What is Fluor's latest dividend and current dividend yield?

What guidance did Fluor's management provide for the next earnings period?

What factors drove the changes in Fluor's revenue and profit?

What is the revenue and EPS growth rate for Fluor year over year?

What is Fluor's gross profit margin?

What were the key takeaways from Fluor's earnings call?

What were the key takeaways from Fluor’s earnings call?

What does Fluor do and what are its main business segments?

- **NuScale Milestone**: $1.1B+ NuScale shares to be monetized by Q2 2026, with proceeds allocated to $800M+ share buybacks.
- **Revenue Growth**: Urban Solutions new awards +116% YoY, Mining & Metals backlog +$800M+.
- **Cash Flow Strength**: Q3 OCF $286M, 2025 full-year OCF guide $250-300M (excl. Santos payment).
- **2026 Outlook**: EBITDA ~$510-540M, up ~$50M from 2025, driven by Mexico resumption and legacy project completions.
- **Risks**: Santos payment ~$600M, 50%+ from core cash. 2026 new awards back-end loaded, delaying EBIT delivery by ~4Q.

**【CEO Summary Section】**
- **NuScale Milestone**: Converted remaining investment into Class A shares, beginning orderly monetization by Q4 2025, completing by Q2 2026. This accelerates value delivery to shareholders while supporting NuScale's capital needs.
- **Revenue Performance**: Q3 revenue $3.4B (incl. $653M Santos reversal). New awards $3.3B (99% reimbursable), +$800M backlog adjustments, total backlog $28B (82% reimbursable).
- **Segment Growth**: Urban Solutions profit $61M, +116% new awards ($1.8B vs. $828M YoY). Mining & Metals awarded $800M+ in Canada and U.S. Infrastructure projects nearing completion (e.g., LAX People Mover Q1 2026, I-35E Phase 2 late 2026).
- **Strategic Shifts**: Shifting focus to short-term opportunities in Mining, Power, and LNG due to delayed client FIDs. 2026-2028 new awards expected $90B, with EBIT delivery delayed ~4Q due to market headwinds.

**【CFO Financial Commentary】**
- **Q3 Financials**: GAAP net loss $439M (incl. $653M Santos charge). Adjusted EBITDA $161M vs. $124M YoY. Adjusted EPS $0.68 vs. $0.51 YoY.
- **Cash Flow**: Q3 operating cash flow $286M, +$400M NuScale proceeds. 2025 full-year OCF guidance $250-300M (excl. Santos payment). 2026 legacy project funding $140M (50% from OCF).
- **Share Repurchases**: $70M Q3 buybacks, $800M planned through Feb 2026. Total repurchases since Dec 2024: $1.3B+.
- **Tax Impact**: Santos payment ~$600M, 50%+ covered by insurance. NuScale monetization benefits from tax attributes, reducing cash tax impact.

**【Q&A Highlights】**
- **NuScale Monetization**: First 15M shares sold in Q3, remaining 111M to be converted Nov 2025. Proceeds partially tax-shielded, with $800M+ allocated to share buybacks.
- **Santos Litigation**: Q4 2025 payment ~$600M, 50%+ from core operations. Insurance recovery negotiations ongoing, 15/20 carriers committed.
- **Data Center Strategy**: Focused on hyperscale, complex projects in U.S. Won $800M+ in India/Europe, pursuing strategic relationships for U.S. deals.
- **2026 Outlook**: EBITDA ~$510-540M (vs. 2025 guide $510-540M). 2026 EBITDA expected ~$50M higher than 2025, driven by Mexico resumption and legacy project completions.
- **Power & LNG**: Accelerating Power EPC opportunities (e.g., Romania, Indonesia). LNG Canada Phase 2 estimate & fee package under review with client.
- **Shareholder Returns**: 2025+ capital allocation prioritizes buybacks, with $1.3B+ repurchased since Dec 2024. NuScale proceeds to fuel further buybacks.

Fluor Corporation (FLR) Q3 2025 Earnings Call Transcript

- **Strategic Move on NuScale**: Conversion of 15M shares to Class A to unlock tax credits; monetization plan to be announced soon.
- **Revenue and Backlog Growth**: Q2 revenue $4B, H1 new awards $7.6B, total backlog $28B (80% reimbursable).
- **Segment Challenges**: Urban Solutions profit hit by $54M cost growth; Energy Solutions arbitration ruling drags profit down.
- **Revised Guidance**: 2025 EBITDA $475M-$525M (down 15%), EPS $1.95-$2.15, OCF $200M-$250M.
- **LNG Canada Phase 2**: JV awarded FEED update; potential expansion could double capacity.
- **Market Hesitation**: Clients delaying projects due to trade policy uncertainty, but U.S. policy support expected to drive long-term growth.

