Fluor Climbs Over 7% In Pre-market On Increased Q3 Profit, Revised Annual Outlook Above View

(RTTNews) - Shares of Fluor Corporation (FLR) were trading up over 7 percent after the company raised its annual outlook, above the Street view, to reflect the positive advances on large Energy Solutions projects and continued progress on projects in its legacy portfolio.

In addition, the movement was also supported by a surge in Fluor's third-quarter earnings that came in better than analysts' estimates.

FLR was trading up by 7.48 percent at $37.22 per share in the pre-market trade on the New York Stock Exchange.

For full year 2023, FLR now expects adjusted earnings per share of $2.50 to $2.70 against previous guidance of $2 to $2.30.

On average, 7 analysts polled by Thomson Reuters forecast the firm to earn $2.15 per share, for the year. Analysts' estimates typically exclude special items.

For full year 2023, the company now projects adjusted EBITDA of around $600 million against previous range of $500 million to $600 million.

For full year 2026, excluding items, Fluor has reaffirmed its earnings per share outlook of $3.10 to $3.60 with adjusted EBITDA of $800 million to $950 million.

For the third-quarter of 2023, FLR recorded a net profit of $169 million or $1.15 per share, higher than $12 million or $0.08 per share, reported for the same period last year.

Excluding items, the company's third-quarter earnings stood at $177 million or $1.02 per share, higher than last year's $13 million or $0.07 per share and the analysts' estimate of $0.56 per share.