NEW YORK - Fluor Corporation (NYSE:FLR) shares dropped 3.5% in premarket trading on Friday after the engineering and construction company reported mixed second-quarter results, with revenue falling short of expectations despite an earnings beat.
The Irving, Texas-based company posted adjusted earnings per share of $0.85 for Q2, surpassing the analyst consensus estimate of $0.67. However, revenue came in at $4.2 billion, missing the $4.34 billion analysts had projected.
Fluor's Q2 revenue rose 7% year-over-year to $4.2 billion. Net earnings attributable to Fluor increased to $169 million, or $0.97 per diluted share, compared to $61 million, or $0.35 per share, in the same period last year.
"Our quarterly results demonstrate that our strategy is working, thereby ensuring targeted market growth and project execution excellence," said David E. Constable, chairman and CEO of Fluor.
The company affirmed its full-year 2024 adjusted EPS guidance of $2.50 to $3.00 per share, in line with the $2.85 consensus. Fluor also tightened its 2024 adjusted EBITDA guidance range to $625-$675 million from the previous $600-$700 million.
New awards for the quarter totaled $3.1 billion, down from $3.7 billion in Q2 2023. The company's backlog grew to $32.3 billion as of June 30, up from $25.5 billion a year ago.
Despite the revenue miss, Fluor reported strong cash flow, with Q2 operating cash flow of $282 million. The company raised its 2024 cash guidance range to $500-$600 million.
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