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Mar 31, 2023
Fluor Q1 2023 Earnings Report
Fluor reported a net loss due to project forecast revisions and the sale of AMECO South America, but reaffirmed its adjusted EPS and adjusted EBITDA guidance for 2023 and 2026.
Key Takeaways
Fluor Corporation reported Q1 2023 revenue of $3.8 billion, a 20% increase compared to the prior year. However, the company experienced a net loss of $107 million, impacted by charges on legacy projects and the sale of AMECO South America. New awards totaled $3.2 billion, and the company reaffirmed its 2023 and 2026 adjusted EPS and adjusted EBITDA guidance.
Q1 2023 revenue increased by 20% year-over-year to $3.8 billion.
New awards totaled $3.2 billion, with 81% being reimbursable.
Net loss attributable to Fluor was $107 million, influenced by project forecast revisions and the AMECO South America sale.
The company reaffirmed its 2023 and 2026 adjusted EPS and adjusted EBITDA guidance.
Fluor
Fluor
Fluor Revenue by Segment
Revenue by Segment
Urban Solutions Revenue
CapyFin.comEnergy Solutions Revenue
CapyFin.comMission Solutions Revenue
CapyFin.comOther Revenue
CapyFin.com Forward Guidance
Fluor reaffirms its 2023 and 2026 adjusted EPS and adjusted EBITDA guidance based on higher margin awards, a strong prospect pipeline, and a strong execution platform.
Positive Outlook
- Volume of higher margin awards received over the past 12 months.
- Strength of prospect pipeline.
- Strong execution platform deployed across the portfolio.
- Anticipates a book-to-burn of approximately 1.0 with substantial new awards from all segments.
- Assumes a tax rate of approximately 40 percent on adjusted earnings.
Challenges Ahead
- We are not providing forward-looking guidance for U.S. GAAP net earnings or U.S. GAAP earnings per share
- Unable to predict with reasonable certainty all of the components required to provide such reconciliation without unreasonable efforts
- Impact of foreign exchange fluctuations, which are uncertain and could have a material impact on GAAP reported results for the guidance period.
- Tax rate may vary depending on the country in which profit is generated.
- Excludes items similar to those outlined in the reconciliation table at the end of this release.
Revenue & Expenses
Visualization of income flow from segment revenue to net income