Latest news with #BuildingaBetterFuture
Business Wire
22-05-2025
- Business
- Business Wire
Flatiron Health Announces Research to Be Presented at ASCO 2025
NEW YORK--(BUSINESS WIRE)--Flatiron Health today announced 14 abstracts leveraging its high-quality real-world oncology data have been accepted for poster presentation and online publication at the 2025 American Society of Clinical Oncology (ASCO) Annual Meeting in Chicago. These studies exemplify Flatiron's commitment to advancing cancer research and align with this year's ASCO theme, 'Driving Knowledge to Action: Building a Better Future,' by delivering critical evidence to inform and improve patient care. Our research accepted at this year's ASCO demonstrates our lasting commitment to deliver actionable evidence and improve care for every person with cancer. Share 'AI and related technologies have enabled us to unlock data and insights from our entire network of over five million people with cancer, providing unprecedented scale, efficiency, and innovation for both real-world evidence generation and clinical trial execution,' said Stephanie Reisinger, Senior Vice President & General Manager, Real-World Evidence. 'Our research accepted at this year's ASCO demonstrates our lasting commitment to deliver actionable evidence and improve care for every person with cancer.' Highlights include: a poster presentation utilizing advanced machine learning models to identify a cohort of over 195,000 to complete the largest real-world study to date examining ctDNA testing in early stage breast cancer an abstract assessing how often PSMA-PET scans were used among non-Latinx/Hispanic White, Black, and Latinx patients with metastatic prostate cancer an abstract demonstrating the potential of a centralized, tech-enabled screening service to make clinical trial enrollment and more efficient, particularly in community oncology settings Schedule a meeting with Flatiron Health at ASCO 2025, and learn more about our abstracts and events, including workshops and panels. Follow Flatiron Health on X and LinkedIn for more updates from #ASCO25 and visit us in person at Booth #11131. Partners: University of Colorado Skaggs School of Pharmacy and Pharmaceutical Sciences, University of Colorado School of Public Health Erin Fidyk, Patrick Ward, Melissa Estevez, Konstantin Krismer, John Ritten, Anca Marinescu, Aaron B. Cohen Breast Cancer—Local/Regional/Adjuvant Poster board: 148 Abstract number: 555 Partners: Memorial Sloan Kettering Cancer Center, AstraZeneca Dana Rathkopf, Danni Zhao, Lana Kovacevic, Jenna Collins, Eunice Hankinson, Helen Marshall, Aaron Springford, Simran Shokar, Helene von Bandemer, Weiyan Li Genitourinary—Prostate, Testicular, and Penile Poster board: 295 Abstract number: 5096 Impact of social determinants of health on mortality in diffuse large B-cell lymphoma (DLBCL) using real-world data Partners: Yale School of Medicine, University of Alabama at Birmingham, Fox Chase Cancer Center, University of Texas Southwestern Medical Center, University of Colorado at Anschutz Maureen Canavan, Mengru Wang, Olive Mbah, Maneet Kaur, Michael J. Hall, Adeel Khan, Jessica McDermott, Madeline Schmitter, Anosheh Afghahi, Gaurav Goyal Quality Care/Health Services Research Poster board: 436 Abstract number: 11097 Partners: UCLA, AstraZeneca, Memorial Sloan Kettering Cancer Center, The University of Chicago Jay Lee, Daniel Simmons, Tiernan Mulrooney, Jeremy Snider, Lana Natalija Kovacevic, Karen Schwed, Aditya Juloori Lung Cancer—Non–Small Cell Local-Regional/Small Cell/Other Thoracic Cancers Poster board: 199 Abstract number: 8078 Molecular residual disease (MRD) in solid tumors Partners: Taylor Cancer Research Center, Exact Sciences, Case Comprehensive Cancer Center Majd T. Ghanim, John Nemunaitis, Tara Marti, Abhishek Dabral, Katherine Diaz-MacInnis, Judith Frederick, Marla Kuleszynski, Yichen Lu, Amanda Rodriguez-Sullivan, Melanie Palomares, Natalie Salituro, Soma Subramaniam, Anthony Tate, Kathleen Turnbull, Neal J. Meropol Therapeutics—Molecularly Targeted Agents and Tumor Biology Poster board: 486b Abstract number: TPS3186 Assessment of racial/ethnic inequities in uptake of Prostate Specific Membrane Antigen - Positron Emission Tomography (PSMA-PET) scans among patients with metastatic prostate cancer in the United States (US) Eunice A. Ochuonyo, Samantha Reiss, Patrick J. Ward, Brooke A. Jarrett, Olive Mbah, Prakirthi Yerram, Laura Rivera-Reyes, Sophia Miller, Kelly Magee, Lynn Rosario, Wendy Wittman, Cleo A. Ryals Online publication only Accrual of racially and ethnically underrepresented populations with multiple myeloma associated with centralized patient screening in a multicenter study Partners: University of Colorado, Johnson & Johnson, New York Cancer and Blood Specialists Anosheh Afghahi, Daniel Sanchez, Yichen Lu, Richard M. Zuniga, Laura Heste, Dina Gifkins, Britney Beaulieu, Catharine Cipolla, Barry Leybovich, Debra Mitchell, Jeffrey Nan, Ebube Onwasigwe, Hemang Patel, Paul Salcuni, Chloe Salzman, Neal J. Meropol, Ashita S. Batavia Online publication only A retrospective real-world study of first-line PD-(L)1 inhibitor use in patients with metastatic non-small cell lung cancer (mNSCLC) Partner: Incyte Kim Saverno, Siobhan Halloran, Mark Guinter, Kelly Magee, Michael Ondovik, J.E. Hamer-Maansson, Mark Cornfeld, Mihaela Munteanu Online publication only A retrospective cohort study of real-world clinical outcomes in patients with CLL/SLL previously treated with covalent BTK inhibitor (cBTKi) and BCL2 inhibitor (BCL2i) regimens Partners: Merck & Co, MSD UK, Mayo Clinic Jennifer Prescott, Christina Parrinello, Ahmed Sawas, Enrico De Nigris, Jing Yang, Erik Bloomquist, Indu Shrivastava, Changxia Shao, Xinyue Liu, Mohammed Farooqui, Sameer A. Parikh Online publication only Management and outcomes of rash, peripheral neuropathy (PN), and hyperglycemia (HG) during first-line (1L) treatment (Tx) of locally advanced/metastatic urothelial cancer (la/mUC) in a real-world setting Partners: Cleveland Clinic, Merck KGaA, EMD Serono Amanda Nizam, Mairead Kearney, Valerie Morris, Seyed Hamidreza Mahmoudpour, Carroline Lobo, Chiemeka Ike, Jason Hoffman, Ilian Iliev, Prakirthi Yerram, Mark Guinter Online publication only Concordance of response-based clinical trial and machine learning–generated real-world end points Partner: Genentech Qianyi Zhang, Konstantin Krismer, Yichen