Fluor Corp Stock Price, News & Analysis

Fluor Corporation (NYSE: FLR) has been selected by a leading biologics company to manage procurement and construction for a large-scale biologics drug substance manufacturing facility in Scandinavia. The contract, valued in the multi-hundred-million-dollar range, is expected to be booked in Q3 2022. This facility will enhance production capacity for advanced biologics, including vaccines and oncology medicines, with operations slated to begin in 2025. Fluor's Advanced Technologies & Life Sciences division, supported by the Nordic Technology Hub in Copenhagen, is leading the project.

Fluor Corporation (NYSE: FLR) announced the first production of copper concentrate at Anglo American's Quellaveco project in Peru. This milestone initiates testing at the processing plant and ramps up mining activities toward full operations. The project, a significant copper deposit in Peru, is expected to yield 330,500 short tons of copper equivalent annually for the first decade, increasing Peru’s copper output by 10% and creating 2,500 jobs. The project was completed on schedule and within budget, demonstrating effective collaboration amidst global challenges.

Fluor Corporation (NYSE: FLR) reported Q2 2022 diluted EPS of $0.38, with an adjusted EPS of $0.13. Revenue reached $3.3 billion, and the company secured new awards totaling $3.6 billion, resulting in a backlog of $19.5 billion. Despite a profit of $108 million, the company incurred charges from ongoing projects and higher tax expenses. Fluor adjusted its full-year EPS guidance to $1.15-$1.35 and introduced adjusted EBITDA guidance of $380-$430 million. The performance varied across business segments, with notable profits and losses reported.

Fluor Corporation (NYSE: FLR) announced that Roya Noorbakhsh and Laura Ware, leaders of the Los Angeles International Airport's Automated People Mover project, received the P3 Champions of the Year award from the American Road & Transportation Builders Association. This recognition highlights their significant contributions to public-private partnerships in transportation. Noorbakhsh was named Trailblazer of the Year, and Ware received the Emerging Leader of the Year award, reflecting their impactful roles in advancing women in engineering and construction.

Fluor Corporation (NYSE: FLR) announced it received a full notice-to-proceed (FNTP) contract from New Fortress Energy Inc. for the NFE Fast LNG 2 project, which entails managing engineering, procurement, and fabrication for a 1.4 million tonnes per annum LNG plant on offshore platforms. The contract value remains undisclosed but will be recorded in Q2 2022. Notably, Fluor previously secured a similar contract, the Fast LNG 1, in Q1 2022, showcasing ongoing collaboration with NFE.

Fluor Corporation (NYSE: FLR) will host a conference call on August 5 at 8:30 A.M. Eastern time to discuss its second quarter results for the period ending June 30, 2022. The financial data will be released before the market opens that day. Investors and the public can access the call via a live webcast on investor.fluor.com or by telephone. A replay of the call will be available for 30 days. Fluor reported $12.4 billion in revenue for 2021 and is ranked 259 among Fortune 500 companies.

Fluor Corporation (NYSE: FLR) has been awarded a contract for engineering, procurement, and construction management for Iluka Resources Limited's Eneabba project, a rare earths refinery in Western Australia. This contract, valued at an undisclosed amount, will be booked in Q2 2022. The refinery aims to produce approximately 17,500 tonnes per year of rare earth oxides essential for electric vehicles and renewable energy. Construction is set to begin later this year, with first production expected in 2025, enhancing Fluor's role in the critical minerals sector.

Fluor Corporation (NYSE: FLR) has secured a $548 million construction contract for the Interstate 35 Capital Express South project in Austin, Texas, awarded by the Texas Department of Transportation. Scheduled for booking in Q2 2022, the 9-mile project aims to improve infrastructure by adding two high-occupancy vehicle lanes and enhancing safety and mobility. The project will begin construction in late 2022 with completion expected in late 2027. Fluor emphasizes its strong relationships with Texas officials and its ongoing commitment to the region's infrastructure development.

Fluor Corporation (NYSE: FLR) reaffirms its financial guidance for 2022 and 2024 despite a shift in the National Nuclear Security Administration’s strategy regarding the Pantex Plant and Y-12 National Security Complex. The company expresses disappointment over the cancellation of a previous award but highlights potential growth opportunities in various market segments in 2022. Fluor maintains its adjusted earnings-per-share guidance as previously communicated during its May 6, 2022 earnings call.