Fluor Corp

FLR: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$71.00	Qbpx	Hptmt

Fluor Earnings: Significant Improvement in Operating Cash Flow

Krzysztof Smalec

Aug 4, 2024

No-moat Fluor posted solid second-quarter results, as revenue grew by 7% and adjusted earnings per share increased by 12% year over year. Management maintained its full-year adjusted EPS guidance range of $2.50-$3.00 and narrowed the adjusted EBITDA guidance range to $625 million-$675 million. We’ve raised our fair value estimate to $42 per share from $38, driven by our more optimistic revenue growth and operating margin projections, as well as the time value of money.

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