Earnings rose at Fluor, Irving, Texas, in the third quarter, which the engineering and construction company attributed in part Friday to metals and mining projects as well as a steady stream of government contracts.
Net earnings attributable to Fluor for the third quarter ended Sept. 30 were $206 million, or $1.15 a share, up from $22 million, or $ 0.08 a share, in the year-ago quarter. Quarterly revenue was $4 billion, up year-over-year from $3.6 billion, according to a company press release.
Quarterly segment profit for the Mission Solutions branch that includes government work for the military and Department of Energy was $38 million, up from $29 million a year ago. Segment revenue was $655 million, up from $639 million in the year-ago period.
“This quarter’s results reflect our deliberate focus on driving profitability through improved project execution and our high-quality contract backlog,” Fluor CEO David Constable said in the Friday press release.
Constable concluded a conference call with Wall Street analysts by saying Fluor is now “past our inflection point.” This was an apparent reference to the tough times that led Fluor to appoint Constable as its new CEO about three years ago, making him the second new chief executive in fewer than two years.
Fluor has a minority stake in the Amentum-led Southern Ohio Cleanup, winner a $5.9-billion Portsmouth Site decommissioning and demolition contract awarded in July by DOE’s Office of Environmental Management. Fluor is the lead partner in the Portsmouth incumbent team, Fluor-BWXT Portsmouth, which remains on the job at least through January 2024.
A Fluor team has also submitted a bid package to operate the DOE’s National Nuclear Security Administration’s Pantex Plant in Texas, Constable said, adding it is an opportunity valued at up to $30 billion over 20 years. Fluor’s Navy Nuclear Propulsion program was also recently extended through 2028, the CEO said.
During the call, Fluor executives also received congratulations from a Wall Street analyst on the Texas Rangers’ World Series victory. Both Irving, where Fluor is based, and Arlington, where the Rangers play, are suburbs of Dallas.
A link to Fluor’s earnings report, presentation and webcast can be found here.