**【CEO Summary Section】**
- **NuScale Share Conversion**: 15 million Class B shares to be converted to Class A, enabling tax credit utilization and potential monetization. CEO emphasizes Fluor's position as the only firm with NuScale EPC expertise.
- **Revenue and Awards**: Q2 revenue $4B, new awards $1.8B (72% reimbursable), H1 book-to-burn PGM >1. Backlog remains $28B (80% reimbursable). Urban Solutions backlog $20.6B (73% of total).
- **Segment Performance**: Urban Solutions profit $29M (vs. $54M net impact from 3 infrastructure projects). Energy Solutions profit $15M (down from $75M YoY) due to project completions and arbitration ruling. Mission Solutions profit $35M (down from $41M YoY) due to stop work order.
- **Market Sentiment**: Clients exercising caution due to trade policy uncertainty, cost escalation, and interest rates. Hesitation expected to subside with trade clarity and U.S. policy implementation.

**【CFO Financial Commentary】**
- **Q2 Financials**: GAAP net income $3.2B (mark-to-market gain on NuScale), adjusted EBITDA $96M (vs. $165M YoY). Adjusted EPS $0.43 (vs. $0.85 YoY). Operating cash flow outflow $21M (vs. $282M YoY) due to working capital and infrastructure cost growth.
- **Guidance Update**: 2025 adjusted EBITDA $475M-$525M (prev. $550M-$600M), EPS $1.95-$2.15. OCF $200M-$250M (vs. $550M-$600M YoY). New awards $13B-$15B, revenue growth 5%-10%.
- **Cash Allocation**: Q2 share buybacks $153M (4M shares). Reduced repurchase cadence for H2 '25 ($450M-$500M vs. $600M). Focus on legacy project funding ($44M Q2, total $200M '25).
- **NuScale Monetization**: Conversion expected this month; monetization plan to be unveiled over next quarter. Tax gain from conversion offset by existing credits.

**【Q&A Key Highlights】**
- **Tariff Environment**: Clients delaying decisions due to trade policy uncertainty. CEO expects clarity to drive investment acceleration.
- **LNG Canada Phase 2**: JV awarded FEED update; potential Phase 2 expansion could double facility size. JV settlement on COVID claims provides clarity on cash flow timing.
- **Infrastructure Projects**: 3 projects with cost growth ($54M net impact). Actions include subcontractor recovery efforts and execution team strengthening. Projects 97%, 78%, and 58% complete.
- **Mining and Metals**: Strong fundamentals but near-term hesitation due to trade uncertainty. U.S. projects (copper, rare earth) and international opportunities (Canada, Europe) driving pipeline.
- **Cash Flow Risks**: Weakness in U.S. dollar (FX impact $41M Q2), delays in Mexico JV payments, and legacy project claims extending into '26.

Fluor Corporation (FLR) Q2 2025 Earnings Call Transcript

- **Revenue Growth**: 15% YoY to $4B, driven by urban infrastructure and life sciences.
- **Profit Expansion**: Adjusted EBITDA up 76% to $155M, EPS $0.73 beats estimates.
- **Backlog Strength**: $28.7B total backlog, 1.5x book-to-burn ratio.
- **Project Momentum**: LNG Canada nearing startup, Denmark bioreactor expansion on track.
- **Share Buybacks**: $600M program to capitalize on undervaluation.
- **Risks**: Energy project delays, FX volatility, legacy JV exposures.

**【CEO Opening Remarks】**
- Q1 2025 revenue: $4 billion, up 15% YoY driven by Urban Solutions and ATLS growth.
- New awards: $5.8 billion (87% reimbursable), book-to-burn ratio 1.5, total backlog $28.7 billion.
- Key projects: Life sciences expansion in Denmark, TxDOT highway construction, LNG Canada final stages.
- Strategy shift: From 'Fix & Build' to 'Grow & Execute' with focus on execution excellence and bolt-on acquisitions.

**【CFO Financial Highlights】**
- Adjusted EBITDA: $155 million (vs. $88M YoY), Adjusted EPS: $0.73 (vs. $0.47 YoY).
- Cash & marketable securities: $2.5 billion, operating cash flow outflow: $286 million (vs. $111M YoY).
- Share buybacks: $142 million in Q1, $600 million guided for 2025.
- 2025 guidance: EBITDA $575-675M, EPS $2.25-2.75, 15% revenue growth.

