Q2 profits rise at Fluor

Fluor, which employs nearly 34,000 people around the world specialising in large scale energy, urban and military infrastructure, reported that revenue for the period increased 7% compared with the previous year period to US$4.2 billion.

Photo: Fluor

The company, which is ranked 265 among the Fortune 500 companies, said that its consolidated backlog was $32.3 billion compared to $25.5 billion a year ago.

However, new awards during the period fell slightly to $3.1 billion compared to $3.7 billion in the second quarter of 2023.

General and administrative expenses for the second quarter of 2024 were $50 million compared to Q2 2023 expenses of $60 million.

“Our quarterly results demonstrate that our strategy is working, thereby ensuring targeted market growth and project execution excellence,” said David E. Constable, chairman and chief executive officer of Fluor. “For the second half of 2024, our focus will be on deploying resources onto our high-value project backlog and positioning the company to return capital to shareholders.”

Fluor said profits for the company’s urban Solutions segment reported a profit of $105 million in the second quarter compared to $76 million profit in the second quarter of 2023, driven by an increase in execution activities on multiple advanced technology and life sciences projects.

However, profits for Fluor’s energy solutions segment fell to of $75 million in the second quarter compared to $89 million in the second quarter of 2023.

Fluor, which is the majority owner in NuScale Power, a company specialising in small modular nuclear reactor (SMR) technology, said that its US$27 million loss for activities in its ‘Other’ section were primarily related to NuScale.