STOCK TITAN

Fluor Reports Third Quarter 2024 Results

Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Negative)
Tags

Fluor (NYSE: FLR) reported Q3 2024 financial results with revenue of $4.1 billion and net earnings of $54 million, or $0.31 per diluted share. The company posted adjusted diluted EPS of $0.51 and strong operating cash flow of $330 million. New awards totaled $2.7 billion, with ending consolidated backlog of $31.3 billion. The company's cash position stood at $2.9 billion. Notable developments include an expected $1.6 billion gain from NuScale deconsolidation in Q4 and an increase in the share repurchase program authorization to 30.5 million shares.

Fluor (NYSE: FLR) ha riportato i risultati finanziari del terzo trimestre del 2024 con ricavi di 4,1 miliardi di dollari e utili netti di 54 milioni di dollari, pari a 0,31 dollari per azione diluita. L'azienda ha registrato un utile per azione diluita rettificato di 0,51 dollari e un forte flusso di cassa operativo di 330 milioni di dollari. I nuovi contratti ammontano a 2,7 miliardi di dollari, con un backlog consolidato finale di 31,3 miliardi di dollari. La posizione di cassa dell'azienda si è attestata a 2,9 miliardi di dollari. Sviluppi significativi includono un guadagno previsto di 1,6 miliardi di dollari dalla deconsolidazione di NuScale nel quarto trimestre e un aumento nell'autorizzazione del programma di riacquisto azioni a 30,5 milioni di azioni.

Fluor (NYSE: FLR) reportó los resultados financieros del tercer trimestre de 2024 con ingresos de 4.1 mil millones de dólares y ganancias netas de 54 millones de dólares, o 0.31 dólares por acción diluida. La compañía informó un EPS diluido ajustado de 0.51 dólares y un robusto flujo de efectivo operativo de 330 millones de dólares. Los nuevos contratos totalizaron 2.7 mil millones de dólares, con un backlog consolidado final de 31.3 mil millones de dólares. La posición de liquidez de la empresa fue de 2.9 mil millones de dólares. Entre los desarrollos notables se incluye una ganancia esperada de 1.6 mil millones de dólares por la deconsolidación de NuScale en el cuarto trimestre y un aumento en la autorización del programa de recompra de acciones a 30.5 millones de acciones.

플루어 (NYSE: FLR)는 2024년 3분기 재무 결과를 보고하였으며, 매출은 41억 달러이고, 순이익은 5400만 달러, 즉 희석된 주당 0.31달러입니다. 회사는 조정된 희석 EPS가 0.51달러이며, 강력한 운영 현금 흐름인 3억 3천만 달러를 기록하였습니다. 새로운 수주 총액은 27억 달러였고, 종료된 통합 백로그는 313억 달러였습니다. 회사의 현금 보유는 29억 달러로 나타났습니다. 주요 발전 사항으로는 4분기에 NuScale 비연결에 대한 16억 달러의 예상 이익과 3050만 주의 자사주 매입 프로그램 승인 증가가 포함됩니다.

Fluor (NYSE: FLR) a annoncé les résultats financiers du troisième trimestre 2024 avec un chiffre d'affaires de 4,1 milliards de dollars et un bénéfice net de 54 millions de dollars, soit 0,31 dollar par action diluée. L'entreprise a enregistré un BPA dilué ajusté de 0,51 dollar et un flux de trésorerie opérationnel solide de 330 millions de dollars. Les nouvelles commandes totalisent 2,7 milliards de dollars, avec un carnet de commandes consolidé final de 31,3 milliards de dollars. La position de trésorerie de l'entreprise s'est élevée à 2,9 milliards de dollars. Parmi les développements notables, on constate un gain prévu de 1,6 milliard de dollars provenant de la déconsolidation de NuScale au quatrième trimestre et une augmentation de l'autorisation du programme de rachat d'actions à 30,5 millions d'actions.

