Morning Briefing - October 11, 2018
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October 11, 2018

Fluor Puts Quarterly Revenue at $4.6 Billion

By ExchangeMonitor

Fluor on Wednesday said its revenue for the quarter ended Sept. 30 will be about $4.6 billion, down a bit from the $4.9 billion during the same quarter in 2017.

The figures Fluor announced Thursday were preliminary and the regular, full earnings report will be released Nov. 1. Fluor said to expect its third-quarter 2018 pretax earnings to be about $125 million, compared to $94 million in the same quarter of 2017.

The Dallas-based engineering and construction concern is among the top management contractors in the Department of Energy nuclear cleanup and weapons complex.

The Fluor-BWXT Portsmouth joint venture got good news last month when it secured the final 30-month option on its 10-year contract for decommissioning and decontamination at DOE’s Portsmouth Site in Ohio. The contract, now worth $3. 7 billion, keeps the vendor team on the job until late March 2021.

A Fluor-Westinghouse team is still in the hunt for a decade-long, multibillion-dollar award to manage liquid radioactive waste at the Savannah River Site in South Carolina. The contract is expected to be re-awarded this month after an October 2017 award to a BWX Technologies-led team was nullified after a protest to the Government Accountability Office by the third bidding team of AECOM and CH2M.

Fluor is an industry subcontractor to Triad National Security, the University of California-Texas A&M University-Battelle Memorial Institute team that on Nov. 1 will take over operations of the Energy Department’s Los Alamos National Laboratory in New Mexico. The deal is worth roughly $20 billion over 10 years, with options.

Also, Fluor Idaho has a five-year, $1.5 billion contract to run the Idaho Cleanup Project at the Energy DOE’s Idaho National Laboratory. The Idaho contract is scheduled to expire in May 2021.