Fluor (FLR) Investor presentation summary

Company overview and strategic positioning

• Operates as a global provider of professional and technical solutions, serving clients in over 60 countries with a workforce of approximately 34,000 employees.

• Reported $15.5 billion in revenue for 2023 and is ranked #265 on the 2023 Fortune 500 list.

• Business groups include Energy Solutions, Urban Solutions, and Mission Solutions, each targeting diverse end markets.

• Majority of project backlog is cost reimbursable, with a global execution platform supporting blue-chip client relationships.

• Strategic focus on growth from long-term megatrends, technical expertise, and robust project pipeline.

Segment performance and project highlights

• Urban Solutions: Q3 2024 segment profit of $68 million, $828 million in new awards, and a $19.0 billion backlog, up 72% year-over-year.

• Mining & Metals: Secured $289 million award for a rare earth minerals refinery in Australia and began a major project study in Chile.

• ATLS: New awards include incremental and design phases for Eli Lilly in Indiana, with ongoing engagement in data centers and semiconductors.

• Infrastructure: Progress on Gordie Howe International Bridge and legal developments related to Mario M. Cuomo bridge.

• Mission Solutions: Q3 2024 segment profit of $45 million, $274 million in new awards, $3.1 billion backlog, and major contract wins in nuclear and national security.

• Energy Solutions: Q3 2024 segment profit of $50 million, $1.5 billion in new awards, and $8.8 billion backlog, with significant progress on LNG Canada and new projects in Mexico and Texas.

Financial performance and outlook

• Q3 2024 revenue of $4.1 billion, consolidated segment profit of $117 million, and adjusted EBITDA of $124 million.

• Operating cash flow of $330 million, cash and marketable securities of $2.9 billion, and reduced legacy project backlog.

• Share repurchase program expanded to 30.5 million shares; NuScale deconsolidation to result in a $1.6 billion gain in Q4.

• FY 2024 guidance: adjusted EPS of $2.55–$2.75, adjusted EBITDA of $525–$575 million, and operating cash flow of approximately $700 million.

• Segment margin guidance for FY 2024: 4.0% for Energy and Urban Solutions, 6.0% for Mission Solutions.