Q2 2024 Fluor Corp Earnings Call Transcript
Key Points
- Fluor Corp (FLR) reported a strong revenue of $4.2 billion for the second quarter.
- The company secured new awards worth $3.1 billion, with a significant portion coming from the Urban Solutions segment.
- Fluor Corp (FLR) has a robust backlog of $32.3 billion, with 81% being reimbursable.
- The company achieved a segment profit of $194 million and an adjusted EPS of $0.85, reflecting strong financial performance.
- Fluor Corp (FLR) is seeing strong demand in advanced technologies, life sciences, mining, and energy transition sectors, indicating future growth potential.
- The Energy Solutions segment reported a decline in profit to $75 million from $89 million a year ago, reflecting challenges in this area.
- The LAX automated People Mover Project remains in a loss position despite a $39 million improvement from a settlement.
- The company recognized a modest charge on a construction-only subcontract in Mexico, indicating ongoing project challenges.
- Fluor Corp (FLR) has a high effective tax rate of 30% to 35%, which could impact net profitability.
- The company is still managing legacy projects that require significant funding, with an estimated $50 million needed for the remainder of 2024.
Good morning, and welcome to Fluor's second quarter 2024 earnings conference call. Today's call is being recorded. (Operator Instructions) A replay of today's conference call will be available at approximately 10:30 AM. Eastern time today, accessible on Fluor's website at investor.fluor.com.
The website replay will be available for 30 days. A telephone replay will also be available for 7 days through the registration link, also accessible on Fluor's website at investor.flour.com. At this time, for opening remarks, I would like to turn the call over to Jason Landkamer, Head of Investor Relations. Please go ahead, Mr. Landkamer.
Thank you, Ellie, and good morning. Welcome to Fluor's 2024 Second Quarter Earnings Call. David Constable, Fluor's Chairman and Chief Executive Officer; and Joe Brennan, Fluor's Chief Financial Officer are with us today. Fluor issued its second quarter earnings release earlier this morning and a slide presentation is posted on our website that we will reference while making
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