Lu, Qianyu Yuan, Aaron Dolor, Auriane Blarre, Aaron B. Cohen, Tori Williams, Sophia Maund, Minu K. Srivastava, Kelly Magee Online publication only Partners: Pfizer, University of San Francisco Helen Diller Family Comprehensive Cancer Center, MD Anderson Cancer Center, Dana-Farber Cancer Institute, European Institute of Oncology IRCCS, University of Milano, UPMC Hillman Cancer Center Hope S. Rugo, Rachel M. Layman, Filipa Lynce, Xianchen Liu, Benjamin Li, Lynn McRoy, Aaron B. Cohen, Melissa Estevez, Giuseppe Curigliano, Adam Brufsky Online publication only Unmet need in adults and adolescents and young adults (AYAs) with B-cell acute lymphoblastic leukemia (B-ALL) in the US following a second relapse Partners: Memorial Sloan Kettering Cancer Center, Stanford Cancer Center, AstraZeneca, Tampa General Hospital Cancer Institute, Knight Cancer Institute, MD Anderson Cancer Center Mark B. Geyer, Michaela Liedtke, Vikram Shetty, Anthony Proli, Yazan K Barqawi, Jenna Collins, Nikesh N. Shah, Jessica T. Leonard, Joseph Elias Jabbour Online publication only About Flatiron Flatiron Health is a healthtech company expanding the possibilities for point of care solutions in oncology and using data for good to power smarter care for every person with cancer. Through machine learning and AI, real-world evidence, and breakthroughs in clinical trials, we continue to transform patients' real-life experiences into knowledge and create a more modern, connected oncology ecosystem. Flatiron Health is an independent affiliate of the Roche Group.
Business Wire
02-05-2025
- Business
- Business Wire
Fluor Reports First Quarter 2025 Results
IRVING, Texas--(BUSINESS WIRE)-- Fluor Corporation (NYSE: FLR) announced financial results for its first quarter ended March 31, 2025. "We are well positioned for the grow and execute chapter of our Building a Better Future strategy. As we continue to deliver on our projects and take in quality backlog, we see substantial opportunities for growth in our key markets. Our businesses are focused on organic growth and our core competencies will deliver results that support our customers' needs,' said Jim Breuer, chief executive officer of Fluor. 'Today, more than ever, clients can rely on Fluor's project delivery expertise to help navigate the complexities of the market." Q1 2025 Highlights: Revenue of $4.0 billion, up 7% y/y GAAP net loss attributable to Fluor of $241 million; Equity method earnings included $477 million in mark-to-market losses on our investment in NuScale, and a positive adjustment of $84 million to reflect the settlement of a claim on an infrastructure project completed over 12 years ago. Adjusted EBITDA of $155 million, up 76% y/y EPS of ($1.42); adjusted EPS of $0.73, up 55% y/y Consolidated segment profit [1] of $131 million, up 11% y/y Cash and marketable securities at the end of the quarter were $2.5 billion. G&A expenses of $36 million, down 39% y/y reflecting a reduction in performance-based compensation. Operating Cash Flow: ($286) million vs ($111) million y/y, reflects increases in working capital on several large projects; full year guidance of $450 - $500 million maintained New Awards: New awards totaled $5.8 billion, down 17% y/y; 87% reimbursable Backlog: $28.7 billion at 79% reimbursable, down 12.3% y/y from $32.7 billion a year ago; legacy project backlog now at $585 million, down 53% y/y [1] Non-GAAP Financial Measure. See 'Non-GAAP Financial Measures' for additional information. "Today we are on a much more solid footing financially, supported by a majority reimbursable backlog and a robust outlook for cash generation,' said John Regan, chief financial officer of Fluor. 'As we transition to supporting growth in the business over the next strategic planning period, we aim to enhance operating margins through project execution excellence, lean processes, and risk management discipline, all while maintaining our commitment to return capital to shareholders." Outlook We are not providing forward-looking guidance for U.S. GAAP net earnings or U.S. GAAP earnings per share, or a quantitative reconciliation of adjusted EBITDA or adjusted EPS guidance, because we are unable to predict with reasonable certainty all of the components required to provide such reconciliation without unreasonable efforts, which are uncertain and could have a material impact on GAAP reported results for the guidance period. See 'Non-GAAP Financial Measures' for additional information. The company is engaging with clients to address the potential impacts of increased economic uncertainty on their projects. Based on our current assessment of our backlog, the performance of our segments and the economic environment, the company is maintaining its adjusted EBITDA guidance for 2025 of $575 to $675 million and adjusted EPS of $2.25 to $2.75 per share. Estimates for 2025 assume a tax rate of 30 to 35% percent. Adjusted EPS and adjusted EBITDA guidance exclude items similar to those outlined in the reconciliation table at the end of this release. Business Segments Urban Solutions reported a profit of $70 million in the first quarter compared to $50 million in the first quarter of 2024. Results reflect the significant ramp up of execution activities with the new awards secured over the past 18 months, including several life sciences and metals projects. Revenue for the first quarter increased to $2.2 billion from $1.5 billion a year ago. New awards for the quarter increased to $5.3 billion from $4.9 billion a year ago. Awards for the quarter include a multi-billion dollar EPCM award for a pharmaceutical facility in Indiana and $682 million for the State Highway 6 construction project in Texas. Ending backlog increased 8% to $20.2 billion compared to $18.6 billion a year ago. Energy Solutions reported a profit of $47 million in the first quarter compared to $68 million in the first quarter of 2024. Results reflect projects nearing completion and a reserve related to a long completed project at our joint venture in Mexico. Revenue for the quarter decreased to $1.2 billion from $1.4 billion a year ago due to a decline in execution activities for several projects nearing completion. New awards in the quarter totaled $315 million, compared to $716 million in the first quarter of 2024. Ending backlog was $6.2 billion compared to $9.3 billion a year ago. Mission Solutions reported a profit of $5 million in