Overview
Fluor Corp.’s stock (FLR, +0.06%) experienced a significant boost of 8% during premarket trading on Friday. The engineering and construction services company, headquartered in Irving, Texas, reported its third-quarter financial results and exceeded analysts’ expectations.
Financial Performance
Fluor recorded a net income of $61 million, equivalent to 35 cents per share for the quarter. This figure represents a slight decrease compared to the $66 million, or 38 cents per share, achieved during the same period last year. However, after adjusting for one-time items, the company’s earnings per share (EPS) stood at an impressive 76 cents. This result far exceeded the FactSet consensus of 43 cents.
Furthermore, Fluor witnessed a 20% increase in revenue, reaching $3.9 billion. This robust growth outpaced the projected $3.7 billion FactSet consensus.
Driving Factors
The company attributed its strong earnings performance to outstanding achievements in both energy solutions and urban solutions. These sectors served as key drivers for Fluor’s success during the quarter.
Future Outlook
Fluor now anticipates a full-year adjusted EPS range of $2.00 to $2.30 per share. Looking ahead to 2026, the company expects this figure to rise substantially, reaching $3.10 to $3.60 per share. However, analysts’ consensus for 2023 indicates an EPS estimate of $1.75.
Stock Performance
Fluor’s stock has experienced a 10% decline since the beginning of this year, while the S&P 500 index (SPX, -0.25%) has seen a 17% gain.
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