, new awards, backlog, earnings and the outlook for the company’s business.
Actual results may differ materially as a result of a number of factors, including, among other things, the cyclical nature of many of the markets the Company serves; the Company's failure to receive new contract awards; cost overruns, project delays or other problems arising from project execution activities, including the failure to meet cost and schedule estimates; intense competition in the industries in which we operate; the inability to hire and retain qualified personnel; failure of our joint venture or other partners to perform their obligations; the failure of our suppliers, subcontractors and other third parties to adequately perform services under our contracts; cyber-security breaches; possible information technology interruptions; foreign economic and political uncertainties; client cancellations of, or scope adjustments to, existing contracts; failure to maintain safe worksites and international security risks; risks or uncertainties associated with events outside of our control, including weather conditions, pandemics, public health crises, political crises or other catastrophic events; the use of estimates in preparing our financial statements; client delays or defaults in making payments; uncertainties, restrictions and regulations impacting our government contracts; the potential impact of certain tax matters; the Company's ability to secure appropriate insurance; liabilities associated with the performance of nuclear services; foreign currency risks; the loss of one or a few clients that account for a significant portion of the Company's revenues; failure to adequately protect intellectual property rights; climate change, natural disasters and related environmental issues; increasing scrutiny with respect to sustainability practices; risks related to our indebtedness; the availability of credit and restrictions imposed by credit facilities, both for the Company and our clients, suppliers, subcontractors or other partners; possible limitations on bonding or letter of credit capacity; failure to obtain favorable results in existing or future litigation and regulatory proceedings, dispute resolution proceedings or claims, including claims for additional costs; failure by us or our employees, agents or partners to comply with laws; new or changing legal requirements, including those relating to environmental, health and safety matters; and restrictions on possible transactions imposed by our charter documents and
SUMMARY OF FINANCIALS AND |
|||||||||||||||||||||||
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
||||||||||||||||||||
(in millions) |
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||||||||||
Revenue |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Energy Solutions |
$ |
1,595 |
|