the first quarter compared to $22 million in the first quarter of 2024. Results reflect a reserve of $28 million stemming from a recent ruling on a long-standing claim on a project completed in 2019. Revenue for the first quarter decreased slightly to $597 million from $601 million a year ago. New awards for the quarter totaled $164 million, compared to $1.1 billion in the first quarter of 2024. Conference Call Fluor will host a conference call at 8:30 a.m. Eastern on Friday, May 2, which will be webcast live and can be accessed by logging onto The call will also be accessible by telephone at 888-800-3960 (U.S./Canada) or +1 646-307-1852. The conference ID is 4438700. A replay of the webcast will be available for 30 days. Non-GAAP Financial Measures This news release contains discussions of consolidated segment profit (loss) and margin, adjusted net earnings (loss), adjusted EPS and adjusted EBITDA that are non-GAAP financial measures under SEC rules. Segment profit (loss) is calculated as revenue less cost of revenue and earnings attributable to noncontrolling interests. The company believes that segment profit (loss) provides a meaningful perspective on its business results as it is the aggregation of individual segment profit measures that the company utilizes to evaluate and manage its business performance. Adjusted net earnings (loss) is defined as net earnings (loss) from core operations excluding equity method earnings and the impacts of foreign exchange fluctuations, impairments and certain items that management believes are unrelated to actual normalized operational performance. Net earnings (loss) from core operations is net earnings (loss) attributable to Fluor excluding the results of our remaining Stork and AMECO equipment businesses that are no longer classified as discontinued operations but that continue to be marketed for sale or that have been sold. Adjusted EPS is defined as adjusted net earnings divided by weighted average diluted shares outstanding. Adjusted EBITDA is defined as net earnings from operations before interest, income taxes, depreciation and amortization (EBITDA), further adjusted by the same items excluded from adjusted net earnings. The company believes adjusted net earnings, adjusted EPS and adjusted EBITDA allow investors to evaluate the company's ongoing earnings on a normalized basis and make meaningful period-over-period comparisons. However, non-GAAP measures have limitations as analytical tools and should not be considered in isolation from or a substitute for measures of financial performance prepared in accordance with U.S. GAAP. In addition, these non-GAAP measures are not necessarily comparable to similarly titled measures reported by other companies. Reconciliations of consolidated segment profit (loss), adjusted net earnings, adjusted EPS and adjusted EBITDA to the most comparable GAAP measures are included in the press release tables. The company is unable to provide a reconciliation of its adjusted EPS and adjusted EBITDA guidance to the most comparable GAAP measure without unreasonable efforts because it is unable to predict with reasonable certainty all of the components required to provide such reconciliation, including the impact of foreign exchange fluctuations, which are uncertain and could have a material impact on GAAP reported results for the guidance period. About Fluor Corporation Fluor Corporation (NYSE: FLR) is building a better world by applying world-class expertise to solve its clients' greatest challenges. Fluor's nearly 27,000 employees provide professional and technical solutions that deliver safe, well-executed, capital-efficient projects to clients around the world. Fluor had revenue of $16.3 billion in 2024 and is ranked 265 among the Fortune 500 companies. With headquarters in Irving, Texas, Fluor has provided engineering, procurement and construction services for more than a century. For more information, please visit or follow Fluor on Facebook, Instagram, LinkedIn, X and YouTube. Forward-Looking Statements: This release may contain forward-looking statements (including without limitation statements to the effect that the Company or its management "will," "believes," "expects," 'anticipates,' "plans" or other similar expressions). These forward-looking statements, including statements relating to resolution of outstanding claims or lawsuits, strategic and operation plans, future growth, new awards, backlog, earnings, capital allocation plans and the outlook for the company's business. Actual results may differ materially as a result of a number of factors, including, among other things, the cyclical nature of many of the markets the Company serves and our clients' vulnerability to poor economic conditions, such as inflation, slow growth or recession, which may result in decreased capital investment and reduced demand for our services; the Company's failure to receive new contract awards; cost overruns, project delays or other problems arising from project execution activities, including the failure to meet cost and schedule estimates; intense competition in the industries in which we operate; the inability to hire and retain qualified personnel; failure of our joint venture or other partners to perform their obligations; the failure of our suppliers, subcontractors and other third parties to adequately perform services under our contracts; cyber-security breaches; possible information technology interruptions; risks related to the use of artificial intelligence and similar technologies; exposure to political and economic risks in different countries, including tariffs and trade policies, geopolitical events and conflicts, civil unrest, security issues, labor conditions and other foreign economic and political uncertainties in the countries in which we do business; client cancellations of, or scope adjustments to, existing contracts; failure to maintain safe worksites and international security risks; risks or uncertainties associated with events outside of our control, including weather conditions, pandemics, public health crises, political crises or other catastrophic events; the use of estimates in preparing our financial statements; GAAP earnings volatility due to recurring fair value measurements of our investment in NuScale; client delays or defaults in making payments; uncertainties, restrictions and regulations impacting