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Fluor Corp FLR

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Fluor Issues Disappointing Guidance for Full Year 2021

Analyst Note

| Krzysztof Smalec, CFA |

We expect to lower our $19 fair value estimate for Fluor by around 5% after the engineering and construction firm reported its fourth-quarter 2020 earnings. Fluor’s fourth-quarter revenue of $3,656 million fell short of the FactSet consensus estimate of $3,714 million, but more importantly, the company issued disappointing guidance for full year 2021. While Fluor maintained its long-term target adjusted EPS range of $3.00 to $3.50 by 2024, its 2021 adjusted EPS guidance range of $0.50 to $0.80 came in below our previous $1.00 estimate. Our fair value reduction reflects more muted near-term revenue growth and operating margin projections.

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Company Profile

Business Description

Fluor is one of the largest global providers of engineering, procurement, construction, fabrication, operations, and maintenance services. The firm serves a wide range of end markets including oil and gas, chemicals, mining, metals, and transportation. The company’s business is organized into three core segments: urban solutions, mission solutions, and energy solutions. Fluor employs over 40,000 workers in more than 60 countries. The company generated $15.7 billion in revenue in 2020.

6700 Las Colinas Boulevard
Irving, TX, 75039
T +1 469 398-7000
Sector Industrials
Industry Engineering & Construction
Most Recent Earnings Dec 31, 2020
Fiscal Year End Dec 31, 2021
Stock Type Cyclical
Employees 43,717