Fluor (NYSE: FLR) hat die Finanzzahlen für das 3. Quartal 2024 veröffentlicht, mit einem Umsatz von 4,1 Milliarden Dollar und einem Nettogewinn von 54 Millionen Dollar, was 0,31 Dollar pro verwässerter Aktie entspricht. Das Unternehmen meldete einen adjustierten verwässerten Gewinn pro Aktie von 0,51 Dollar und einen starken operativen Cashflow von 330 Millionen Dollar. Die neuen Aufträge beliefen sich auf 2,7 Milliarden Dollar, mit einem Endbestand an konsolidierten Aufträgen von 31,3 Milliarden Dollar. Die liquide Mittel des Unternehmens lagen bei 2,9 Milliarden Dollar. Zu den bemerkenswerten Entwicklungen gehören ein erwarteter Gewinn von 1,6 Milliarden Dollar aus der De-Konsolidierung von NuScale im 4. Quartal und eine Erhöhung der Genehmigung des Aktienrückkaufprogramms auf 30,5 Millionen Aktien.

Positive
  • Strong Q3 operating cash flow of $330 million
  • 2024 cash flow guidance increased to approximately $700 million
  • Expected $1.6 billion gain from NuScale deconsolidation in Q4
  • Increased share repurchase program authorization to 30.5 million shares
  • Backlog growth to $31.3 billion from $26 billion year-over-year
  • Reduced G&A expenses to $37 million from $56 million year-over-year
Negative
  • Q3 consolidated segment profit declined to $117 million from $276 million year-over-year
  • New awards decreased to $2.7 billion from $5.0 billion year-over-year
  • Lower than expected contributions from Energy Solutions segment
  • Project delays and cancellations impacting quarterly earnings

Insights

Fluor's Q3 results present a mixed picture with some concerning trends. $4.1 billion revenue came with reduced earnings of $54 million, showing significant margin compression compared to last year. The drop in consolidated segment profit from $276 million to $117 million is particularly noteworthy. The bright spots include strong operating cash flow of $330 million, leading to increased 2024 cash guidance of $700 million.

The upcoming NuScale deconsolidation with a $1.6 billion gain and expanded share repurchase program signal strategic shifts in capital allocation. However, declining new awards ($2.7 billion vs $5.0 billion last year) and project delays raise concerns about future growth momentum. The reduced G&A expenses primarily from lower performance-based compensation could indicate internal performance challenges.

The infrastructure and engineering sector context makes these results particularly significant. While Fluor maintains a healthy backlog of $31.3 billion, up from $26 billion year-over-year, the 46% drop in quarterly new awards suggests potential market headwinds. The focus on cash generation and shareholder returns through increased share repurchase authorization appears to be a defensive move, possibly indicating organic growth opportunities.

The Energy Solutions segment underperformance is concerning given the current global energy transition initiatives and infrastructure spending trends. This could impact Fluor's competitive positioning in key growth markets.

  • Q3 2024 revenue of $4.1 billion and new awards of $2.7 billion
  • Strong Q3 operating cash flow of $330 million; 2024 cash flow guidance increased to approximately $700 million
  • Q3 2024 diluted earnings per share (EPS) of $0.31; adjusted diluted EPS of $0.51
  • NuScale deconsolidation will result in $1.6 billion gain in Q4
  • Fluor Board of Directors approves increase in share repurchase program to 30.5 million shares authorized for repurchase in support of management’s capital allocation program

IRVING, Texas--(BUSINESS WIRE)-- Fluor Corporation (NYSE: FLR) announced financial results for its third quarter ended September 30, 2024. Revenue for the quarter was $4.1 billion and net earnings attributable to Fluor were $54 million, or $0.31 per diluted share. Consolidated segment profit1 for the quarter was $117 million compared to $276 million profit in the third quarter of 2023. Results for the quarter reflect lower than expected contributions from the Energy Solutions segment. Excluding the adjustments outlined in the reconciliation table at the end of this release, the company recognized adjusted earnings per diluted share1 of $0.51.

____________________

1 Non-GAAP Financial Measure. See “Non-GAAP Financial Measures” for additional information.

“I’m pleased that we are starting to see a robust and sustainable generation of cash that will drive our capital allocation plans,” said David E. Constable, chairman and chief executive officer of Fluor. “While earnings in the quarter were less than planned due, in part, to certain project delays and cancellations, it does not change our focus on pursuing demand-driven growth opportunities in the markets we serve and on returning cash to shareholders.”