our government contracts; the potential impact of certain tax matters; the Company's ability to secure appropriate insurance; liabilities associated with the performance of nuclear services; foreign currency risks; the loss of one or a few clients that account for a significant portion of the Company's revenues; failure to adequately protect intellectual property rights; climate change, natural disasters and related environmental issues; increasing scrutiny with respect to sustainability practices; risks related to our indebtedness; the availability of credit and restrictions imposed by credit facilities, both for the Company and our clients, suppliers, subcontractors or other partners; restrictive covenants contained in the agreements governing our debt; possible limitations on bonding or letter of credit capacity; failure to obtain favorable results in existing or future litigation and regulatory proceedings, dispute resolution proceedings or claims, including claims for additional costs; failure by us or our employees, agents or partners to comply with laws; new or changing legal requirements, including those relating to environmental, health and safety matters; and restrictions on possible transactions imposed by our charter documents and Delaware law. Caution must be exercised in relying on these and other forward-looking statements. Due to known and unknown risks, the Company's results may differ materially from its expectations and projections. Additional information concerning these and other factors can be found in the Company's public periodic filings with the Securities and Exchange Commission, including the discussion under the heading "Item 1A. Risk Factors" in the Company's Form 10-K filed on February 18, 2025. Such filings are available either publicly or upon request from Fluor's Investor Relations Department: (469) 398-7222. The Company disclaims any intent or obligation other than as required by law to update its forward-looking statements in light of new information or future events. SUMMARY OF CASH FLOW INFORMATION THREE MONTHS ENDED March 31, (in millions) 2025 2024 OPERATING CASH FLOW $ (286) $ (111) INVESTING CASH FLOW Proceeds from sales and maturities (purchases) of marketable securities 54 (5) Capital expenditures (11) (34) Proceeds from sale of assets 62 30 Investments in partnerships and joint ventures (69) (13) Investing cash flow 36 (22) FINANCING CASH FLOW Repurchase of common stock (142) — Purchase and retirement of debt (18) (10) Other (3) (16) Financing cash flow (163) (26) Effect of exchange rate changes on cash 17 (25) Increase (decrease) in cash and cash equivalents (396) (184) Cash and cash equivalents at beginning of period 2,829 2,519 Cash and cash equivalents at end of period $ 2,433 $ 2,335 Cash paid during the period for: Interest $ 19 $ 20 Income taxes (net of refunds) 30 46 Expand RECONCILIATION OF U.S. GAAP NET EARNINGS (LOSS) ATTRIBUTABLE TO FLUOR TO ADJUSTED NET EARNINGS AND U.S. GAAP EARNINGS PER SHARE TO ADJUSTED EARNINGS PER SHARE (1) THREE MONTHS ENDED MARCH 31, (In millions, except per share amounts) 2025 2024 Net earnings (loss) attributable to Fluor $ (241) $ 59 Exclude: Stork & AMECO businesses marketed for sale or sold (10) 8 Net earnings (loss) from core operations* (251) 67 Adjustments: (2) Equity method loss 393 $ — NuScale expenses — 31 Embedded foreign currency derivative (gains)/losses 1 (7) Impact of a court ruling on a long-completed Mission Solutions project (3) 28 — Impact of reserves taken for a long-completed Energy Solutions project (4) 22 — Foreign currency (gain) loss 13 (12) Tax (benefit) expense on above items (81) 2 Adjusted net earnings $ 125 $ 81 Diluted EPS $ (1.42) $ 0.34 Adjusted EPS $ 0.73 $ 0.47 *Core operations excludes the results of our now-divested Stork and AMECO businesses. (1) Certain amounts in tables may not total or agree back to the financial statements due to immaterial rounding differences. (2) We exclude earnings impacts for litigation outcomes, claims, settlements or associated damages from adjusted earnings when they are significant in magnitude, non-routine and do not represent on-going normal operations. Expand THREE MONTHS ENDED MARCH 31, (in millions) 2025 2024 Net earnings (loss) attributable to Fluor $ (241) $ 59 Interest income, net (17) (39) Tax (benefit) expense (53) 51 Equity method loss 393 — Depreciation & amortization 18 18 EBITDA $ 100 $ 89 Adjustments: (2) Stork & AMECO businesses marketed for sale or sold $ (9) $ (13) Impact of a court ruling on a long-completed Mission Solutions project (3) 28 — Impact of reserves taken for a long-completed Energy Solutions project (4) 22 — Embedded foreign currency derivative (gains)/losses 1 (7) NuScale expenses — 31 G&A: Foreign currency (gain) loss 13 (12) Adjusted EBITDA $ 155 $ 88 (1) Certain amounts in tables may not total or agree back to the financial statements due to immaterial rounding differences. (2) We exclude earnings impacts for litigation outcomes, claims, settlements or associated damages from adjusted earnings when they are significant in magnitude, non-routine and do not represent on-going normal operations. Expand #corp
Yahoo
02-05-2025
- Business
- Yahoo
Fluor Reports First Quarter 2025 Results
"Grow and execute" chapter of Fluor's strategy launched Q1 revenue book to burn ratio of 1.5x Accelerated Q1 share repurchases of $142 million; targeting $600 million in repurchases for 2025 Company maintains 2025 guidance IRVING, Texas, May 02, 2025--(BUSINESS WIRE)--Fluor Corporation (NYSE: FLR) announced financial results for its first quarter ended March 31, 2025. "We are well positioned for the grow and execute chapter of our Building a Better Future strategy. As we continue to deliver on our projects and take in quality backlog, we see substantial opportunities for growth in our key markets. Our businesses are focused on organic growth and our core competencies will deliver results that support our customers' needs," said Jim Breuer, chief executive officer of Fluor. "Today, more than ever, clients can rely on Fluor's project delivery expertise to help navigate the complexities of the market." Q1 2025 Highlights: Revenue of $4.0 billion, up 7% y/y GAAP net loss attributable to Fluor of $241 million; Equity method earnings included $477 million in mark-to-market losses on our investment in NuScale, and a positive adjustment of $84 million