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Fluor Reports First Quarter 2021 Results

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Fluor Corporation (NYSE: FLR) announced financial results for its first quarter ended March 31, 2021. Revenue for the quarter was $2.9 billion and the net loss from continuing operations was $61 million, or $0.43 per diluted share. Earnings attributable to Fluor were negatively impacted by $68 million as a result of NuScale expenses and other adjustments (outlined in the table at the end of this release). Excluding these items, adjusted earnings per diluted share were $0.07. Consolidated segment profit for the quarter, which includes NuScale expenses, was $60 million compared to $55 million in the first quarter of 2020.

"Results for the quarter were consistent with our expectations as we start to work past the effects of COVID-19 on our projects and operations," said David Constable, chief executive officer of Fluor. "We continue to have productive conversations with our clients and believe that prospects and opportunities will begin to pick up as we enter the back half of 2021."

First quarter new awards were $3.7 billion, and ending consolidated backlog was $23.8 billion, up from $23.1 billion last quarter. Fluor’s cash and marketable securities at the end of the quarter were $2.0 billion. Corporate general and administrative (G&A) expenses in the first quarter were $66 million, compared with $34 million a year ago, due to higher stock price-driven compensation.