Fluor Q2 2022 Earnings Report
Key Takeaways
Fluor Corporation reported Q2 2022 revenue of $3.3 billion and net income of $66 million, or $0.38 per diluted share. The company introduced full year adjusted EBITDA guidance range of $380 to $430 million. New awards for the quarter were $3.6 billion, with an ending backlog of $19.5 billion.
Q2 2022 diluted EPS from continuing operations was $0.38; adjusted diluted EPS from continuing operations was $0.13.
The company introduced a full year adjusted EBITDA guidance range of $380 to $430 million.
Q2 new awards totaled $3.6 billion, with an ending backlog of $19.5 billion.
NuScale de-SPAC transaction was completed in Q2; Fluor’s ownership is 57%.
Fluor
Fluor
Forward Guidance
Fluor is tightening its full year adjusted earnings per share (EPS) guidance from a range of $1.15 to $1.40 per diluted share to a range of $1.15 to $1.35 per diluted share. For 2022, the company anticipates a full year adjusted EBITDA range of $380 to $430 million.
Positive Outlook
- Improved bookings
- Increased project gross margin
- Lower segment overhead
Challenges Ahead
- Higher effective tax rate due to our current mix of global earnings
- Impact of foreign currency translations
- Project charges in the second quarter