to reflect the settlement of a claim on an infrastructure project completed over 12 years ago. Adjusted EBITDA of $155 million, up 76% y/y EPS of ($1.42); adjusted EPS of $0.73, up 55% y/y Consolidated segment profit[1] of $131 million, up 11% y/y Cash and marketable securities at the end of the quarter were $2.5 billion. G&A expenses of $36 million, down 39% y/y reflecting a reduction in performance-based compensation. Operating Cash Flow: ($286) million vs ($111) million y/y, reflects increases in working capital on several large projects; full year guidance of $450 - $500 million maintained New Awards: New awards totaled $5.8 billion, down 17% y/y; 87% reimbursable Backlog: $28.7 billion at 79% reimbursable, down 12.3% y/y from $32.7 billion a year ago; legacy project backlog now at $585 million, down 53% y/y [1] Non-GAAP Financial Measure. See "Non-GAAP Financial Measures" for additional information. "Today we are on a much more solid footing financially, supported by a majority reimbursable backlog and a robust outlook for cash generation," said John Regan, chief financial officer of Fluor. "As we transition to supporting growth in the business over the next strategic planning period, we aim to enhance operating margins through project execution excellence, lean processes, and risk management discipline, all while maintaining our commitment to return capital to shareholders." Outlook We are not providing forward-looking guidance for U.S. GAAP net earnings or U.S. GAAP earnings per share, or a quantitative reconciliation of adjusted EBITDA or adjusted EPS guidance, because we are unable to predict with reasonable certainty all of the components required to provide such reconciliation without unreasonable efforts, which are uncertain and could have a material impact on GAAP reported results for the guidance period. See "Non-GAAP Financial Measures" for additional information. The company is engaging with clients to address the potential impacts of increased economic uncertainty on their projects. Based on our current assessment of our backlog, the performance of our segments and the economic environment, the company is maintaining its adjusted EBITDA guidance for 2025 of $575 to $675 million and adjusted EPS of $2.25 to $2.75 per share. Estimates for 2025 assume a tax rate of 30 to 35% percent. Adjusted EPS and adjusted EBITDA guidance exclude items similar to those outlined in the reconciliation table at the end of this release. Business Segments Urban Solutions reported a profit of $70 million in the first quarter compared to $50 million in the first quarter of 2024. Results reflect the significant ramp up of execution activities with the new awards secured over the past 18 months, including several life sciences and metals projects. Revenue for the first quarter increased to $2.2 billion from $1.5 billion a year ago. New awards for the quarter increased to $5.3 billion from $4.9 billion a year ago. Awards for the quarter include a multi-billion dollar EPCM award for a pharmaceutical facility in Indiana and $682 million for the State Highway 6 construction project in Texas. Ending backlog increased 8% to $20.2 billion compared to $18.6 billion a year ago. Energy Solutions reported a profit of $47 million in the first quarter compared to $68 million in the first quarter of 2024. Results reflect projects nearing completion and a reserve related to a long completed project at our joint venture in Mexico. Revenue for the quarter decreased to $1.2 billion from $1.4 billion a year ago due to a decline in execution activities for several projects nearing completion. New awards in the quarter totaled $315 million, compared to $716 million in the first quarter of 2024. Ending backlog was $6.2 billion compared to $9.3 billion a year ago. Mission Solutions reported a profit of $5 million in the first quarter compared to $22 million in the first quarter of 2024. Results reflect a reserve of $28 million stemming from a recent ruling on a long-standing claim on a project completed in 2019. Revenue for the first quarter decreased slightly to $597 million from $601 million a year ago. New awards for the quarter totaled $164 million, compared to $1.1 billion in the first quarter of 2024. Conference Call Fluor will host a conference call at 8:30 a.m. Eastern on Friday, May 2, which will be webcast live and can be accessed by logging onto The call will also be accessible by telephone at 888-800-3960 (U.S./Canada) or +1 646-307-1852. The conference ID is 4438700. A replay of the webcast will be available for 30 days. Non-GAAP Financial Measures This news release contains discussions of consolidated segment profit (loss) and margin, adjusted net earnings (loss), adjusted EPS and adjusted EBITDA that are non-GAAP financial measures under SEC rules. Segment profit (loss) is calculated as revenue less cost of revenue and earnings attributable to noncontrolling interests. The company believes that segment profit (loss) provides a meaningful perspective on its business results as it is the aggregation of individual segment profit measures that the company utilizes to evaluate and manage its business performance. Adjusted net earnings (loss) is defined as net earnings (loss) from core operations excluding equity method earnings and the impacts of foreign exchange fluctuations, impairments and certain items that management believes are unrelated to actual normalized operational performance. Net earnings (loss) from core operations is net earnings (loss) attributable to Fluor excluding the results of our remaining Stork and AMECO equipment businesses that are no longer classified as discontinued operations but that continue to be marketed for sale or that have been sold. Adjusted EPS is defined as adjusted net earnings divided by weighted average diluted shares outstanding. Adjusted EBITDA is defined as net earnings from operations before interest, income taxes, depreciation and amortization (EBITDA), further adjusted by the same items excluded from adjusted net earnings. The company believes adjusted net earnings, adjusted EPS and adjusted EBITDA allow investors to evaluate the company's ongoing earnings on a normalized basis and make meaningful period-over-period comparisons. However, non-GAAP measures have limitations as analytical tools and should not be considered in isolation from or a substitute for measures of financial