Earnings rose at Fluor, Irving, Texas, in the fourth quarter as well as for the full year ended Dec. 31, 2024, which the company attributed Tuesday to projects ranging from data centers to Department of Energy nuclear cleanup.
The numbers were also affected by the “equity method” of accounting for Fluor’s investment and “de-consolidation” from NuScale Power, Fluor said in its earnings press release. NuScale, the small modular reactor company that is now also publicly traded.
Net earnings for the fourth quarter were $1.9 billion, or $10.57 a share compared to net loss attributable to Fluor of $21 million, or $0.12 per diluted share in the fourth quarter of 2023. Quarterly revenue was $4.3 billion, up year-over-year from $3.8 billion.
Net earnings attributable to Fluor for the full year were $2.1 billion or $12.30 a share up from $139 million or $0.54 per share. Yearly revenue was $16.3 billion, up from $15.5 billion in 2023.
Quarterly segment operating income in the Mission Solutions segment where Fluor organizes its DOE and Department of Defense contracts was $45 million up from $31 million a year ago. During the quarter, the company received an eight-month DOE extension for its Fluor-BWXT Portsmouth joint venture to continue decommissioning at the Portsmouth Site in Ohio, according to the Fluor slide presentation. Revenue for Mission Solutions was $654 million, up from $646 million a year earlier.
Energy Solutions, which includes Fluor’s traditional nuclear and small modular reactor projects, had a profit of $63 million for the quarter, up from $26 million in the year-ago quarter. Energy Solutions’ quarterly revenue was $1.5 billion, up from $1.4 billion a year ago.
“Our results for 2024 reflect our four-year journey of building a robust reimbursable backlog across diverse end markets, strengthening our capital structure, developing strong engineering and project execution teams, and commencing our capital allocation program,” said David Constable, chairman and CEO of Fluor.
Before the earnings report, Fluor announced Constable will soon pass on the CEO title to chief operating officer Jim Breuer, although Constable will remain on the board of directors as executive chairman.
