Earnings fell at Fluor, Irving, Texas, in the first quarter, which the engineering and construction company that serves the Department of Energy and other federal clients attributed mostly to its non-government work.
Net earnings for the first quarter ended March 31 reflected a loss of $241 million, or $1.42 a share, down from earnings of $59 million, or $0.34 a share, in the year-ago quarter. Quarterly revenue was $4 billion up year-over-year from $3.7 billion.
Fluor issued its earnings press release and management held a conference call to discuss it with Wall Street analysts on Friday morning.
Quarterly segment operating income profit for the Missions Solutions unit, where Fluor quarterbacks its DOE-related work, was $5 million down from $22 million a year ago. Segment revenue was $597 million, down from $601 million in the year-ago period.
Fluor CEO Jim Breuer said the company was looking forward to DOE’s full release of the contract for the Savannah River Plutonium Pit Facility at the Savannah River Site in South Carolina. Fluor-led Savannah River Nuclear Solutions is already operations and management prime for the entire site near the Georgia state line.
Fluor is also a major stakeholder in NuScale Power, a designer and developer of small modular reactors. Breuer said that after recently tumbling to less than $14 per share, NuScale’s stock price has rallied to more than $17 per share in the past week.