|
|
$ |
1,721 |
|
|
|
$ |
3,028 |
|
|
|
$ |
3,333 |
|
|
||||
Urban Solutions |
|
1,831 |
|
|
|
|
1,202 |
|
|
|
|
3,309 |
|
|
|
|
2,411 |
|
|
||||
Mission Solutions |
|
704 |
|
|
|
|
705 |
|
|
|
|
1,305 |
|
|
|
|
1,354 |
|
|
||||
Other |
|
97 |
|
|
|
|
311 |
|
|
|
|
319 |
|
|
|
|
594 |
|
|
||||
Total revenue |
$ |
4,227 |
|
|
|
$ |
3,939 |
|
|
|
$ |
7,961 |
|
|
|
$ |
7,692 |
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Segment profit (loss) $ and margin % |
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Energy Solutions |
$ |
75 |
|
4.7 |
% |
|
$ |
89 |
|
5.2 |
% |
|
$ |
143 |
|
4.7 |
% |
|
$ |
178 |
|
5.3 |
% |
Urban Solutions |
|
105 |
|
5.7 |
% |
|
|
76 |
|
6.3 |
% |
|
|
155 |
|
4.7 |
% |
|
|
55 |
|
2.3 |
% |
Mission Solutions |
|
41 |
|
5.8 |
% |
|
|
40 |
|
5.7 |
% |
|
|
63 |
|
4.8 |
% |
|
|
47 |
|
3.5 |
% |
Other |
|
(27 |
) |
NM |
|
|
|
(14 |
) |
NM |
|
|
|
(49 |
) |
NM |
|
|
|
(104 |
) |
NM |
|
Total segment profit (loss) $ and margin % |
$ |
194 |
|
4.6 |
% |
|
$ |
191 |
|
4.8 |
% |
|
$ |
312 |
|
3.9 |
% |
|
$ |
176 |
|
2.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
G&A |
|
(50 |
) |
|
|
|
(60 |
) |
|
|
|
(110 |
) |
|
|
|
(121 |
) |
|
||||
Foreign currency gain (loss) |
|
48 |
|
|
|
|
(44 |
) |
|
|
|
60 |
|
|
|
|
(86 |
) |
|
||||
Interest income (expense), net |
|
38 |
|
|
|
|
37 |
|
|
|
|
77 |
|
|
|
|
78 |
|
|
||||
Earnings (loss) attributable to NCI |
|
(16 |
) |
|
|
|
7 |
|
|
|
|
(34 |
) |
|
|
|
(16 |
) |
|
||||
Earnings (loss) before taxes |
|
214 |
|
|
|
|
131 |
|
|
|
|
305 |
|
|
|
|
31 |
|
|
||||
Income tax expense |
|
(61 |
) |
|
|
|
(63 |
) |
|
|
|
(111 |
) |
|
|
|
(93 |
) |
|
||||
Net earnings (loss) |
$ |
153 |
|
|
|
$ |
68 |
|
|
|
$ |
194 |
|
|
|
$ |
(62 |
) |
|
||||
Less: Net earnings (loss) attributable to NCI |
|
(16 |
) |
|
|
|
7 |
|
|
|
|
(34 |
) |
|
|
|
(16 |
) |
|
||||
Net earnings (loss) attributable to Fluor |
$ |
169 |
|
|
|
$ |
61 |
|
|
|
$ |
228 |
|
|
|
$ |
(46 |
) |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
New awards |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Energy Solutions |
$ |
582 |
|
|
|
$ |
753 |
|
|
|
$ |
1,298 |
|
|
|
$ |
1,465 |
|
|
||||
Urban Solutions |
|
2,416 |
|
|
|
|
2,282 |
|
|
|
|
7,289 |
|
|
|
|
4,057 |
|
|
||||
Mission Solutions |
|
63 |
|
|
|
|
339 |
|
|
|
|
1,208 |
|
|
|
|
670 |
|
|
||||
Other |
|
37 |
|
|
|
|
336 |
|
|
|
|
321 |
|
|
|
|
752 |
|
|
||||
Total new awards |
$ |
3,098 |
|
|
|
$ |
3,710 |
|
|
|
$ |
10,116 |
|
|
|
$ |
6,944 |
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
New awards related to projects located outside of the |
|
31 |
% |
|
|
|
47 |
% |
|
|
|
28 |
% |
|
|
|
49 |
% |
|
||||
(in millions) |
June 30,
|
|
|
June 30,
|
|
||||
Backlog |
|
|
|
|
|
||||
Energy Solutions |
$ |
8,531 |
|
|
|
$ |
7,649 |
|
|
Urban Solutions |
|
19,571 |
|
|
|
|
11,695 |
|
|
Mission Solutions |
|
