Analyst Note| Krzysztof Smalec, CFA |
Fluor posted a first-quarter net loss from continuing operations of $0.43 per diluted share and adjusted EPS of $0.07 (excluding NuScale expenses, non-cash impairments, and other adjustments). The firm’s first-quarter revenue of $2,939 million came in roughly 8% below the FactSet consensus estimate of $3,200 million. Management reiterated its full-year 2021 adjusted EPS guidance range of $0.50 to $0.80. While nothing in Fluor’s earnings release fundamentally alters our view of the firm, we’ve bumped our fair value estimate to $19 from $17.50, mostly due to time value of money and slightly more optimistic long-term growth assumptions.