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- Fluor Corp FLR reported second-quarter revenue decline of 13% year-over-year to $3.236 billion, beating the consensus of $3.20 billion.
- Sales by segments: Energy Solutions $1.32 billion (-11.9% Y/Y), Urban Solutions $1.21 billion (-20% Y/Y) and Mission Solutions $707.1 million (-2.4% Y/Y).
- The company reported an adjusted EPS of $0.32, beating the consensus of $0.09.
- The gross margin contracted by 30 bps to 1.8%.
- Total segment profit was $67.2 million, down by 7.2% Y/Y, and margin expanded by 20 bps to 2.1%.
- The company recorded an operating loss of $2.39 million, compared to a profit of $33.27 million a year ago.
- Fluor's cash used in operating activities year-to-date was $153.88 million, compared to cash provided $64.09 million a year ago.
- At the end of the quarter, the company's backlog was $21.07 billion, with new orders of $1.37 billion (-29% Y/Y).
- Fluor's cash and marketable securities at the end of the quarter were $2.7 billion compared to $2 billion last quarter.
- FY21 Outlook: Fluor expects adjusted EPS of $0.60 - $0.80 (prior $0.46 - $0.71) vs. a consensus of $0.56.
- Price Action: FLR shares are trading higher by 7.23% at $17.8 during the premarket session on the last check Friday.
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