Third quarter new awards were $2.7 billion compared to $5.0 billion in the third quarter of 2023. Ending consolidated backlog was $31.3 billion compared to $26 billion a year ago. General and administrative expenses for the third quarter of 2024 were $37 million compared to $56 million a year ago due primarily to lower performance-based compensation. Fluor’s cash and marketable securities at the end of the quarter were $2.9 billion, excluding amounts held by NuScale.

Outlook

We are not providing forward-looking guidance for U.S. GAAP net earnings or U.S. GAAP earnings per share, or a quantitative reconciliation of adjusted EBITDA or adjusted EPS guidance, because we are unable to predict with reasonable certainty all of the components required to provide such reconciliation without unreasonable efforts, which are uncertain and could have a material impact on GAAP reported results for the guidance period. See “Non-GAAP Financial Measures” for additional information.

Fluor is tightening its full year adjusted EPS guidance from a range of $2.50 to $3.00 per diluted share to a range of $2.55 to $2.75 per diluted share. Adjusted EPS guidance excludes the benefit of any potential share repurchases. The company is also decreasing its full year adjusted EBITDA guidance from the previous range of $625 to $675 million to a range of $525 to $575 million. This revised guidance reflects the timing of revenue and cancellation of certain projects.

Adjusted EPS and adjusted EBITDA guidance exclude items similar to those outlined in the reconciliation table at the end of this release.

Business Segments

Energy Solutions reported a profit of $50 million in the third quarter compared to $177 million in the third quarter of 2023. Segment profit for the quarter reflect lower than expected contributions from a large project in the late stages of execution and $18 million in cost growth on a construction only subcontract executed by our joint venture in Mexico. Segment profit from last year benefitted from the initial recognition of cost recovery entitlements on several projects. Revenue for the quarter was $1.4 billion compared to $1.6 billion a year ago. New awards in the quarter totaled $1.5 billion, compared to $3.3 billion in the third quarter of 2023 and included the full notice to proceed on a downstream project in Mexico. Ending backlog was $8.8 billion compared to $9.2 billion a year ago.

Urban Solutions reported a profit of $68 million in the third quarter compared to $66 million in the third quarter of 2023. Revenue for the third quarter increased to $1.9 billion from $1.4 billion a year ago. New awards for the quarter were $828 million compared to $1.0 billion a year ago and included incremental awards for a rare earth refinery in Australia and a life sciences facility in the United States. Ending backlog was $19.0 billion compared to $11.1 billion a year ago.

Mission Solutions reported a profit of $45 million in the third quarter compared to $38 million in the third quarter of 2023. Segment profit improved as a result of increased execution activities on two DOE contracts. Revenue for the third quarter was $635 million compared to $655 million a year ago. New awards for the quarter totaled $274 million, compared to $345 million in the third quarter of 2023. Ending backlog was $3.1 billion compared to $4.6 billion a year ago.

The Other segment, which includes Stork and Fluor’s ownership in NuScale, reported revenue of $100 million and a loss of $46 million. Beginning in October 2024, our ownership of NuScale no longer meets the qualifications for consolidation by Fluor. As a result, in the fourth quarter we will deconsolidate NuScale and recognize a gain of $1.6 billion for our 126 million shares. We expect to complete the sale of Stork’s U.K. operations as early as the first quarter of 2025, pending regulatory approval.

Conference Call

Fluor will host a conference call at 8:30 a.m. Eastern on Friday, November 8, 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 (U.S./Canada) or +1 646-307-1852. The conference ID is 4438700.

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 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 attributable to Fluor 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 U.S. GAAP. In addition, these non-GAAP measures are not necessarily comparable to similarly titled measures reported by other companies. Reconciliations of consolidated segment profit (loss), adjusted net earnings, adjusted EPS and adjusted EBITDA to the most comparable GAAP measures are included in the press release tables. The company is unable to provide a reconciliation of its adjusted EPS and adjusted EBITDA guidance to the most comparable GAAP measure without unreasonable efforts because it is unable to predict with reasonable certainty all of the components required to provide such reconciliation, including the impact of foreign exchange fluctuations, which are uncertain and could have a material impact on GAAP reported results for the guidance period.

