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Fluor(FLR) - 2025 Q1 - Quarterly Results
FLRFluor(FLR)2025-05-02 11:03

Financial Performance - Q1 2025 revenue of 4.0billion,up74.0 billion, up 7% year-over-year[6] - GAAP net loss attributable to Fluor of 241 million, impacted by 477millioninmark−to−marketlossesonNuScaleinvestment[6]−AdjustedEBITDAof477 million in mark-to-market losses on NuScale investment[6] - Adjusted EBITDA of 155 million, up 76% year-over-year[6] - Adjusted net earnings for the three months ended March 31, 2025, were 125million,withanadjustedEPSof125 million, with an adjusted EPS of 0.73, compared to 81millionand81 million and 0.47 in 2024[24] - The company reported a net loss attributable to Fluor of (241)millionforthethreemonthsendedMarch31,2025,comparedtoanetincomeof(241) million for the three months ended March 31, 2025, compared to a net income of 59 million in 2024[24] - Net earnings excluding amounts attributable to equity method loss for the three months ended March 31, 2025, were 88million,withaneffectivetaxrateof1988 million, with an effective tax rate of 19%[22] - The effective tax rate attributable to equity method loss was also 19%[22] Awards and Backlog - New awards totaled 5.8 billion, down 17% year-over-year, with 87% being reimbursable[11] - Backlog decreased to 28.7billion,down12.328.7 billion, down 12.3% year-over-year, with 79% being reimbursable[11] - Q1 revenue book to burn ratio of 1.5x, indicating strong project pipeline[5] Cash Flow and Capital Expenditures - Operating cash flow for the three months ended March 31, 2025, was (286) million, compared to (111)millioninthesameperiodof2024[23]−CapitalexpendituresforthethreemonthsendedMarch31,2025,were(111) million in the same period of 2024[23] - Capital expenditures for the three months ended March 31, 2025, were (11) million, down from (34)millionin2024[23]−Cashandcashequivalentsattheendoftheperiodwere(34) million in 2024[23] - Cash and cash equivalents at the end of the period were 2,433 million, an increase from 2,335millioninthesameperiodof2024[23]ShareholderReturns−Acceleratedsharerepurchasesof2,335 million in the same period of 2024[23] Shareholder Returns - Accelerated share repurchases of 142 million in Q1, targeting 600millionfor2025[5]−Thecompanyrepurchased600 million for 2025[5] - The company repurchased 142 million of common stock during the three months ended March 31, 2025[23] Segment Performance - Urban Solutions segment reported a profit of 70million,withrevenueincreasingto70 million, with revenue increasing to 2.2 billion[12] - Energy Solutions segment reported a profit of 47million,withrevenuedecreasingto47 million, with revenue decreasing to 1.2 billion[13]