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Sep 30, 2022
Fluor Q3 2022 Earnings Report
Reported strong Q3 new awards and backlog, but results were affected by additional challenges on three legacy infrastructure projects.
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.
Revenue by Segment
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
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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