Fluor Shares Slip Post Q2 Revenue Miss

Fluor Corp FLR reported a second-quarter FY22 revenue decline of 10.5% year-over-year to $3.3 billion, missing the consensus of $3.37 billion.
Revenue by segments: Energy Solutions $1.33 billion (+0.83% Y/Y), Urban Solutions $1.01 billion (-16.9% Y/Y), Mission Solutions $547 million (-22.6% Y/Y) and Others $417 million (-6.9% Y/Y).
Total segment profit improved to $108 million (+13.7% Y/Y), and margin expanded by 70 bps to 3.3%.
Adjusted EPS was $0.13, down from $0.32 in 2Q21.
Adjusted EBITDA declined 29.4% Y/Y to $65 million, and margin contracted by 53 bps to 1.9%.
Q2 new awards were $3.6 billion compared to $1.7 billion a year ago, and the consolidated backlog was $19.5 billion.
Fluor’s cash and marketable securities at the end of the quarter were $2.2 billion.
FY22 Outlook: Fluor tightens its adjusted EPS guidance to $1.15 - $1.35, from prior guidance of $1.15 - $1.40.
The company anticipates a full-year adjusted EBITDA of $380 million - $430 million.
Price Action: FLR shares are trading lower by 4.25% at $24.32 on the last check Friday.

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