Fluor Gets Price Target Cuts From Analysts After Q1 Results

Fluor Corp FLR reported weaker-than-expected Q1 earnings, while sales topped estimates.

Fluor posted adjusted earnings of $0.28 per share, missing analysts’ estimates of $0.37 per share. The company’s sales came in at $3.75 billion, versus expectations of $3.55 billion.

Fluor said sees FY23 adjusted EPS of $1.50-$1.90 (consensus $1.66) and Adjusted EBITDA of $450 million-$600 million. It expects FY26 adjusted EPS of $3.10-$3.60 and Adjusted EBITDA of $800 million-$950 million.

Fluor shares fell 0.7% to close at $27.21 on Friday and added 0.1% in today’s pre-market trading session.

These analysts made changes to their price targets on Fluor after the company released Q1 numbers.

• Baird lowered the price target on Fluor from $43 to $40. Baird analyst Andrew Wittmann maintained an Outperform rating on the stock.
• Credit Suisse slashed Fluor price target from $33 to $32. Credit Suisse analyst Jamie Cook maintained a Neutral rating on the stock.

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