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 $15.5 billion in 2023 and is ranked 265 among the Fortune 500 companies. With headquarters in Irving, Texas, Fluor has provided engineering, procurement and construction services for more than a century. For more information, please visit www.fluor.com or follow Fluor on Facebook, Instagram, LinkedIn, X and YouTube.

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, capital allocation plans 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; GAAP earnings volatility due to recurring fair value measurements of our investment in NuScale; 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 Delaware law. Caution must be exercised in relying on these and other forward-looking statements. Due to known and unknown risks, the Company’s results may differ materially from its expectations and projections.

SUMMARY OF FINANCIALS AND U.S. GAAP RECONCILIATION OF CONSOLIDATED SEGMENT PROFIT (1)

 

 

Three Months Ended

September 30,

 

 

Nine Months Ended

September 30,

(in millions)

2024

 

 

2023

 

 

 

2024

 

 

 

2023

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

Energy Solutions

$

1,428

 

 

$

1,553

 

 

$

4,456

 

 

$

4,886

 

Urban Solutions

 

1,931

 

 

 

1,431

 

 

 

5,240

 

 

 

3,842

 

Mission Solutions

 

635

 

 

 

655

 

 

 

1,940

 

 

 

2,009

 

Other

 

100

 

 

 

324

 

 

 

419

 

 

 

917

 

Total revenue

$

4,094

 

 

$

3,963

 

 

$

12,055

 

 

$

11,654

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment profit (loss) $ and margin %

 

 

 

 

 

 

 

 

 

 

Energy Solutions

$

50

3.5

%

$

177

11.4

%

 

$

193

4.3

%

 

$

355

7.3

%

Urban Solutions

 

68

3.5

%

 

 

66

4.6

%

 

 

223

4.3

%

 

 

121

3.1

%

Mission Solutions

 

45

7.1

%

 

 

38

5.8

%

 

 

108

5.6

%

 

 

84

4.2

%

Other

 

(46)

NM

 

 

 

(5)

NM

 

 

 

(95)

NM

 

 

 

(108)

NM

 

Total segment profit (loss) $ and margin %

$

117

2.9

%

 

$

276

7.0

%

 

$

429

3.6

%

 

$

452

3.9

%

 

 

 

 

 

 

 

 

 

 

 

 

G&A

 

(37)

 

 

 

(56)

 

 

 

(147)

 

 

 

(177)

 

Foreign currency gain (loss)

 

(2)

 

 

 

23

 

 

 

58

 

 

 

(62)

 

Interest income (expense), net

 

37

 

 

 

42

 

 

 

114

 

 

 

120

 

Earnings (loss) attributable to NCI

 

(29)

 

 

 

(25)

 

 

 

(63)

 

 

 

(42)

 

Earnings before taxes

 

86

 

 

 

260

 

 

 

391

 

 

 

291

 

Income tax expense

 

(61)

 

 

 

(79)

 

 

 

(172)

 

 

 

(172)

 

Net earnings

$

25

 

 

$

181

 

 

$

219

 

 

$

119

 

Less: Net earnings (loss) attributable to NCI

 

(29)

 

 

 

(25)

 

 

 

(63)

 

 

 

(42)

 

Net earnings attributable to Fluor

$

54

 

 

$

206

 

 

$

282

 

 

$

161

 

 

 

 

 

 

 

 

 

 

 

 

 

New awards

 

 

 

 

 

 

 

 

 

 

 

Energy Solutions

$

1,541

 

 

$

3,252

 

 

$

2,840

 

 

$

4,718

 

Urban Solutions

 

828

 

 

 

1,033

 

 

 

8,117

 

 

 

5,090

 

Mission Solutions

 

274

 

 

 

345

 

 

 

1,481

 

 

 

1,015

 

Other

 

56

 

 

 

346

 

 

 

377

 

 

 

1,097

 

Total new awards

$

2,699

 

 

$

4,976

 

 

$

12,815

 

 

$

11,920

 

 

 

 

 

 

 

 

 

 

 

 

 

New awards related to projects located outside of the U.S.