performance prepared in accordance with U.S. GAAP. In addition, these non-GAAP measures are not necessarily comparable to similarly titled measures reported by other companies. Reconciliations of consolidated segment profit (loss), adjusted net earnings, adjusted EPS and adjusted EBITDA to the most comparable GAAP measures are included in the press release tables. The company is unable to provide a reconciliation of its adjusted EPS and adjusted EBITDA guidance to the most comparable GAAP measure without unreasonable efforts because it is unable to predict with reasonable certainty all of the components required to provide such reconciliation, including the impact of foreign exchange fluctuations, which are uncertain and could have a material impact on GAAP reported results for the guidance period. About Fluor Corporation Fluor Corporation (NYSE: FLR) is building a better world by applying world-class expertise to solve its clients' greatest challenges. Fluor's nearly 27,000 employees provide professional and technical solutions that deliver safe, well-executed, capital-efficient projects to clients around the world. Fluor had revenue of $16.3 billion in 2024 and is ranked 265 among the Fortune 500 companies. With headquarters in Irving, Texas, Fluor has provided engineering, procurement and construction services for more than a century. For more information, please visit or follow Fluor on Facebook, Instagram, LinkedIn, X and YouTube. Forward-Looking Statements: This release may contain forward-looking statements (including without limitation statements to the effect that the Company or its management "will," "believes," "expects," "anticipates," "plans" or other similar expressions). These forward-looking statements, including statements relating to resolution of outstanding claims or lawsuits, strategic and operation plans, future growth, new awards, backlog, earnings, capital allocation plans and the outlook for the company's business. Actual results may differ materially as a result of a number of factors, including, among other things, the cyclical nature of many of the markets the Company serves and our clients' vulnerability to poor economic conditions, such as inflation, slow growth or recession, which may result in decreased capital investment and reduced demand for our services; the Company's failure to receive new contract awards; cost overruns, project delays or other problems arising from project execution activities, including the failure to meet cost and schedule estimates; intense competition in the industries in which we operate; the inability to hire and retain qualified personnel; failure of our joint venture or other partners to perform their obligations; the failure of our suppliers, subcontractors and other third parties to adequately perform services under our contracts; cyber-security breaches; possible information technology interruptions; risks related to the use of artificial intelligence and similar technologies; exposure to political and economic risks in different countries, including tariffs and trade policies, geopolitical events and conflicts, civil unrest, security issues, labor conditions and other foreign economic and political uncertainties in the countries in which we do business; client cancellations of, or scope adjustments to, existing contracts; failure to maintain safe worksites and international security risks; risks or uncertainties associated with events outside of our control, including weather conditions, pandemics, public health crises, political crises or other catastrophic events; the use of estimates in preparing our financial statements; GAAP earnings volatility due to recurring fair value measurements of our investment in NuScale; client delays or defaults in making payments; uncertainties, restrictions and regulations impacting our government contracts; the potential impact of certain tax matters; the Company's ability to secure appropriate insurance; liabilities associated with the performance of nuclear services; foreign currency risks; the loss of one or a few clients that account for a significant portion of the Company's revenues; failure to adequately protect intellectual property rights; climate change, natural disasters and related environmental issues; increasing scrutiny with respect to sustainability practices; risks related to our indebtedness; the availability of credit and restrictions imposed by credit facilities, both for the Company and our clients, suppliers, subcontractors or other partners; restrictive covenants contained in the agreements governing our debt; possible limitations on bonding or letter of credit capacity; failure to obtain favorable results in existing or future litigation and regulatory proceedings, dispute resolution proceedings or claims, including claims for additional costs; failure by us or our employees, agents or partners to comply with laws; new or changing legal requirements, including those relating to environmental, health and safety matters; and restrictions on possible transactions imposed by our charter documents and Delaware law. Caution must be exercised in relying on these and other forward-looking statements. Due to known and unknown risks, the Company's results may differ materially from its expectations and projections. Additional information concerning these and other factors can be found in the Company's public periodic filings with the Securities and Exchange Commission, including the discussion under the heading "Item 1A. Risk Factors" in the Company's Form 10-K filed on February 18, 2025. Such filings are available either publicly or upon request from Fluor's Investor Relations Department: (469) 398-7222. The Company disclaims any intent or obligation other than as required by law to update its forward-looking statements in light of new information or future events. SUMMARY OF FINANCIALS AND U.S. GAAP RECONCILIATION OF CONSOLIDATED SEGMENT PROFIT (LOSS)(1) THREE MONTHS ENDED MARCH 31, (in millions) 2025 2024 Revenue Urban Solutions $ 2,157 $ 1,479 Energy Solutions 1,206 1,432 Mission Solutions 597 601 Other 22 222 Total revenue $ 3,982 $ 3,734 Segment profit (loss) $ and margin % Urban Solutions $ 70 3.2% $ 50 3.4% Energy Solutions 47 3.9% 68 4.7% Mission Solutions 5 0.8% 22 3.7% Other 9 40.9% (22) NM Total segment profit $ and margin %(1) $ 131 3.3% $ 118 3.2% G&A (36) (59) Foreign currency