Fluor Corp

FLR: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$85.00	Qybn	Mtwjq

Losses on Legacy Projects Weigh on Fluor’s Q3 Results but the Pace of New Awards Is Encouraging

Krzysztof Smalec

Nov 4, 2022

Following no-moat-rated Fluor’s third-quarter earnings release, we’ve bumped our fair value estimate up to $26.50 from $25.50, which reflects our more optimistic long-term revenue growth projections, partially offset by our lowered forecast for 2022. Management expects fourth-quarter adjusted EPS of $0.50-$0.60, which implies full-year 2022 adjusted EPS of $0.89-$0.99 (down from $1.15-$1.35 previously).

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