Fluor's Q4 Earnings, FY22 Guidance Edges Out Analysts' Expectation

Fluor Corp's FLR Q4 FY21 sales declined 3.4% Y/Y to $3.16 billion, beating the consensus of $2.80 billion.

• Sales by segments: Energy Solutions $1.28 billion (+19.1% Y/Y), Urban Solutions $996 million (-30% Y/Y) and Mission Solutions $880 million (+14% Y/Y).
• The company reported an adjusted EPS of $0.31, beating the consensus of $0.26.
• Total segment profit was $137 million, up 78% Y/Y, and margin improved from 2.4% to 4.3%.
• Related: Fluor-Backed NuScale To Go Public Via SPAC Deal.
• "With a strengthened capital structure and a renewed focus on the key markets we serve, we ended 2021 on a positive note and are starting 2022 by building on this encouraging momentum," said David Constable, CEO of Fluor. 
• Full-year new awards were $8.8 billion compared to $7.5 billion a year ago. The ending consolidated backlog for 2021 was $18.9 billion. 
• Fluor's cash and equivalents at the end of the year improved to $2.3 billion. 
• Guidance: For FY22, Fluor expects adjusted EPS of $1.15 - $1.40, compared to the consensus of $1.01.
• Price Action: FLR shares are down 0.05% at $21.08 on the last check Tuesday.