gain (loss) (13) 12 Interest income (expense), net 17 39 Earnings (loss) attributable to NCI 9 (19) Earnings before taxes 108 91 Income tax benefit (expense) (including $73 million tax benefit attributable to equity method loss in 2025) 53 (51) Net earnings before equity method earnings 161 40 Equity method earnings (loss) (393) — Net earnings (loss) (232) 40 Less: Net earnings (loss) attributable to NCI 9 (19) Net earnings (loss) attributable to Fluor $ (241) $ 59 New awards Urban Solutions $ 5,330 $ 4,873 Energy Solutions 315 716 Mission Solutions 164 1,145 Other 2 284 Total new awards $ 5,811 $ 7,018 New awards related to projects located outside of the U.S. 10% 27% (in millions) March 31, 2025 March 31, 2024 Backlog Urban Solutions $ 20,150 $ 18,603 Energy Solutions 6,161 9,259 Mission Solutions 2,397 4,389 Other 10 488 Total backlog $ 28,718 $ 32,739 Backlog related to projects located outside of the U.S. 42% 56% Backlog related to reimbursable projects 79% 80% (1) Certain amounts in tables may not total or agree back to the financial statements due to immaterial rounding differences. NET EARNINGS EXCLUDING AMOUNTS ATTRIBUTABLE TO EQUITY METHOD EARNINGS THREE MONTHS ENDED (in millions) March 31, 2025 Earnings before taxes $ 108 Income tax benefit 53 Less: Income tax benefit attributable to equity method loss (73) Income tax expense and effective tax rate, excluding amount attributable to equity method loss (20) 19 % Net earnings excluding amount attributable to equity method loss $ 88 Equity method loss $ (393) Income tax benefit and effective tax rate attributable to equity method loss 73 19 % Equity method loss, net of related income tax benefit $ (320) Net earnings/(loss) $ (232) SUMMARY OF CASH FLOW INFORMATION THREE MONTHS ENDEDMarch 31, (in millions) 2025 2024 OPERATING CASH FLOW $ (286) $ (111) INVESTING CASH FLOW Proceeds from sales and maturities (purchases) of marketable securities 54 (5) Capital expenditures (11) (34) Proceeds from sale of assets 62 30 Investments in partnerships and joint ventures (69) (13) Investing cash flow 36 (22) FINANCING CASH FLOW Repurchase of common stock (142) — Purchase and retirement of debt (18) (10) Other (3) (16) Financing cash flow (163) (26) Effect of exchange rate changes on cash 17 (25) Increase (decrease) in cash and cash equivalents (396) (184) Cash and cash equivalents at beginning of period 2,829 2,519 Cash and cash equivalents at end of period $ 2,433 $ 2,335 Cash paid during the period for: Interest $ 19 $ 20 Income taxes (net of refunds) 30 46 RECONCILIATION OF U.S. GAAP NET EARNINGS (LOSS) ATTRIBUTABLE TO FLUOR TO ADJUSTED NET EARNINGS AND U.S. GAAP EARNINGS PER SHARE TO ADJUSTED EARNINGS PER SHARE (1) THREE MONTHS ENDEDMARCH 31, (In millions, except per share amounts) 2025 2024 Net earnings (loss) attributable to Fluor $ (241) $ 59 Exclude: Stork & AMECO businesses marketed for sale or sold (10) 8 Net earnings (loss) from core operations* (251) 67 Adjustments: (2) Equity method loss 393 $ — NuScale expenses — 31 Embedded foreign currency derivative (gains)/losses 1 (7) Impact of a court ruling on a long-completed Mission Solutions project (3) 28 — Impact of reserves taken for a long-completed Energy Solutions project (4) 22 — Foreign currency (gain) loss 13 (12) Tax (benefit) expense on above items (81) 2 Adjusted net earnings $ 125 $ 81 Diluted EPS $ (1.42) $ 0.34 Adjusted EPS $ 0.73 $ 0.47 *Core operations excludes the results of our now-divested Stork and AMECO businesses. (1) Certain amounts in tables may not total or agree back to the financial statements due to immaterial rounding differences. (2) We exclude earnings impacts for litigation outcomes, claims, settlements or associated damages from adjusted earnings when they are significant in magnitude, non-routine and do not represent on-going normal operations. (3) Reflects the impact to reduce working capital to estimated net recoverable value resulting from a recent ruling on a long-standing claim on a project that completed in 2019. (4) Reflects the impact to reduce balance sheet exposure for a joint venture project in Mexico completed in 2019. RECONCILIATION OF U.S. GAAP NET EARNINGS (LOSS) ATTRIBUTABLE TO FLUOR TO ADJUSTED EBITDA (1) THREE MONTHS ENDEDMARCH 31, (in millions) 2025 2024 Net earnings (loss) attributable to Fluor $ (241) $ 59 Interest income, net (17) (39) Tax (benefit) expense (53) 51 Equity method loss 393 — Depreciation & amortization 18 18 EBITDA $ 100 $ 89 Adjustments: (2) Stork & AMECO businesses marketed for sale or sold $ (9) $ (13) Impact of a court ruling on a long-completed Mission Solutions project (3) 28 — Impact of reserves taken for a long-completed Energy Solutions project (4) 22 — Embedded foreign currency derivative (gains)/losses 1 (7) NuScale expenses — 31 G&A: Foreign currency (gain) loss 13 (12) Adjusted EBITDA $ 155 $ 88 (1) Certain amounts in tables may not total or agree back to the financial statements due to immaterial rounding differences. (2) We exclude earnings impacts for litigation outcomes, claims, settlements or associated damages from adjusted earnings when they are significant in magnitude, non-routine and do not represent on-going normal operations. (3) Reflects the impact to reduce working capital to estimated net recoverable value resulting from a recent ruling on a long-standing claim on a project that completed in 2019. (4) Reflects the impact to reduce balance sheet exposure for a joint venture project in Mexico completed in 2019. #corp View source version on Contacts Brett TurnerMedia Relations864.281.6976 tel Jason LandkamerInvestor Relations469.398.7222 tel Sign in to access your portfolio
Yahoo
05-03-2025
- Business
- Yahoo
Fluor JV Reaches New Milestone in TCO's Project at Kazakhstan
