Fluor Q1 2021 Earnings Report
Key Takeaways
Fluor reported first quarter revenue of $2.9 billion and a net loss of $61 million, or $0.43 per diluted share. Adjusted earnings per diluted share were $0.07. New awards for the quarter were $3.7 billion, and ending consolidated backlog was $23.8 billion.
Revenue for the quarter was $2.9 billion.
Net loss from continuing operations was $61 million, or $0.43 per diluted share.
Adjusted earnings per diluted share were $0.07, excluding certain items.
First quarter new awards were $3.7 billion, and ending consolidated backlog was $23.8 billion.
Fluor
Fluor
Forward Guidance
Fluor is maintaining its adjusted earnings per share (EPS) guidance of $0.50 to $0.80 per diluted share for 2021. Guidance for 2021 assumes increased opportunities for new awards in the second half of the year as post-pandemic capital spending improves.
Positive Outlook
- Maintaining adjusted EPS guidance of $0.50 to $0.80 per diluted share for 2021.
- Increased opportunities for new awards expected in the second half of the year.
- Post-pandemic capital spending expected to improve.
- Productive conversations with clients are ongoing.
- Prospects and opportunities are expected to pick up in the back half of 2021.
Challenges Ahead
- Adjusted EPS guidance excludes NuScale-related expenses and other adjustments.
- Results for the quarter were impacted by the effects of COVID-19 on projects and operations.
- Corporate general and administrative expenses increased due to higher stock price-driven compensation.
- Energy Solutions segment results reflect a $29 million expense related to an embedded foreign currency derivative.
- Urban Solutions segment results reflect the impacts of COVID delays on a large mining project in South America.