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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Investors looking for stocks in the Engineering - R and D Services sector might want to consider either Fluor (FLR) or Altair Engineering (ALTR). But which of these two stocks presents investors with the better value opportunity right now?