Functional Brands closes $8 million private placement and completes Nasdaq listing
Investing.com - Fluor Corporation (NYSE:FLR) shares surged 12.7% on Friday after the engineering and construction firm reported third-quarter adjusted earnings that significantly exceeded analyst expectations, despite a revenue miss caused by a legal ruling.
The company posted adjusted earnings per share of $0.68 for the third quarter, beating the analyst consensus of $0.46 by 22 cents. However, revenue fell to $3.4 billion, below the $4.2 billion analysts had expected, primarily due to a $653 million charge related to the Santos ruling in Australia.
Fluor raised its full-year 2025 guidance, now expecting adjusted earnings of $2.10 to $2.25 per share, above the previous consensus of $2.06. The company also increased its adjusted EBITDA forecast to $510-$540 million from the previous range of $475-$525 million.
"Fluor’s third quarter results demonstrate our commitment to disciplined project delivery and creating value for our clients and shareholders," said Jim Breuer, CEO of Fluor. "Despite continued short term uncertainty in some markets, we are well positioned with unmatched global engineering and construction expertise."
The company reported new awards totaling $3.3 billion for the quarter, up 21% YoY, with 99% being reimbursable contracts. Backlog stood at $28.2 billion, with 82% reimbursable projects.
Fluor also announced plans to convert its NuScale investment to Class A shares, with full monetization expected by the end of Q2 2026. The company has already received net proceeds of $605 million through early October for 15 million shares converted in Q3.
Despite the revenue challenges, Fluor generated strong operating cash flow of $286 million during the quarter, prompting the company to increase its full-year operating cash flow guidance to $250-$300 million.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.