This story was originally published on Construction Dive. To receive daily news and insights, subscribe to our free daily Construction Dive newsletter. After a year marked largely by uncertainty, more large-scale projects are now moving closer to execution in 2026, according to Fluor. On the company’s second-quarter earnings call last year, CEO Jim Breuer said clients were taking a “wait-and-see approach due to a variety of reasons,” such as trade policy discussions and overall cost escalation. That ultima ...

来源：经济观察网 经济观察网 福陆公司股价上涨主要与超出市场预期的财务表现、积极的现金流前景以及公司战略执行 进展相关。 业绩经营情况 以上内容基于公开资料整理，不构成投资建议。 公司在2025年5月的业绩电话会中强调了对现金流生成的信心，并将股票回购授权从3亿美元增加至6亿 美元。管理层在交流中提到，2025年4月已观察到营运资本向现金转化的改善，这支撑了其对现金流前 景的乐观态度和回购力度的加大。这一信号被市场解读为对公司财务健康和股东回报能力的肯定。 公司项目推进 根据福陆2025年第一季度的业绩交流会，公司在能源、基础设施等目标市场的新项目执行取得进展，例 如Gordy Howe国际大桥项目接近完工，以及在新兴的绿色钢铁、铜生产等领域的业务机会受到关注。 这些进展强化了市场对其长期增长潜力的预期。 板块变化情况 综合来看，福陆财报后股价上涨是市场对其改善的现金流、增强的股东回报承诺以及重点项目进展的综 合反应。 福陆公司2025财年第三季度（截至2025年9月30日）的财报数据显示，尽管营业收入为33.68亿美元，但 公司当季自由现金流达到2.73亿美元，经营活动现金流为2.86亿美元。这表明公司在现 ...

Management has transitioned from a 'fix-and-build' strategy to a 'grow-and-execute' chapter, focusing on project delivery and aggressive shareholder value return. The Energy Solutions segment loss was primarily driven by the $643 million Santos ruling; excluding this, management noted the segment exceeded internal performance expectations. Urban Solutions results were impacted by $108 million in cost growth across three infrastructure projects, though this was partially offset by favorable negotiation ...

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Core Viewpoint - Fluor's stock increased despite fourth-quarter results falling short of analysts' expectations, primarily due to a significant $1.35 billion gain from the sale of its NuScale Power shares [1]. Financial Performance - Fluor reported a revenue decline of 2% to $4.175 billion, compared to analysts' consensus estimate of $4.288 billion [1]. - Adjusted earnings per share were 33 cents, reflecting a 31% decrease year-over-year [1]. Market Reaction - The stock price of Fluor rose on the day of the earnings report, indicating a positive market reaction despite the disappointing financial results [1].

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Momentum investing is essentially an exception to the idea of "buying low and selling high." Investors following this style of investing are usually not interested in betting on cheap stocks and waiting long for them to recover. Instead, they believe that "buying high and selling higher" is the way to make far more money in lesser time.Who doesn't like betting on fast-moving trending stocks? But determining the right entry point isn't easy. Often, these stocks lose momentum once their valuation moves ahead ...

Fluor (NYSE:FLR) Q4 2025 Earnings call February 17, 2026 08:30 AM ET Company ParticipantsJamie Cook - Managing DirectorJason Landkamer - VP of Investor RelationsJim Breuer - CEOJohn Regan - CFOSteven Fisher - Managing DirectorConference Call ParticipantsAndrew Wittman - Senior Research AnalystAndy Kaplowitz - Senior AnalystMichael Dudas - Equity Research AnalystSangita Jain - Director and Equity Research AnalystOperatorGood morning, and welcome to Fluor's fourth quarter and full year 2025 earnings conferenc ...

