Fluor Q3 2022 Earnings Report
Key Takeaways
Fluor Corporation announced Q3 2022 financial results, with revenue of $3.6 billion and net income of $22 million, or $0.08 per diluted share. The quarter was marked by strong new awards of $9.7 billion and an ending backlog of $25.4 billion, but results were negatively impacted by $107 million in project adjustments for three legacy infrastructure projects.
New awards were $9.7 billion, with 91% being reimbursable cost contracts.
Ending backlog increased by 30% over last quarter to $25.4 billion, with 58% being reimbursable.
Net income from continuing operations attributable to Fluor was $22 million.
Results reflect additional challenges on three legacy infrastructure projects, resulting in $107 million in project adjustments.
Fluor
Fluor
Forward Guidance
Fluor is establishing an adjusted earnings per diluted share (EPS) range of $0.50 to $0.60 and an adjusted EBITDA range of $125 to $150 million for the fourth quarter, reflecting higher contributions from Energy and Urban Solutions.
Positive Outlook
- Higher contributions from Energy Solutions
- Higher contributions from Urban Solutions