FLR's third-quarter 2024 results reflect lower-than-expected contributions from the Energy Solutions segment.
Fluor Corporation (NYSE:FLR ) Q3 2024 Earnings Conference Call November 8, 2024 8:30 AM ET Company Participants David Constable - Chairman & CEO Joe Brennan - CFO Jim Breuer - COO Jason Landkamer - Head of IR Conference Call Participants Jamie Cook - Truist Securities Andy Kaplowitz - Citigroup Steven Fisher - UBS Sangita Jain - KeyBanc Capital Markets Andrew Wittmann - Robert W. Baird Michael Dudas - Vertical Research Operator Good morning, and welcome to Fluor's Third Quarter 2024 Earnings Conference Call.
U.S. stocks traded mixed this morning, with the Dow Jones index gaining around 0.2% on Friday.
Fluor (FLR) came out with quarterly earnings of $0.51 per share, missing the Zacks Consensus Estimate of $0.78 per share. This compares to earnings of $1.02 per share a year ago.
Fluor reports adjusted earnings per share of 51 cents from sales of $4.1 billion. Wall Street was looking for 76 cents and $4.7 billion, respectively.
Fluor misses revenue expectations by the widest margin in five years, will deconsolidate NuScale, and the stock tumbles.
Strong demand from chemicals, fuel production, mining, and metals markets and increasing global energy demand are expected to have contributed to FLR's third-quarter performance.
Fluor Corporation is expected to have a strong finish to 2024, with positive momentum continuing into 2025. The company benefits from a steady flow of new contract awards, bolstering its positive outlook. Fluor's stock valuation remains reasonable, making it an attractive investment opportunity.
FLR is set to benefit from the approval of its new award, the Hanford Integrated Tank Disposition Contract, from the DOE.
Fluor (FLR) was a big mover last session on higher-than-average trading volume. The latest trend in earnings estimate revisions might not help the stock continue moving higher in the near term.
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