3,775 |
|
|
|
|
4,900 |
|
|
Other |
|
427 |
|
|
|
|
1,239 |
|
|
Total backlog |
$ |
32,304 |
|
|
|
$ |
29,441 |
|
|
|
|
|
|
|
|
||||
Backlog related to projects located outside of the |
|
53 |
% |
|
|
|
47 |
% |
|
Backlog related to reimbursable projects |
|
81 |
% |
|
|
|
64 |
% |
|
(1) Certain amounts in tables may not total or agree back to the financial statements due to immaterial rounding differences. |
|||||||||
SUMMARY OF CASH FLOW INFORMATION |
||||||||
|
|
Six Months Ended June 30, |
||||||
(in millions) |
|
|
2024 |
|
|
|
2023 |
|
OPERATING CASH FLOW |
|
$ |
171 |
|
|
$ |
(99 |
) |
|
|
|
|
|
||||
INVESTING CASH FLOW |
|
|
|
|
||||
Proceeds from sales and maturities (purchases) of marketable securities |
|
|
(9 |
) |
|
|
127 |
|
Capital expenditures |
|
|
(82 |
) |
|
|
(42 |
) |
Proceeds from sale of assets |
|
|
74 |
|
|
|
23 |
|
Investments in partnerships and joint ventures |
|
|
(21 |
) |
|
|
(10 |
) |
Other |
|
|
— |
|
|
|
5 |
|
Investing cash flow |
|
|
(38 |
) |
|
|
103 |
|
|
|
|
|
|
||||
FINANCING CASH FLOW |
|
|
|
|
||||
Purchase and retirement of debt |
|
|
(24 |
) |
|
|
(137 |
) |
Dividends paid on CPS |
|
|
— |
|
|
|
(20 |
) |
Distributions to NCI (net of capital contributions) |
|
|
(6 |
) |
|
|
(25 |
) |
Proceeds from NuScale share issuance (net of issuance fees) |
|
|
45 |
|
|
|
— |
|
Other |
|
|
(9 |
) |
|
|
(15 |
) |
Financing cash flow |
|
|
6 |
|
|
|
(197 |
) |
|
|
|
|
|
||||
Effect of exchange rate changes on cash |
|
|
(29 |
) |
|
|
16 |
|
Increase (decrease) in cash and cash equivalents |
|
|
110 |
|
|
|
(177 |
) |
Cash and cash equivalents at beginning of period |
|
|
2,519 |
|
|
|
2,439 |
|
Cash and cash equivalents at end of period |
|
$ |
2,629 |
|
|
$ |
2,262 |
|
|
|
|
|
|
||||
Cash paid during the period for: |
|
|
|
|
||||
Interest |
|
$ |
22 |
|
|
$ |
31 |
|
Income taxes (net of refunds) |
|
|
31 |
|
|
|
70 |
|
RECONCILIATION OF |
|||||||||||||||
|
THREE MONTHS ENDED
|
|
SIX MONTHS ENDED
|
||||||||||||
(In millions, except per share amounts) |
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Net earnings (loss) attributable to Fluor |
$ |
169 |
|
|
$ |
61 |
|
|
$ |
228 |
|
|
$ |
(46 |
) |
Less: Dividends on CPS |
|
— |
|
|
|
10 |
|
|
|
— |
|
|
|
20 |
|
Net earnings (loss) available to Fluor common stockholders |
$ |
169 |
|
|
$ |
51 |
|
|
$ |
228 |
|
|
$ |
(66 |
) |
Exclude: Stork and AMECO businesses marketed for sale |
|
— |
|
|
|
(5 |
) |
|
|
8 |
|
|
|
59 |
|
Exclude: Tax expense on Stork and AMECO |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Net earnings (loss) from core operations |
|
169 |
|
|
|
46 |
|
|
|
236 |
|
|
|
(7 |
) |
Add (less): |
|
|
|
|
|
|
|
||||||||
Dividends on CPS |
$ |
— |
|
|
$ |
10 |
|
|
$ |
— |
|
|
$ |
20 |
|
NuScale (profit) loss |
|
26 |
|
|
|
20 |
|
|
|
57 |
|
|
|
46 |
|
ICA Fluor embedded derivatives |
|
(20 |
) |
|
