Q1 2025 Fluor Corp Earnings Call Transcript
Key Points
- Fluor Corp (FLR) reported strong consolidated new awards for the quarter at $5.8 billion, with a book-to-burn ratio of 1.5.
- The Urban Solutions segment, the largest and most diverse business, reported a profit of $70 million in the first quarter.
- Fluor Corp (FLR) secured significant awards in life sciences and infrastructure, contributing to a total backlog of $28.7 billion.
- The company announced a new award from a leading pharmaceutical maker, showcasing its commitment to the life sciences market.
- Fluor Corp (FLR) maintained its 2025 adjusted EBITDA guidance of $575 million to $675 million and adjusted EPS guidance of $2.25 to $2.75, indicating confidence in future performance.
- Segment profit for Energy Solutions decreased to $47 million from $68 million a year ago, reflecting projects nearing completion and a reserve related to a long-completed project in Mexico.
- Mission Solutions reported a segment profit of $5 million, down from $22 million a year ago, due to a $28 million reserve from a recent ruling on a long-standing claim.
- Fluor Corp (FLR) lost a recompete for the strategic petroleum reserve, potentially impacting future revenue.
- Operating cash flow for the quarter was an outflow of $286 million, compared to an outflow of $111 million a year ago, due to increased working capital on larger projects.
- The company faced a $477 million negative impact in Q1 due to the mark-to-market of its investment in NuScale, as their stock price decreased.
Good morning, and welcome to Fluor's first quarter 2025 earnings conference call. Today's call is being recorded. (Operator Instructions) A replay of this webcast will be available at approximately 10:30 AM Eastern Time today accessible at Fluor's website at investor.fluor.com. The web replay will be available for 30 days.
A telephone replay will also be available for seven days through a registration link also accessible on Fluor's website at investor.fluor.com.
At this time, for opening remarks, I would like to turn the call over to Jason Landkamer, Head of Investor Relations. Please go ahead.
Thanks, Ian. Good morning, and welcome to Fluor's 2025 first-quarter earnings call. Jim Breuer, Fluor's Chief Executive Officer; and John Regan, Fluor's Chief Financial Officer, are with us today. Fluor issued its first-quarter earnings release earlier this morning, and a slide presentation is posted on our website that we will reference while making prepared remarks.
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