The following is a summary of the Fluor Corporation (FLR) Q1 2024 Earnings Call Transcript:
Financial Performance:
Fluor reported Q1 revenues of $3.7 billion, with new awards for the first quarter recorded at $7 billion, led by advancements in the life sciences and technology business line.
The company reported a book-to-burn ratio of 1.9 and a backlog of $32.7 billion.
Total profits from Urban Solutions was $50 million, a significant rise from last year, with new awards reaching $4.9 billion.
Profits from the Energy Solutions segment decreased from last year due to cost growth on a subcontract in Mexico.
Profits of the Mission Solutions rose from $7 million a year ago to $22 million.
Anticipating that the net interest income run rate for the rest of 2024 will remain in the current range, with a revenue growth of approximately 15%.
Business Progress:
Significant progress has been made in their Fluor Nordic strategy and the company is focusing on projects in life sciences, semiconductors, data centers, energy transition, and mining.
The company is in discussion to monetize NuScale shares held by Fluor.
Fluor has won major contracts such as the FEMA and Hanford Tank's contracts and has submitted proposals for projects like PANTEX.
The company is hiring approximately 5,000 people per annum to meet the rising demand for its services.
Fluor has a projected backlog worth $35 billion over the next four quarters with expectation of high margin and more reimbursable projects.
Fluor is anticipated to grow in areas such as Urban Solutions and Energy Solutions due to valuable contract agreements and extension awards.
More details: Fluor IR
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