Fluor Q1 Beats EPS Estimates, Reaffirms Strong 2025 Outlook

Fluor Corp FLR shares are trading slightly higher after the company posted mixed first-quarter 2025 results, with key metrics surpassing some expectations.

Fluor's revenue grew 6.6% year-over-year to $3.982 billion, missing the consensus of $4.18 billion. Adjusted EPS improved to 73 cents from 47 cents a year ago, above the consensus of 50 cents.

Sales by segment: Urban Solutions $2.16 billion (+45.8% YoY), Energy Solutions $1.21 billion (-15.8% YoY), Mission Solutions $597 million (-0.67% YoY), and Others $22 million (-90% YoY).

Fluor recorded a total segment profit of $131 million, compared to $118 million a year ago. The margin expanded 13 bps to 3.3%.

The company reported a net loss from core operations of $251 million, down from earnings of $67 million a year ago.

Fluor reported $5.8 billion in new awards, down 17% year over year, with 87% reimbursable. Backlog fell 12.3% to $28.7 billion, and legacy project backlog dropped 53% to $585 million.

Adjusted EBITDA rose 76.1% year-over-year to $155 million; the margin gained 154 bps to 3.9%.

At the end of the quarter, Fluor's cash and marketable securities at the end of the year were $2.5 billion. Operating cash flow of ($286) million, down from ($111) million year over year, due to higher working capital on major projects.

Fluor accelerated first-quarter share repurchases to $142 million and is targeting $600 million in total buybacks for 2025.

Fluor is engaging with clients to address potential economic uncertainty while maintaining its 2025 guidance, which excludes specific adjustment items.

2025 Outlook reaffirmed: Flour's adjusted EBITDA is projected at $575 million to $675 million, with adjusted EPS between $2.25 and $2.75 per share versus the $2.48 consensus, assuming a 30%-35% tax rate.

FLR Price Action: Fluor shares are trading higher by 0.28% at $35.84 at publication on Friday.

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