Fluor Corporation appoints new board member

IRVING, Texas - Fluor Corporation (NYSE: NYSE:FLR), a global engineering and construction firm with a market capitalization of $8.19 billion and an InvestingPro Financial Health rating of "GOOD," has announced the election of Charles (Chip) P. Blankenship Jr. to its Board of Directors, effective March 1, 2025. Blankenship, currently the Chairman and CEO of Woodward (NASDAQ:WWD) Inc., will join Fluor’s Audit Committee and the Commercial Strategies and Operational Risk Committee, expanding the board to 11 members. The appointment comes as Fluor demonstrates strong market performance, with a 24.11% return over the past year.

The addition of Blankenship is expected to bolster Fluor’s strategic and operational capabilities, particularly in sectors such as advanced manufacturing, life sciences, mining, chemicals, and energy markets. David E. Constable, Chairman and CEO of Fluor, highlighted Blankenship’s transformative leadership and innovation-driving abilities as valuable assets to the company’s growth ambitions.

Blankenship brings a wealth of experience from his tenure as CEO of Arconic and a 24-year career at General Electric (NYSE:GE), where he held several key leadership roles, including CEO of GE Appliances and Vice President and General Manager of Commercial Aircraft Engines. His industry involvement extends to serving on the Board of Directors of the National Association of Manufacturers and the Board of Governors of the Aerospace Industries Association. He is also a member of the National Academy of Engineering and has served as a professor at the University of Virginia School of Engineering and Applied Sciences.

Fluor Corporation, with nearly 34,000 employees and $15.5 billion in revenue for 2023, is recognized as a Fortune 500 company. The firm has been providing professional and technical solutions for over a century. With its upcoming earnings announcement on February 18, 2025, investors seeking detailed analysis can access comprehensive financial metrics and additional insights through InvestingPro, which offers 12+ exclusive tips and a detailed Pro Research Report for Fluor Corporation. This strategic appointment reflects Fluor’s ongoing commitment to leadership and expertise in its field.

The information for this report is based on a press release statement from Fluor Corporation.

In other recent news, Fluor Corporation reported solid Q3 2024 earnings with revenue of $4.1 billion and new awards totaling $2.7 billion. The company’s total backlog reached $31.3 billion, with 80% being reimbursable contracts. Despite challenges, Fluor reported a consolidated segment profit of $117 million and adjusted earnings per share (EPS) of $0.51. These developments came amidst strategic shifts towards growth in non-traditional oil and gas projects.

Fluor also secured a Front-end Engineering and Design (FEED) contract for the GeZero project with Heidelberg (ETR:HDDG) Materials, aiming at large-scale carbon capture and storage (CCS) integration into Heidelberg’s cement production facility in Geseke, Germany. This initiative is a significant part of Heidelberg Materials’ decarbonization strategy, with Fluor playing a critical role.

In terms of analyst ratings, Citi reaffirmed its positive stance on Fluor, maintaining a Buy rating, despite the upcoming retirement of Fluor’s CFO, Joe Brennan. John Regan, the current Chief Accounting Officer, has been named as his successor. Citi has also adjusted its outlook on Fluor, reducing its price target to $60 from the previous $65, due to observations of weaker-than-expected new project awards for the quarter. Despite this, Citi remains optimistic about Fluor’s prospects and potential opportunities.

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