Stock Monitor: Dycom Industries Post Earnings Reporting
LONDON, UK / ACCESSWIRE / December 14, 2017 / Active-Investors free earnings report on Fluor Corp. (NYSE: FLR) has freshly been issued to its members, and you can also sign up to view this report at www.active-investors.com/registration-sg/?symbol=FLR. Fluor reported its third quarter fiscal 2017 operating results on November 02, 2017. The engineering, construction, and operations Company outperformed top- and bottom-line expectations and narrowed its earnings guidance. Register today and get free access to our complimentary member's area where many more reports are available:
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Active-Investors.com is currently working on the research report for Dycom Industries, Inc. (NYSE: DY), which also belongs to the Industrial Goods sector as the Company Fluor. Do not miss out and become a member today for free to access this upcoming report at:
www.active-investors.com/registration-sg/?symbol=DY
Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Fluor most recent news is on our radar and we have decided to include it on our blog post. Today's free coverage is available at:
www.active-investors.com/registration-sg/?symbol=FLR
Earnings Highlights and Summary
For the quarter ended September 30, 2017, Fluor reported revenue grew 2.1% to $4.9 billion, up from $4.8 billion in Q3 2016. The Company's reported numbers exceeded analysts' expectations of $4.79 billion.
Fluor's new awards for Q3 2017 were $3.8 billion, including $2.6 billion in Energy, Chemicals, & Mining and $628 million in Industrial, Infrastructure, & Power. The Company's consolidated ending backlog was $32.9 billion at the end of the reported quarter.
For Q3 2017, Fluor's corporate general and administrative (G&A) expense was $46 million compared to $47 million in Q3 2016. The Company's consolidated segment's profit was $203 million, up from $25 million in Q3 2016.
During Q3 2017, earnings attributable to Fluor were $94 million, or $0.67 per diluted share, compared to $5 million, or $0.03 per diluted share, in Q3 2016. The Company's earnings came in ahead of Wall Street's estimates of $0.58 per share.
Fluor's Business Segments Results
For Q3 2017, Fluor's Energy, Chemicals, & Mining division's revenue was $2.4 billion compared to $2.3 billion in Q3 2016. The segment's reported quarter new awards of $2.6 billion included a copper project in Chile, and petrochemical projects in the United States, Malaysia, and the Philippines. Ending backlog was $18.5 billion compared to $23.7 billion a year ago.
During Q3 2017, Fluor's Energy, Chemicals, & Mining segment reported a segment profit of $104 million compared to segment's loss of $60 million in Q3 2016. The segment's results for the year-ago corresponding period reflected a $241 million pre-tax charge on a petrochemical facility in the United States.
For Q3 2017, the Industrial, Infrastructure, & Power segment's revenue was flat on a y-o-y basis at $1.1 billion. The segment's new awards for the reported quarter were $628 million, and ending backlog for the segment was $8.1 billion compared to $11.5 billion in the year-ago same period. The Q3 2017 ending backlog reflected the removal of the Vogtle nuclear project in Georgia. The Industrial, Infrastructure, & Power segment reported profit of $33 million compared to $28 million in Q3 2016.
During Q3 2017, the Government segment reported revenue of $766 million, up 12.5% from $681 million in Q3 2016. The segment's new awards totaled $234 million for the reported quarter, and ending backlog was $3.6 billion compared to $5.9 billion in the year-ago corresponding period. The Government segment's profit was $30 million versus $26 million in the year-earlier comparable quarter.
For Q3 2017, the Diversified Services unit's revenue was $624 million compared to $632 million in Q3 2016. New awards totaled $338 million for the reported quarter, and ending backlog was $2.7 billion, down from $3.3 billion in the year-ago same period. The segment posted profit of $35 million in Q3 2017 compared to $29 million in Q3 2016.
Cash Matters
Fluor's cash plus current and non-current marketable securities were $2.1 billion for Q3 2017, flat on a y-o-y basis. The Company's cash provided by operating activities was $123 million for the reported quarter and $551 million year-to-date. During Q3 2017, Fluor paid $29 million in dividends.
Fluor's consolidated backlog at the quarter end was $32.9 billion. The percentage of fixed-price contracts in the Company's overall backlog was 36% compared to 29% in the year ago same period when Fluor had 2 large reimbursable nuclear projects in its backlog. At quarter-end, the Company's mix by geography was 40% US and 60% non-US.
Outlook
Fluor narrowed its 2017 guidance for EPS to a range of $1.50 to $1.60 per diluted share from the previous range of $1.40 to $1.70 per diluted share.
Stock Performance Snapshot
December 13, 2017 - At Wednesday's closing bell, Fluor's stock marginally fell 0.79%, ending the trading session at $50.03.
Volume traded for the day: 1.09 million shares.
Stock performance in the last month – up 7.18%; previous three-month period – up 23.84%; and past six-month period – up 11.95%
After yesterday's close, Fluor's market cap was at $7.00 billion.
Price to Earnings (P/E) ratio was at 35.04.
The stock has a dividend yield of 1.68%.
The stock is part of the Industrial Goods sector, categorized under the Heavy Construction industry. This sector was up 0.5% at the end of the session.
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