|
8 |
|
|
|
(27 |
) |
|
|
47 |
|
Tax expense (benefit) on ICA Fluor embedded derivatives |
|
6 |
|
|
|
(2 |
) |
|
|
8 |
|
|
|
(13 |
) |
Foreign currency (gain) loss |
|
(48 |
) |
|
|
44 |
|
|
|
(60 |
) |
|
|
86 |
|
Tax expense (benefit) on foreign currency gain/loss |
|
15 |
|
|
|
(9 |
) |
|
|
15 |
|
|
|
(18 |
) |
G&A: Reserve for legacy legal claims |
|
— |
|
|
|
3 |
|
|
|
— |
|
|
|
3 |
|
G&A: NuScale marketing costs borne by Fluor |
|
— |
|
|
|
5 |
|
|
|
— |
|
|
|
5 |
|
SEC investigation |
|
— |
|
|
|
5 |
|
|
|
— |
|
|
|
10 |
|
Adjusted Net Earnings |
$ |
148 |
|
|
$ |
130 |
|
|
$ |
229 |
|
|
$ |
179 |
|
|
|
|
|
|
|
|
|
||||||||
Diluted EPS available to Fluor common stockholders |
$ |
0.97 |
|
|
$ |
0.35 |
|
|
$ |
1.32 |
|
|
$ |
(0.46 |
) |
Adjusted EPS |
$ |
0.85 |
|
|
$ |
0.76 |
|
|
$ |
1.32 |
|
|
$ |
1.04 |
|
|
|
|
|
|
|
|
|
||||||||
Weighted average diluted shares outstanding |
|
174 |
|
|
|
143 |
|
|
|
173 |
|
|
|
143 |
|
Assumed conversion of CPS |
|
— |
|
|
|
27 |
|
|
|
— |
|
|
|
27 |
|
Assumed issuance of shares under equity awards |
|
2 |
|
|
|
2 |
|
|
|
2 |
|
|
|
2 |
|
Adjusted weighted average diluted shares outstanding |
|
176 |
|
|
|
172 |
|
|
|
175 |
|
|
|
172 |
|
|
|
|
|
|
|
|
|
||||||||
(1) Certain amounts in tables may not total or agree back to the financial statements due to immaterial rounding differences. |
|||||||||||||||
RECONCILIATION OF |
|||||||||||||
|
THREE MONTHS ENDED
|
|
SIX MONTHS ENDED
|
||||||||||
(in millions) |
|
2024 |
|
|
2023 |
|
|
|
2024 |
|
|
2023 |
|
|
|
|
|
|
|
||||||||
Net earnings (loss) attributable to Fluor |
$ |
169 |
|
$ |
61 |
|
|
$ |
228 |
|
$ |
(46 |
) |
Interest income |
|
38 |
|
|
37 |
|
|
|
77 |
|
|
78 |
|
Tax expenses |
|
(61 |
) |
|
(63 |
) |
|
|
(111 |
) |
|
(93 |
) |
Depreciation & amortization |
|
16 |
|
|
19 |
|
|
|
34 |
|
|
37 |
|
EBITDA |
$ |
208 |
|
$ |
106 |
|
|
$ |
296 |
|
$ |
6 |
|
|
|
|
|
|
|
||||||||
Adjustments: |
|
|
|
|
|
||||||||
Other: NuScale, Stork and AMECO earnings |
$ |
25 |
|
$ |
15 |
|
|
$ |
44 |
|
$ |
99 |
|
Energy Solutions: Embedded foreign currency derivative (gains)/losses |
|
(20 |
) |
|
8 |
|
|
|
(27 |
) |
|
47 |
|
G&A: Foreign currency (gain) loss |
|
(48 |
) |
|
44 |
|
|
|
(60 |
) |
|
86 |
|
G&A: Reserve for legacy legal claims |
|
— |
|
|
3 |
|
|
|
— |
|
|
3 |
|
G&A: SEC investigation |
|
— |
|
|
5 |
|
|
|
— |
|
|
10 |
|
Adjusted EBITDA |
$ |
165 |
|
$ |
181 |
|
|
$ |
253 |
|
$ |
251 |
|
(1) Certain amounts in tables may not total or agree back to the financial statements due to immaterial rounding differences. |
|||||||||||||
#corp
View source version on businesswire.com: https://www.businesswire.com/news/home/20240802939639/en/
Brett Turner
Media Relations
864.281.6976 tel
Jason Landkamer
Investor Relations
469.398.7222 tel
Source: Fluor Corporation
FAQ
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