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Why Is Fluor (FLR) Up 41.1% Since Last Earnings Report?
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It has been about a month since the last earnings report for Fluor (FLR - Free Report) . Shares have added about 41.1% in that time frame, outperforming the S&P 500.
Will the recent positive trend continue leading up to its next earnings release, or is Fluor due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important drivers.
Fluor's Q4 Earnings Beat, Revenues Lag
Fluor Corporation reported mixed fourth-quarter 2021 results, wherein earnings beat the Zacks Consensus Estimate but revenues lagged the same. Earnings beat the Zacks Consensus Estimate for the fourth straight quarter, whereas revenues missed the same for the sixth consecutive quarter.
Elaborating on the quarterly performance, David Constable, chief executive officer of Fluor, said, “With a strengthened capital structure and a renewed focus on the key markets we serve, we ended 2021 on a positive note and are starting 2022 by building on this encouraging momentum.”
Inside the Headlines
Fluor reported adjusted earnings of 31 cents per share, beating the Zacks Consensus Estimate of 28 cents by 10.7%.
Quarterly revenues of $3,157 million missed the consensus mark of $3,258 million and decreased 3.4% from the year-ago level of $3,268 million. The downside was primarily caused by lower contribution from the Urban Solutions segment. Total revenues for 2021 came in at $12,435 million compared with $14,158 million in 2020.
Fluor's total new awards for 2021 came in at $8.8 billion compared with $9 billion in 2020. Consolidated backlog for the year came in at $18.9 billion, down from $25.6 billion in 2020.
Segmental Discussion
The company now reports results in four reportable segments as follows: Energy Solutions, Urban Solutions, Mission Solutions and Other.
Energy & Chemicals segment’s revenues grew 19.1% year over year to $1,281 million for the quarter. The segment reported a profit of $67 million, down from $36 million a year ago. New awards came in at $399 million in the quarter, up from $132 million in fourth-quarter 2020. Backlog at quarter-end was $9.3 billion compared with $11 billion in the year-ago period.
The segment’s 2021 revenues declined 6% from a year ago to $4,956 million. For the year, the segment reported a profit of $250 million compared with $169 million in 2020.
Revenues in the Urban Solutions segment totaled $996 million, down 29.9% on a year-over-year basis. Segment profit totaled $59 million versus $41 million a year ago. New awards came in at $261 million for the quarter, up from $214 million a year ago. Backlog at quarter-end was $7.05 billion compared with $9.22 billion in fourth-quarter 2020.
The segment’s 2021 revenues declined 24.6% year over year to $4,416 million. For the year, the segment reported a profit of $38 million compared with $161 million in 2020.
Revenues in the Mission Solutions segment totaled $880 million, up 14% on a year-over-year basis. The segment reported a profit of $38 million compared with $21 million a year ago. It booked new awards worth $24 million, down from $70 million a year ago. Backlog at quarter-end was $2.56 billion compared with $2.89 billion in the year-ago period.
The segment’s 2021 revenues grew 1% from the prior year to $3,063 million. For the year, the segment reported a profit of $155 million compared with $87 million in 2020.
The Other segment — comprising NuScale — recognized a loss of $27 million for the quarter versus a loss of $21 million in the year-ago period. This segment incurred a loss of $69 million for 2021 versus a loss of 84 million a year ago.
2022 Guidance
For 2022, Fluor expects adjusted earnings per share in the range of $1.15-$1.40. The consensus mark for the same is currently pegged at $1.12 per share.
How Have Estimates Been Moving Since Then?
Analysts were quiet during the last two month period as none of them issued any earnings estimate revisions.
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Why Is Fluor (FLR) Up 41.1% Since Last Earnings Report?
It has been about a month since the last earnings report for Fluor (FLR - Free Report) . Shares have added about 41.1% in that time frame, outperforming the S&P 500.
Will the recent positive trend continue leading up to its next earnings release, or is Fluor due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important drivers.
Fluor's Q4 Earnings Beat, Revenues Lag
Fluor Corporation reported mixed fourth-quarter 2021 results, wherein earnings beat the Zacks Consensus Estimate but revenues lagged the same. Earnings beat the Zacks Consensus Estimate for the fourth straight quarter, whereas revenues missed the same for the sixth consecutive quarter.
Elaborating on the quarterly performance, David Constable, chief executive officer of Fluor, said, “With a strengthened capital structure and a renewed focus on the key markets we serve, we ended 2021 on a positive note and are starting 2022 by building on this encouraging momentum.”
Inside the Headlines
Fluor reported adjusted earnings of 31 cents per share, beating the Zacks Consensus Estimate of 28 cents by 10.7%.
Quarterly revenues of $3,157 million missed the consensus mark of $3,258 million and decreased 3.4% from the year-ago level of $3,268 million. The downside was primarily caused by lower contribution from the Urban Solutions segment. Total revenues for 2021 came in at $12,435 million compared with $14,158 million in 2020.
Fluor's total new awards for 2021 came in at $8.8 billion compared with $9 billion in 2020. Consolidated backlog for the year came in at $18.9 billion, down from $25.6 billion in 2020.
Segmental Discussion
The company now reports results in four reportable segments as follows: Energy Solutions, Urban Solutions, Mission Solutions and Other.
Energy & Chemicals segment’s revenues grew 19.1% year over year to $1,281 million for the quarter. The segment reported a profit of $67 million, down from $36 million a year ago. New awards came in at $399 million in the quarter, up from $132 million in fourth-quarter 2020. Backlog at quarter-end was $9.3 billion compared with $11 billion in the year-ago period.
The segment’s 2021 revenues declined 6% from a year ago to $4,956 million. For the year, the segment reported a profit of $250 million compared with $169 million in 2020.
Revenues in the Urban Solutions segment totaled $996 million, down 29.9% on a year-over-year basis. Segment profit totaled $59 million versus $41 million a year ago. New awards came in at $261 million for the quarter, up from $214 million a year ago. Backlog at quarter-end was $7.05 billion compared with $9.22 billion in fourth-quarter 2020.
The segment’s 2021 revenues declined 24.6% year over year to $4,416 million. For the year, the segment reported a profit of $38 million compared with $161 million in 2020.
Revenues in the Mission Solutions segment totaled $880 million, up 14% on a year-over-year basis. The segment reported a profit of $38 million compared with $21 million a year ago. It booked new awards worth $24 million, down from $70 million a year ago. Backlog at quarter-end was $2.56 billion compared with $2.89 billion in the year-ago period.
The segment’s 2021 revenues grew 1% from the prior year to $3,063 million. For the year, the segment reported a profit of $155 million compared with $87 million in 2020.
The Other segment — comprising NuScale — recognized a loss of $27 million for the quarter versus a loss of $21 million in the year-ago period. This segment incurred a loss of $69 million for 2021 versus a loss of 84 million a year ago.
2022 Guidance
For 2022, Fluor expects adjusted earnings per share in the range of $1.15-$1.40. The consensus mark for the same is currently pegged at $1.12 per share.
How Have Estimates Been Moving Since Then?
Analysts were quiet during the last two month period as none of them issued any earnings estimate revisions.