Q1 2024 Fluor Corp Earnings Call Transcript
Key Points
- Fluor Corp (FLR) reported strong revenue of $3.7 billion for the first quarter.
- Consolidated new awards for the quarter were robust at $7 billion, led by key awards in the Advanced Technologies & Life Sciences business line.
- The company's total backlog increased to $32.7 billion, with 80% being reimbursable, indicating a healthy pipeline and future revenue stability.
- Fluor Corp (FLR) highlighted significant progress in strategic markets such as life sciences, semiconductors, and data centers, with substantial new awards and ongoing projects.
- The company is actively engaging in energy transition projects and has a strong presence in mission-critical sectors, contributing to a diverse and resilient business model.
- Fluor Corp (FLR) faced challenges with a construction-only subcontract in Mexico, recognizing $29 million in cost growth due to delays and labor issues.
- The Energy Solutions segment reported a decrease in segment profit to $68 million from $88 million a year ago, reflecting challenges in project execution.
- Operating cash flow for the quarter was an outflow of $111 million, although it was an improvement from the previous year, it still indicates pressure on liquidity.
- The company noted ongoing negotiations and challenges with labor market instability in certain geographic locations, impacting project timelines and costs.
- Despite a strong backlog, the company must navigate ongoing geopolitical risks and market volatility which could impact client CapEx plans and project execution.
Good morning, and welcome to Fluor's First 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 a.m. Eastern Time today, 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 7 days through a 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, Mr. Landkamer.
Thanks, Jayel, and good morning, everyone. Welcome to Fluor's 2024 First 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 first quarter earnings release earlier this morning, and a slide presentation is posted on our website that we will reference while
| 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
