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Fluor Corp FLR

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Fluor Reports Soft First-Quarter Revenue but Reiterates Full-Year 2021 Adjusted EPS Guidance

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.

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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.

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

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