Financial Data and Key Metrics Changes - Consolidated new awards for 2025 were $12 billion, with 87% being reimbursable, and the backlog ended at $25.5 billion, with 81% reimbursable [9][10] - Adjusted EBITDA for 2025 was $504 million, compared to $530 million in 2024, and adjusted EPS was $2.19, down from $2.32 in 2024 [24][30] - The company ended 2025 with $2.2 billion in cash and marketable securities, down from $3 billion a year ago [25] Business Segment Data and Key Metrics Changes - Urban Solutions reported a profit of $205 million for 2025, down from $304 million in the previous year, with new awards totaling $8.7 billion [10][11] - Energy Solutions reported a segment loss of $414 million for 2025, compared to a profit of $256 million in 2024, with new awards totaling $1.4 billion [12][13] - Mission Solutions reported a profit of $94 million for the year, down from $153 million a year ago, with new awards totaling $1.8 billion [16][17] Market Data and Key Metrics Changes - The company is seeing improved confidence across its client base, with expectations for new awards in 2026 to be significantly higher than in 2025 [7][8] - The company anticipates a Book-to-Burn Ratio in excess of one for 2026, indicating a positive outlook for project awards [8][30] Company Strategy and Development Direction - The company has transitioned to a "Grow and Execute" strategy, focusing on growth, project delivery, and returning value to shareholders [4][5] - The company is actively pursuing opportunities in LNG, mining and metals, advanced technologies, and nuclear fuels, with a focus on diversifying its revenue mix [8][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth potential for 2026, citing a strong backlog and improved execution on projects [36][72] - The company expects to spend approximately $1.4 billion on share repurchases in 2026, indicating a commitment to returning value to shareholders [28][30] Other Important Information - The company has implemented AI across various functions to enhance project delivery and decision-making [19][20] - The company completed the sale of Stork and signed an agreement for the sale of the CFHI Yard, maintaining discipline around contract terms [5][6] Q&A Session Summary Question: Initial guidance for 2026 - Management noted that confidence from clients has improved, and a significant portion of expected EBITDA will come from backlog [35][36] Question: Power market opportunities - Management indicated that the power market has evolved, with better terms and conditions for contracts, and expects to execute multiple large projects simultaneously [41][42] Question: LNG project FEED - Management clarified that the FEED for the U.S. LNG plant is for ancillary scope and will involve negotiated risk allocation [48] Question: Urban Solutions margin outlook - Management explained that the margin outlook is affected by legacy projects and the timing of their completion [50] Question: Cash flow and JV distributions - Management discussed the impact of taxes and expected distributions from joint ventures, noting a decrease in cash flow from certain projects [55] Question: Mission Solutions margin guidance - Management attributed the improved margin guidance to performance on specific projects that receive equity method treatment [60] Question: Demand for pharmaceutical and data center services - Management confirmed ongoing projects with pharmaceutical clients and expressed optimism about securing new contracts in data centers [70]

Financial Data and Key Metrics Changes - Consolidated new awards for 2025 were $12 billion, with 87% being reimbursable, showing a recovery from previous geopolitical and trade uncertainties [9] - The backlog ended at $25.5 billion, with 81% reimbursable, indicating strong earnings potential [9] - Adjusted EBITDA for 2025 was $504 million, down from $530 million in 2024, while adjusted EPS decreased to $2.19 from $2.32 [25][30] - Operating cash flow was negative $387 million, primarily due to a $642 million payment to Santos [26] Business Segment Data and Key Metrics Changes - Urban Solutions reported a profit of $205 million for 2025, down from $304 million in 2024, affected by cost growth on infrastructure projects [10] - Energy Solutions reported a segment loss of $414 million for 2025, compared to a profit of $256 million in 2024, largely due to the Santos ruling and project completions [12] - Mission Solutions reported a profit of $94 million for the year, down from $153 million in 2024, with new awards totaling $1.8 billion [16] Market Data and Key Metrics Changes - The company is seeing improved confidence across its client base, with expectations for new awards in 2026 to be significantly higher than in 2025 [6] - The power market in the U.S. has evolved, with utilities showing more willingness to engage in reimbursable contracts that convert to lump sum [42] Company Strategy and Development Direction - The company has transitioned to a "Grow and Execute" strategy, focusing on growth, project delivery, and returning value to shareholders [4] - The company is actively pursuing opportunities in LNG, mining, advanced technologies, and nuclear fuels, with a focus on diversifying its revenue mix [8] - The company plans to spend approximately $1.4 billion on share repurchases in 2026, indicating a strong commitment to returning capital to shareholders [29] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, citing a recovery in client confidence and a robust pipeline of projects [6][76] - The company anticipates that new awards for 2026 will be significantly higher than in 2025, with a Book-to-Burn Ratio exceeding 1 [8] - Management highlighted the importance of AI as a strategic advantage, enhancing project planning and execution [19] Other Important Information - The company completed the sale of Stork and is in the process of monetizing its investment in NuScale, having received $2 billion since September 2025 [5] - The company is focusing on building additional expertise and depth in its workforce while reviewing tuck-in M&A opportunities [29] Q&A Session Summary Question: Initial guidance and customer confidence - Management noted that the initial guidance for 2026 was better than expected due to increased customer confidence and a diverse range of prospects [34][35] Question: Power market opportunities - Management indicated that the power market has improved, with utilities more accommodating in contract terms, and expects to execute multiple large projects simultaneously [41][43] Question: Backlog conversion rates - Management estimated that 50%-60% of the backlog would convert to revenue in the next 12 months, depending on execution and client materials [82] Question: Share repurchases vs. capital allocation - Management confirmed that share repurchases would be prioritized initially, with plans to reinvest in the business and explore smaller-scale acquisitions later [85][86] Question: Competitive advantages in end markets - Management emphasized targeting markets where the company has a competitive advantage, such as LNG, copper, and nuclear fuels, while acknowledging challenges in newer markets like data centers [88][89]