Q3 2024 Fluor Corp Earnings Call Transcript
Key Points
- Fluor Corp (FLR) reported a strong revenue of $4.1 billion for the third quarter, with a total backlog of $31.3 billion, 80% of which is reimbursable.
- The Urban Solutions segment saw a significant increase in backlog, up 72% over the past 12 months, driven by advanced technology and life sciences projects.
- Fluor Corp (FLR) is making progress in the nuclear sector, with new projects in Romania and involvement in the US domestic uranium enrichment program.
- The company has a strong cash position, with $2.9 billion in cash and marketable securities, and plans to return capital to shareholders through an increased share repurchase program.
- Fluor Corp (FLR) is strategically positioned for growth in the data center market, leveraging modularization and innovative cooling processes to secure programmatic opportunities with large tech companies.
- The Energy Solutions segment experienced lower-than-expected contributions due to delays in revenue recognition and cost growth on a subcontract in Mexico.
- Fluor Corp (FLR) faced challenges with a large manufacturing facility project for Intel, which was canceled, impacting their semiconductor business.
- The company's adjusted EBITDA for the third quarter was $124 million, down from $216 million a year ago, reflecting a higher effective tax rate and lower segment profits.
- Fluor Corp (FLR) is experiencing delays in converting front-end engineering design (FEED) packages to EPC awards, particularly in the energy transition sector.
- The company is dealing with a $1 billion breach of contract lawsuit related to the Mario M. Cuomo Bridge project, which could impact future financials.
Good morning, and welcome to Fluor's third quarter 2024 earnings conference call. Today's call is being recorded. (Operator Instructions)
A replay of today's conference will be available at approximately 10:30 AM, Eastern Time, accessible on Fluor's website at investor.fluor.com. The web replay will be available for 30 days. A telephone replay will also be available for seven days through the registration link, also accessible on Fluor's website at investor.fluor.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, sir.
Thank you, operator, and welcome to Fluor's 2024 third quarter earnings call. David Constable, Fluor's Chairman and Chief Executive Officer; Joe Brennan, Fluor's Chief Financial Officer; and Jim Breuer, our Chief Operating Officer, are with us today.
Fluor issued its third-quarter earnings release earlier this morning, and a slide presentation is posted on
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
