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Fluor Corporation (FLR+0.80%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing revenue of $4,094 million, an increase from $3,963 million in the same quarter the previous year. This increase is attributed to higher execution activities in the Urban Solutions segment.
Segment profit for Energy Solutions declined due to reduced contributions from projects nearing completion and lower variable consideration recognition compared to the previous year.
Urban Solutions reported higher revenue and segment profit due to increased activity on several large projects, offsetting declines from completed projects.
Mission Solutions saw a slight decline in revenue but improved segment profit due to increased execution on Department of Energy contracts.
The company reported a net earnings of $25 million for the quarter, compared to $181 million in the previous year, with a decrease in net earnings attributable to noncontrolling interests.
Fluor's backlog increased to $31,319 million from $29,441 million at the beginning of the year, primarily due to new awards in Urban Solutions.
Operating cash flow significantly improved to $501 million, driven by customer payments and a tax refund.
The company anticipates recognizing a gain of $1.6 billion in the fourth quarter of 2024 from the deconsolidation of NuScale, based on equity sales.
Fluor's liquidity position remains strong with $3.0 billion in cash and marketable securities as of September 30, 2024.
The effective tax rate for the quarter was 70.9%, influenced by valuation allowances and foreign tax impacts.
Fluor continues to manage its capital structure with no borrowings under its credit facility, maintaining a borrowing capacity of $758 million.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Fluor Corporation quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.