Fluor Corporation - FLR STOCK NEWS

Fluor Corporation (NYSE: FLR) reported Q1 2022 results, revealing a diluted EPS of $0.27 and adjusted EPS of $0.16. Total revenue reached $3.1 billion, with a net income of $48 million and segment profit nearly doubling to $115 million. The company reaffirmed adjusted EPS guidance of $1.15 to $1.40 for 2022. New awards totaled $1.9 billion, while the ending consolidated backlog stood at $19.3 billion. Fluor completed the NuScale transaction, bringing additional market opportunities.

Fluor Corporation (NYSE: FLR) announced the completion of the elevated concrete guideway for Los Angeles International Airport's (LAX) Automated People Mover, a key component of the $4.9 billion project expected to finish in 2023. With 69,700 cubic yards of concrete poured and over one million work hours logged since construction began in November 2019, this project is crucial for improving airport access in preparation for the 2028 Olympics. The guideway connects multiple transportation options, enhancing mobility for travelers.

Fluor Corporation (NYSE: FLR) has been awarded a spot on the U.S. Army Corps of Engineers' Facility Repair & Renewal Multiple Award Task Order VI contract, valued at up to $450 million over five years. This contract allows Fluor to compete for task orders across the U.S. and globally. Tom D’Agostino, Fluor’s Mission Solutions group president, highlighted the company's experience in contingency construction and disaster recovery, noting previous support for the Army Corps, including recovery efforts in Puerto Rico after Hurricane Maria.

Fluor Corporation (NYSE: FLR) will hold a conference call on May 6, 2022, at 8:30 A.M. Eastern time, to discuss its first-quarter financial results for the period ending March 31, 2022. The call will feature CEO David Constable and CFO Joe Brennan, and financial results will be released prior to market open on that day. Interested parties can access the conference via webcast or via telephone at +1 800-289-0720. A replay will be available for 30 days.

Fluor Corporation (NYSE: FLR) announced a $110 million equity investment from Japan's JBIC, along with JGC and IHI, in NuScale Power, reflecting an equity valuation of approximately $1.9 billion. The investment will result in Japan NuScale Innovation, LLC holding 8-9% of NuScale post-merger with Spring Valley Acquisition Corporation. Fluor retains a majority stake and aims to advance the Carbon Free Power Project in Idaho. This partnership supports the U.S.-Japan Climate Partnership, enhancing commercial collaboration on advanced energy technologies.

Fluor Corporation (NYSE: FLR) has received final notice-to-proceed from the Texas Department of Transportation for Phase 2 of the Interstate 35E project. This contract, valued at approximately $640 million, positions Lone Star Constructors, a Fluor-led joint venture, to begin construction in summer 2022. The project aims to improve traffic mobility in the Dallas metroplex and is expected to be completed by early 2026. Fluor had previously booked its share of the contract value in Q3 2021, contributing to its reported revenue of $12.4 billion in 2021.

Fluor Corporation (NYSE: FLR) has announced the completion of the Union Square Branch of the Green Line Extension light rail project, now open to the public. This new 0.7-mile line connects Cambridge and Somerville, enhancing transportation access for the greater Boston area. With projected daily ridership reaching 45,000 by 2030, the project aims to alleviate traffic and reduce pollution. Construction began in 2018, and the second line of the 4.7-mile project is expected to open later this year.

Fluor Corporation (NYSE: FLR) and The Lane Construction Corporation completed the Port Access Road project for the South Carolina State Port Authority ahead of schedule. This project, which began in 2016, enhances access to the Hugh K. Leatherman Jr. terminal and local infrastructure, serving Charleston's rapidly growing container port. The completion includes key roadway improvements, with all lanes now open to traffic. Fluor emphasizes the economic significance of reliable infrastructure, especially given current global supply chain challenges.

Fluor Corporation (NYSE: FLR) reported a 2021 revenue of $12.4 billion but incurred a net loss of $144 million, or $1.46 per diluted share. The company achieved new awards totaling $8.8 billion and ended the year with a backlog of $18.9 billion. Segment profits rose to $374 million from $333 million in 2020, with operational improvements noted in Energy Solutions and Mission Solutions. However, Urban Solutions saw a significant decline in both revenue and profit due to project closeouts. For 2022, Fluor has set adjusted EPS guidance of $1.15 to $1.40.