**【Segment Performance】**
- **Urban Solutions**: $70M profit, $5.3B new awards (life sciences, metals).
- **ATLS**: Bioreactor capacity doubled in Denmark, $1.08B+ life sciences pipeline.
- **Infrastructure**: Gordie Howe 96% complete, TxDOT highway expansion starts Q2.
- **Energy Solutions**: $47M profit, LNG Canada 782/837 systems mechanically complete.
- **Mission Solutions**: $5M profit, 2.4B backlog, tracking Savannah River plutonium plant.

**【Q&A Key Takeaways】**
- **Client Sentiment**: Time-to-market projects (life sciences, data centers) moving forward; energy/copper projects await macro clarity.
- **Execution Strength**: 90% of 2025 awards in execution phase, procurement teams mitigating tariff risks.
- **Risks**: Dow project delay, $28M Mission Solutions reserve, $14M FX impacts.
- **Cash Flow**: $450-500M operating cash flow guided, $200M legacy project funding for 2025.

Fluor (FLR)-2 May 25-2025 Q1 Earnings call transcript

- **CEO Transition & Growth Strategy**: David Constable steps back, Jim Breuer to lead "grow and execute" phase with $46.5B pipeline, 50% in high-margin urban solutions.
- **Urban Dominance**: Backlog up 20% to $17.7B, with Lilly pharma expansion and data center master agreement driving 2025 growth.
- **Energy Recovery**: LNG Canada 95% complete, targeting mid-2025 first cargo; 2025 margins guided at 3.5%-4.5% amid front-end reload.
- **Data Center Expansion**: Early-stage wins in $0.5B-$1B projects, targeting hyperscale deals as U.S. builds out AI infrastructure.
- **Legacy Cleanup**: 2025 legacy funding up to $200M, but 2024 operating cash flow ($828M) strongest since 2015, enabling $300M buybacks.

**【CEO Transition & Strategic Overview】**
- David Constable announced his transition to Executive Chairman, with Jim Breuer set to become CEO on May 1, 2025. The new strategy focuses on "grow and execute" with revised growth targets and project delivery excellence.
- 2024 revenue reached $16.3 billion (+5.4% YoY), with new awards of $15.1 billion (book-to-burn ratio 1.0). 85% of new awards were reimbursable, ending backlog at 80% reimbursable.
- Management highlighted opportunities in data centers, semiconductors, mining, and government contracts, driven by U.S. administration policies favoring domestic energy, minerals, and AI infrastructure.

**【Jim Breuer: Business Segment Updates】**
- **Urban Solutions**: Backlog grew 20% to $17.7 billion, with key wins in pharma (Lilly's Indiana project expansion) and data centers (master agreement with top developer). 2025 pipeline includes $46.5 billion in prospects, 50% in urban.
- **Energy Solutions**: Segment profit rose to $63M (Q4), with new awards of $406M. LNG Canada project 95% complete, targeting first cargo mid-2025. Margins guided at 3.5%-4.5% for 2025, reflecting front-end reload.
- **Mission Solutions**: Backlog $2.7B, with FEMA and DoD extensions. 2025 focus on recompetes and extensions, including LOGCAP V in Africa.

**【CFO Financial Update】**
- 2024 GAAP net income: $2.1B ($12.30 EPS), driven by NuScale deconsolidation gain. Adjusted EBITDA: $530M, operating cash flow $828M (best since 2015).
- 2025 guidance: EBITDA $575M-$675M, EPS $2.25-$2.75. Share buybacks targeting $300M in 2025, with flexibility for dividend reinstatement.
- Legacy project funding: $81M in 2024, up to $200M expected in 2025. Real estate footprint reduced 50% to 3.7M sq ft.

**【Q&A Key Takeaways】**
- **NuScale**: Detailed negotiations with strategic investor for monetization, aiming for long-term revenue stream. Commercialization expected to accelerate post-2025.
- **Data Centers**: Early-stage pipeline with $0.5B-$1B projects, targeting hyperscale ($>1B) deals. 2025 focus on execution efficiency and replication of best practices.
- **LNG Canada**: On track for mid-2025 first cargo, despite insulation challenges. JV discussions ongoing for COVID-related cost resolution.
- **Power Generation**: Rebuilding thermal capabilities on reimbursable/hybrid models, with front-end wins in nuclear and gas. Supply chain constraints expected through 2028.


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