- Fluor Corp (NYSE:FLR) reported a first-quarter FY22 revenue decline of 6.7% year-over-year to $3.12 billion, beating the consensus of $2.88 billion.
- Revenue by segments: Energy Solutions $1.17 billion (+18.5% Y/Y), Urban Solutions $959 million (-19.7% Y/Y), Mission Solutions $593 million (-21.3% Y/Y) and Others $396 million (-3.2% Y/Y).
- Total segment profit improved to $115 million (+91.7% Y/Y), and margin expanded by 190 bps to 3.7%.
- Adjusted EPS improved to $0.16 for the quarter from $0.03 in 1Q21, missing the consensus of $0.17.
- Q1 new awards were $1.9 billion compared to $3.9 billion a year ago, and the consolidated backlog was $19.3 billion.
- Fluor’s cash and equivalents at the end of the quarter were $2.1 billion.
- FY22 Outlook: Fluor reaffirmed adjusted EPS guidance of $1.15 - $1.40, against the consensus of $1.19.
- Price Action: FLR shares are trading higher by 3.68% at $26.80 during the pre-market session on Friday.