Fluor Corporation FLR led joint venture (JV), including Worley, Kazakh Institute of Oil and Gas and KazGiproNefteTrans Engineering Company, has successfully supported the completion and startup of Tengizchevroil's ('TCO') Future Growth Project (FGP).This revolutionary project at the Tengiz oil field in Kazakhstan has been supported by the Fluor-led joint venture since 2011, encompassing a series of engineering, procurement, construction, operations and maintenance stock climbed 3% during Tuesday's after-hours trading session. Under TCO's FGP, the recent milestone includes the construction of a new Third-Generation Plant (3GP), discovered in 1979. 3GP marks the start of the progress of crude oil production in the upcoming all the Tengiz facilities are operating at full capacity, the total crude oil production per annum by TCO is expected to be approximately 40 million tons. This milestone bodes well for Fluor's Energy Solutions business segment's Mike Alexander, president of Fluor's Energy Solutions business, 'Fluor has supported TCO for the past 14 years and has been active in the Republic of Kazakhstan since 1982, working on projects that have helped shape the oil and gas industry.' The company has been focusing on the 'Building a Better Future' strategy for more than four years now. Through this strategy, it prioritizes driving growth across portfolios by enhancing markets outside of the traditional oil and gas sector; pursuing contracts with fair and balanced commercial terms that reward value, with a bias toward reimbursable contracts; reinforcing financial discipline and maintaining a solid balance sheet by generating predictable cash flow and earnings; and fostering a high-performance culture with purpose by advancing diversity, equity and inclusion efforts and promoting social progress and defined strategy has aided FLR's backlog levels despite softness in certain end markets. Notably, out of the total backlog of $28.5 billion at 2024-end, 80% was reimbursable. Moving into 2025, Fluor is optimistic about the growing demand trends for its services, with signing new contracts and renewing the existing ones. Image Source: Zacks Investment Research Shares of this engineering, procurement, construction and maintenance services provider have inched down 2% in the past year compared with the Zacks Engineering - R and D Services industry's 18.8% decline. Its strategy of maintaining a diversified business portfolio mix permits it to focus on the more stable business markets and capitalize on developing the cyclical markets at suitable times. Fluor currently carries a Zacks Rank #5 (Strong Sell).Here are some better-ranked stocks from the Construction Infrastructure, Inc. STRL presently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today's Zacks #1 Rank stocks delivered a trailing four-quarter earnings surprise of 16.2%, on average. The stock has gained 20.3% in the past year. The Zacks Consensus Estimate for STRL's 2025 sales indicates a decrease of 4.1% and an increase of 20.5% for earnings per share (EPS) from a year Group, Inc. EME currently sports a Zacks Rank of 1. EME delivered a trailing four-quarter earnings surprise of 29%, on average. The stock has gained 30.9% in the past consensus estimate for EME's 2025 sales and EPS implies an increase of 12.8% and 8.6%, respectively, from a year Industries, Inc. ROCK currently carries a Zacks Rank #2 (Buy). ROCK delivered a trailing four-quarter earnings surprise of 1.8%, on average. The stock has lost 22.1% in the past Zacks Consensus Estimate for ROCK's 2025 sales and EPS implies an increase of 9.8% and 15.5%, respectively, from a year ago. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Fluor Corporation (FLR) : Free Stock Analysis Report EMCOR Group, Inc. (EME) : Free Stock Analysis Report Gibraltar Industries, Inc. (ROCK) : Free Stock Analysis Report Sterling Infrastructure, Inc. (STRL) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research Sign in to access your portfolio
Globe and Mail
11-02-2025
- Business
- Globe and Mail
Jesus Juraidini Featured in Exclusive Interview Highlighting Visionary Real Estate Projects
Brownsville Real Estate Developer Shares His Journey, Insights, and Future Plans Jesus Juraidini, a prominent real estate developer and investor, is featured in a compelling new interview that explores his transformative contributions to the South Texas real estate landscape. The article, titled 'Building a Better Future: The Journey of Jesus Juraidini,' dives deep into his remarkable career, sharing personal anecdotes, professional milestones, and his forward-thinking vision for community development. From humble beginnings in Matamoros, Mexico, to leading ambitious construction projects in Brownsville, Jesus's story is one of perseverance and purpose. In the interview, he reflects on his early influences, his hands-on approach to real estate, and the values that guide his work. 'Life has taught me more than any classroom ever could,' Jesus shares. 'You learn quickly when you're building something from the ground up.' As the President and CEO of his real estate enterprise, Jesus has completed groundbreaking projects such as a 72-lot single-family home neighborhood and 10 modern two-story townhomes. These developments have not only addressed housing demands but also fostered vibrant communities. 'I wanted to create homes, not just houses,' he explains. 'It's about building a place where families can grow and thrive.' His next venture, a massive 400-lot residential neighborhood, marks the largest project of his career. With the first phase complete and lots now available for purchase, Jesus plans to personally develop 40 of the lots, ensuring his signature quality and innovation shine through. 'This project is special,' he says with confidence. 'It's the biggest I've ever undertaken, and it's an opportunity to leave a lasting impact on this community.' Beyond real estate, Jesus emphasizes the importance of family, travel, and his passion for offshore fishing as sources of inspiration and balance. These personal interests help him recharge and fuel his creative approach to building communities. 'Family is everything,' Jesus states simply. 'They're why I work as hard as I do.' This exclusive interview captures the essence of Jesus Juraidini's journey, revealing a man deeply committed to his craft, his community, and the legacy he is building. About Jesus Juraidini Jesus Juraidini is a real estate developer and investor based in Brownsville, Texas. Originally from Matamoros, Mexico, Jesus has built a career on transforming large-scale visions into reality. His completed projects include single-family neighborhoods, modern townhomes, and apartment complexes. With a focus on community impact, Jesus continues to lead innovative residential developments that prioritize quality, design, and functionality. To read the full interview, click here. Media Contact Contact Person: Jesus Juraidini Email: Send Email City: Brownsville State: TX Country: United States Website:
