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Fluor Stock Gains After Q3 Beat, Raised FY21 Outlook

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Fluor Stock Gains After Q3 Beat, Raised FY21 Outlook
  • Fluor Corp (NYSE: FLR) reported a third-quarter FY21 revenue decline of 10.1% year-over-year to $3.1 billion, beating the consensus of $2.76 billion.
  • Sales by segments: Energy Solutions $1.37 billion (+2.1% Y/Y), Urban Solutions $1.01 billion (-23.7% Y/Y) and Mission Solutions $723 million (-8.4% Y/Y).
  • The company reported an adjusted EPS of $0.23, beating the consensus of $0.14.
  • The gross margin contracted by 40 bps to 3.4%. The operating profit increased to $101.56 million (+53.6% Y/Y), and the margin expanded by 136 bps to 3.3%.
  • Total segment profit was $110 million, down by 14.3% Y/Y, and margin contracted by 20 bps to 3.5%.
  • Fluor's cash used in operating activities year-to-date was $219.55 million, compared to cash provided of $144.24 million a year ago. 
  • At the end of the quarter, the company's backlog was $21.03 billion, with new orders of $3.04 billion (+137.2% Y/Y).
  • Fluor's cash and equivalents at Q3-end totaled $2.2 billion compared to $2.7 billion last quarter. The company reduced its outstanding debt by 30% during the quarter.
  • FY21 Outlook: Fluor raised its EPS guidance and now expects adjusted EPS of $0.85 - $1.00 (prior view $0.60 - $0.80) vs. a consensus of $0.61.
  • Price Action: FLR shares are trading higher by 6.75% at $21.66 on the last check Friday.
 

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