Engineering & Construction Company Fluor Misses Big On Q3 Earnings And Revises 2024 Guidance As Project Delays Bite
Engineering & Construction Company Fluor Misses Big On Q3 Earnings And Revises 2024 Guidance As Project Delays Bite
FLR recorded a total segment profit of $117 million, compared to $276 million a year ago. The margin contracted 411 bps to 2.9%.Fluor Corp (NYSE:FLR) shares plummeted after the company reported third-quarter results below street expectations.
福陆公司（纽交所：FLR）股票大幅下跌，因公司第三季度营业收入低于市场预期。
FLR's revenue grew 3.3% year over year to $4.09 billion, missing the consensus of $4.738 billion. Adjusted EPS declined to 51 cents from $1.02 a year ago, missing the consensus of 76 cents.
福陆的营业收入同比增长3.3%，达到40.9亿美元，低于共识的47.38亿美元。调整后的每股收益从去年的1.02美元下降至51美分，低于共识的76美分。
Sales by segment: Energy Solutions $1.428 billion (-8.1% YoY), Urban Solutions $1.93 billion (+34.9% YoY), Mission Solutions $635 million (-3.1% YoY) and Others $100 million (-69.1% YoY).
各业务板块销售情况：能源解决方案14.28亿美元（同比下降8.1%），城市解决方案19.3亿美元（同比增长34.9%），任务解决方案63500万美元（同比下降3.1%）和其他10000万美元（同比下降69.1%）。
FLR recorded a total segment profit of $117 million, compared to $276 million a year ago. The margin contracted 411 bps to 2.9%.
福陆记录的总业务板块利润为11700万美元，较去年的27600万美元下降。利润率下降了411个基点，至2.9%。
The company reported net earnings from core operations of $60 million, down from $158 million a year ago.
公司核心业务净收益为6000万美元，较去年的15800万美元下降。
The total new awards were $2.69 billion compared to $4.976 billion a year ago. New awards related to projects located outside of the U.S. totaled 68%.
总新合同金额为26.9亿美元，较去年的49.76亿美元下降。位于美国境外项目的新合同占比达68%。
Consolidated backlog surged 20.4% year-over-year to $31.32 billion, with 80% of projects being reimbursable.
合并订单储备同比增长20.4%，达到313.2亿美元，其中80%的项目可获得返款。
Adjusted EBITDA declined 42.6% year-over-year to $124 million, and the margin declined 242 bps to 3%.
调整后的EBITDA同比下降42.6%，至12400万美元，利润率下降242个基点，至3%。
At the end of the quarter, Fluor's cash and marketable securities were $2.9 billion, excluding amounts held by NuScale. Operating cash flow for the nine months ended September amounted to $501 million.
季末，福陆的现金和有价证券为29亿美元，不包括NuScale持有的金额。截至九月底的九个月运营现金流额为50100万美元。
Buyback: Fluor's Board of Directors approved expanding its share repurchase program to 30.5 million shares as part of its capital allocation strategy.
回购：福陆董事会批准将其股票回购计划扩大到3050万股，作为其资本配置策略的一部分。
Fluor announced it will deconsolidate NuScale starting in the fourth quarter, resulting in a $1.6 billion gain. Also, the company expects to complete the sale of Stork's U.K. operations as early as the first quarter of 2025, pending regulatory approval.
福陆宣布将于第四季度开始取消NuScale的合并报表，导致16亿美元的利润。此外，公司预计将在2025年第一季度尽快完成对Stork英国业务的出售，待监管批准。
2024 Outlook: FLR tightened its adjusted EPS outlook to $2.55 to $2.75 (prior $2.50 to $3.00) versus the $2.89 consensus.
2024展望：FLR将其调整后的每股收益展望调整为2.55至2.75美元（之前为2.50至3.00美元），相对于2.89美元的共识。
The company lowered its adjusted EBITDA outlook to $525 million – $575 million (prior $625 million – $675 million) and increased cash flow guidance to ~$700 million.
公司将其调整后的EBITDA展望降至52500万至57500万美元（之前为62500万至67500万美元），并将现金流预测提高至约70000万美元。
Price Action: FLR shares are trading lower by 16.4% at $49.25 at the last check Friday.
价格走势：FLR股票在上周五的最后一次交易中表现下跌16.4%，报49.25美元。
