Fluor's stock jumps 8% after earnings blow past estimates

Fluor Corp.'s stock (FLR) soared 8% premarket Friday, after the engineering and construction services company second-quarter earnings blew past estimates. Irving, Texas-based Fluor had net income of $61 million, or 35 cents a share, for the quarter, down from $66 million, or 38 cents a share, in the year-earlier period. Adjusted to exclude one-time items, the company had EPS of 76 cents, well ahead of the 43 cent FactSet consensus. Revenue rose 20% to $3.9 billion, also ahead of the $3.7 billion FactSet consensus. Earnings were driven by a strong performance in energy solutions and urban solutions, the company said in a release. It now expects full-year adjusted EPS of $2.00 to $2.30 a share, rising to $3.10 to $3.60 a share by 2026. The FactSet consensus for 2023 is for EPS of $1.75. The stock has fallen 10% in the year to date, while the S&P 500 has gained 17%.

-Ciara Linnane

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08-04-23 1348ET

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