 

68%

 

 

 

86%

 

 

 

36%

 

 

 

65%

 

 

(in millions)

September 30,
2024

 

 

September 30,
2023

 

Backlog

 

 

 

 

 

Energy Solutions

$

8,824

 

 

$

9,159

 

Urban Solutions

 

19,006

 

 

 

11,051

 

Mission Solutions

 

3,095

 

 

 

4,563

 

Other

 

394

 

 

 

1,231

 

Total backlog

$

31,319

 

 

$

26,004

 

 

 

 

 

 

 

Backlog related to projects located outside of the U.S.

 

56%

 

 

 

52%

 

Backlog related to reimbursable projects

 

80%

 

 

 

70%

 

 

(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

 

 

Nine Months Ended

September 30,

(in millions)

 

 

2024

 

 

2023

OPERATING CASH FLOW

 

$

501

 

$

(96)

 

 

 

 

 

INVESTING CASH FLOW

 

 

 

 

Proceeds from sales and maturities (purchases) of marketable securities

 

 

(22)

 

 

10

Capital expenditures

 

 

(133)

 

 

(71)

Proceeds from sale of assets

 

 

69

 

 

23

Investments in partnerships and joint ventures

 

 

(66)

 

 

(13)

Other

 

 

23

 

 

5

Investing cash flow

 

 

(129)

 

 

(46)

 

 

 

 

 

FINANCING CASH FLOW

 

 

 

 

Purchase and retirement of debt

 

 

(44)

 

 

(249)

Proceeds from issuance of 2029 Notes, net of issuance costs

 

 

 

 

560

Capped call transaction related to 2029 Notes

 

 

 

 

(73)

Dividends paid on CPS

 

 

 

 

(29)

Make-whole payment on conversion of CPS

 

 

 

 

(27)

Distributions to NCI (net of capital contributions)

 

 

(8)

 

 

(36)

Proceeds from NuScale share issuance (net of issuance fees)

 

 

80

 

 

Other

 

 

(6)

 

 

(15)

Financing cash flow

 

 

22

 

 

131

 

 

 

 

 

Effect of exchange rate changes on cash

 

 

(1)

 

 

(7)

Increase (decrease) in cash and cash equivalents

 

 

393

 

 

(18)

Cash and cash equivalents at beginning of period

 

 

2,519

 

 

2,439

Cash and cash equivalents at end of period

 

$

2,912

 

$

2,421

 

 

 

 

 

Cash paid during the period for:

 

 

 

 

Interest

 

$

41

 

$

46

Income taxes (net of refunds)

 

 

(42)

 

 

129

RECONCILIATION OF U.S. GAAP NET EARNINGS ATTRIBUTABLE TO FLUOR TO ADJUSTED NET EARNINGS AND U.S. GAAP EARNINGS PER SHARE TO ADJUSTED EARNINGS PER SHARE (1)

 

THREE MONTHS ENDED
SEPTEMBER 30,

 

NINE MONTHS ENDED
SEPTEMBER 30,

(In millions, except per share amounts)

 

2024

 

 

2023

 

 

2024

 

 

2023

Net earnings attributable to Fluor

$

54

 

$

206

 

$

282

 

$

161

Less: Dividends on CPS

 

 

 

10

 

 

 

 

29

Less: Make-whole payment on conversion of CPS

 

 

 

27

 

 

 

 

27

Net earnings available to Fluor common stockholders

$

54

 

$

169

 

$

282

 

$

105

Exclude: Stork and AMECO businesses marketed for sale

 

6

 

 

(11)

 

 

14

 

 

48

Net earnings (loss) from core operations

 

60

 

 

158

 

 

296

 

 

153

Add (less):

 

 

 

 

 

 

 

Dividends on CPS

$

 

$

10

 

$

 

$

29

Make-whole payment on conversion of CPS

 

 

 

27

 

 

 

 

27

NuScale (profit) loss

 

38

 

 

16

 

 

95

 

 

63

ICA Fluor embedded derivatives

 

