Q3 2023 net earnings attributable to Fluor of $206 million
Q3 2023 diluted earnings per share (EPS) of $1.15; adjusted diluted EPS of $1.02
Q3 2023 revenue of $4.0 billion and new awards of $5.0 billion
Backlog 70% reimbursable compared to 58% a year ago
Company increases 2023 guidance for adjusted EPS and adjusted EBITDA
IRVING, Texas--(BUSINESS WIRE)-- Fluor Corporation (NYSE: FLR) announced financial results for its third quarter ended September 30, 2023. Revenue for the quarter was $4.0 billion and net earnings attributable to Fluor were $206 million, or $1.15 per diluted share. Consolidated segment profit1 for the quarter was $276 million compared to $31 million profit in the third quarter of 2022. Excluding the adjustments outlined in the reconciliation table at the end of this release, the company recognized adjusted earnings per diluted share1 of $1.02.

“This quarter’s results reflect our deliberate focus on driving profitability through improved project execution and our high-quality contract backlog,” said David E. Constable, chairman and chief executive officer of Fluor. “Combined with our strengthened and simplified capital structure, Fluor is well positioned to support demand-driven growth and improved shareholder returns.”

Third quarter new awards were consistent with company expectations at $5.0 billion compared to $9.7 billion in the third quarter of 2022. Ending consolidated backlog was $26 billion compared to $25.4 billion a year ago. General and administrative expenses for the third quarter of 2023 were $56 million compared to Q3 2022 expenses of $30 million. Fluor’s cash and marketable securities at the end of the quarter were $2.4 billion, excluding amounts held by NuScale.

1 Non-GAAP Financial Measure. See “Non-GAAP Financial Measures” for additional information.

Outlook

We are not providing forward-looking guidance for U.S. GAAP net earnings or U.S. GAAP earnings per share, or a quantitative reconciliation of adjusted EBITDA or adjusted EPS guidance, because we are unable to predict with reasonable certainty all of the components required to provide such reconciliation without unreasonable efforts, which are uncertain and could have a material impact on GAAP reported results for the guidance period. See “Non-GAAP Financial Measures” for additional information.

Fluor is increasing its full year adjusted EPS guidance from a range of $2.00 to $2.30 per diluted share to a range of $2.50 to $2.70 per diluted share. The company is also increasing its full year adjusted EBITDA guidance from the previous range of $500 to $600 million to an expectation of approximately $600 million. This revised guidance reflects positive advances on large Energy Solutions projects and continued progress on projects in our legacy portfolio. The company also reaffirms its guidance for 2026.

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