Fluor Corp (FLR, Financial) announced its financial results for Q3 2023 on November 3, 2023. The company reported net earnings attributable to Fluor of $206 million, or $1.15 per diluted share. The revenue for the quarter was $4.0 billion. The company's consolidated segment profit for the quarter was $276 million, a significant increase from the $31 million profit in Q3 2022. The adjusted earnings per diluted share were $1.02.
Financial Performance and Achievements
Fluor Corp (FLR, Financial) reported new awards consistent with company expectations at $5.0 billion, compared to $9.7 billion in Q3 2022. The ending consolidated backlog was $26 billion, slightly up from $25.4 billion a year ago. General and administrative expenses for Q3 2023 were $56 million, compared to Q3 2022 expenses of $30 million. The company's cash and marketable securities at the end of the quarter were $2.4 billion.
David E. Constable, chairman and chief executive officer of Fluor, commented on the results, stating,
This quarter’s results reflect our deliberate focus on driving profitability through improved project execution and our high-quality contract backlog. Combined with our strengthened and simplified capital structure, Fluor is well positioned to support demand-driven growth and improved shareholder returns."
Business Segments Performance
Fluor's Energy Solutions reported a profit of $177 million in Q3 2023, significantly up from $59 million in Q3 2022. The Urban Solutions segment reported a profit of $66 million, a turnaround from a $50 million loss in Q3 2022. The Mission Solutions segment reported a profit of $38 million, up from $29 million in Q3 2022. The Other segment, which includes Stork and Fluor’s 55% ownership in NuScale, reported a loss of $5 million.
Outlook
Fluor Corp (FLR, Financial) increased its full-year adjusted EPS guidance from a range of $2.00 to $2.30 per diluted share to a range of $2.50 to $2.70 per diluted share. The company also increased its full-year adjusted EBITDA guidance from the previous range of $500 to $600 million to an expectation of approximately $600 million. This revised guidance reflects positive advances on large Energy Solutions projects and continued progress on projects in the legacy portfolio.
Explore the complete 8-K earnings release (here) from Fluor Corp for further details.