(20)

 

 

(24)

 

 

(47)

 

 

23

Tax expense (benefit) on ICA Fluor embedded derivatives

 

6

 

 

7

 

 

14

 

 

(6)

Foreign currency (gain) loss

 

2

 

 

(23)

 

 

(58)

 

 

62

Tax expense (benefit) on foreign currency gain/loss

 

3

 

 

4

 

 

18

 

 

(14)

G&A: Reserve for legacy legal claims

 

 

 

3

 

 

 

 

3

G&A: NuScale marketing costs borne by Fluor

 

 

 

 

 

 

 

5

SEC investigation

 

 

 

2

 

 

 

 

12

Adjusted Net Earnings

$

89

 

$

177

 

$

318

 

$

357

 

 

 

 

 

 

 

 

Diluted EPS available to Fluor common stockholders

$

0.31

 

$

1.15

 

$

1.63

 

$

0.72

Adjusted EPS

$

0.51

 

$

1.02

 

$

1.83

 

$

2.07

 

 

 

 

 

 

 

 

Weighted average diluted shares outstanding

 

174

 

 

144

 

 

173

 

 

143

Assumed conversion of CPS

 

 

 

26

 

 

 

 

27

Adjusted weighted average diluted shares outstanding

 

174

 

 

170

 

 

173

 

 

170

 

 

 

 

 

 

 

 

(1) Certain amounts in tables may not total or agree back to the financial statements due to immaterial rounding differences.

 

 

 

RECONCILIATION OF U.S. GAAP NET EARNINGS (LOSS) TO ADJUSTED EBITDA (1)

 

THREE MONTHS ENDED
SEPTEMBER 30,

 

NINE MONTHS ENDED
SEPTEMBER 30,

(in millions)

 

2024

 

2023

 

 

2024

 

2023

 

 

 

 

 

 

Net earnings (loss) attributable to Fluor

$

54

$

206

 

$

282

$

161

Interest income

 

(37)

 

(42)

 

 

(114)

 

(120)

Tax expenses

 

61

 

79

 

 

172

 

172

Depreciation & amortization

 

19

 

19

 

 

53

 

57

EBITDA

$

97

$

262

 

$

393

$

270

 

 

 

 

 

 

Adjustments:

 

 

 

 

 

Other: NuScale, Stork and AMECO earnings

$

45

$

(1)

 

$

88

$

100

Energy Solutions: Embedded foreign currency derivative (gains)/losses

 

(20)

 

(24)

 

 

(47)

 

23

G&A: Foreign currency (gain) loss

 

2

 

(23)

 

 

(58)

 

62

G&A: Reserve for legacy legal claims

 

 

 

 

 

3

G&A: SEC investigation

 

 

2

 

 

 

12

Adjusted EBITDA

$

124

$

216

 

$

376

$

470

 

(1) Certain amounts in tables may not total or agree back to the financial statements due to immaterial rounding differences.

#corp

Fluor Corporation

6700 Las Colinas Blvd

Irving, Texas 75039

469.398.7000 main tel

Brett Turner

Media Relations

864.281.6976 tel

Jason Landkamer

Investor Relations

469.398.7222 tel

Source: Fluor Corporation

FAQ

What was Fluor's (FLR) revenue in Q3 2024?

Fluor reported revenue of $4.1 billion in Q3 2024.

What was Fluor's (FLR) earnings per share in Q3 2024?

Fluor reported diluted EPS of $0.31 and adjusted diluted EPS of $0.51 in Q3 2024.

How much is Fluor (FLR) expected to gain from NuScale deconsolidation?

Fluor expects to record a $1.6 billion gain from NuScale deconsolidation in Q4 2024.

What is Fluor's (FLR) current backlog as of Q3 2024?

Fluor's ending consolidated backlog was $31.3 billion as of Q3 2024.

Fluor Corporation

NYSE:FLR

FLR Rankings

FLR Latest News

FLR Stock Data

10.06B
171.29M
1.38%
92.48%
3.53%
Engineering & Construction
Heavy Construction Other Than Bldg Const - Contractors
Link
United States of America
IRVING