Press Release
May 12, 2024

Fluor Reports First Quarter 2024 Results

Fluor

IRVING, Texas--(BUSINESS WIRE)-- Fluor Corporation (NYSE: FLR) announced financial results for its first quarter ended March 31, 2024. Revenue for the quarter was $3.7 billion and net income attributable to Fluor was $59 million, or $0.34 per diluted share. Consolidated segment profit1 for the quarter was $118 million compared to a $15 million loss in the first quarter of 2023. Results for the quarter include $29 million in cost growth for a construction only subcontract executed by our joint venture entity in Mexico. Excluding the adjustments outlined in the reconciliation table at the end of this release, the company had adjusted EBITDA1 of $88 million and adjusted earnings per diluted share1 of $0.47 for the first quarter.

“2024 is off to a good start with substantial new awards from clients in our Urban Solutions segment,” said David Constable, chairman and chief executive officer of Fluor. “This demand, which we believe is just beginning, drove our backlog to a level not achieved since 2019.”

First quarter new awards were $7.0 billion compared to $3.2 billion a year ago. Ending consolidated backlog improved to $32.7 billion compared to $25.6 billion a year ago. General and administrative expenses for the first quarter of 2024 were $59 million compared to $62 million for the same period last year. Fluor’s cash and marketable securities at the end of the quarter were $2.3 billion, not including $120 million in cash and marketable securities attributable to NuScale.

About Fluor Corporation

Fluor Corporation (NYSE: FLR) is building a better world by applying world-class expertise to solve its clients’ greatest challenges. Fluor’s 30,000 employees provide professional and technical solutions that deliver safe, well-executed, capital-efficient projects to clients around the world. Fluor had revenue of $15.5 billion in 2023 and is ranked 303 among the Fortune 500 companies. With headquarters in Irving, Texas, Fluor has provided engineering, procurement and construction services for more than 110 years. For more information, please visit Fluor.com or follow Fluor on Facebook, LinkedIn, X and YouTube.