Fluor Corp (NYSE:FLR) reported mixed results for its second quarter on Friday.
The company posted second-quarter fiscal 2024 revenue growth of 7.3% year over year to $4.227 billion, missing the consensus of $4.360 billion, according to data from Benzinga Pro.
Energy Solutions $1.595 billion (-7.3% Y/Y), Urban Solutions $1.83 billion (+52.3% Y/Y), Mission Solutions $704 million (-0.14% Y/Y) and Others $97 million (-68.8% Y/Y).
Adjusted EPS improved to 85 cents from 76 cents a year ago, beating the consensus of 68 cents.
"Our quarterly results demonstrate that our strategy is working, thereby ensuring targeted market growth and project execution excellence. For the second half of 2024, our focus will be on deploying resources onto our high-value project backlog and positioning the company to return capital to shareholders," commented David E. Constable, Fluor's chairman and chief executive officer.
FLR reaffirmed its 2024 adjusted EPS of $2.50 to $3.00 versus $2.85 the consensus. The company tightens its adjusted EBITDA guidance from $600 million – $700 million to $625 million – $675 million.
FLR shares fell 3.6% to trade at $45.81 on Monday.
These analysts made changes to their price targets on Fluor following earnings announcement.
- Baird analyst Andrew Wittmann maintained Fluor with an Outperform rating, while boosting the price target from $46 to $54.
- Truist Securities analyst Jamie Cook maintained Fluor with a Buy rating, while raising the price target from $54 to $61.
Read More:
- Home Depot To Rally More Than 14%? Here Are 10 Top Analyst Forecasts For Monday