Fluor, one of the larger players in the U.S. Energy Department’s Cold War nuclear cleanup business, said Tuesday it took in $19.5 billion in revenue during 2017, a small step up from $19 billion recorded for 2016.
Fluor said in a press release it collected just over $5 billion in revenue for fourth-quarter 2017, an incremental increase from $4.99 billion in the same period of 2016.
Net earnings in 2017 landed at $191 million, or $1.36 per diluted share, when the impact of the U.S. tax reform legislation is included. The 2017 earnings were lower than the 2016 earnings of $281 million, or $2 per diluted share.
Fourth-quarter earnings numbers were also down on a year-over-year basis: $60 million, or $0.43 per diluted share, versus $70 million, or $0.51.
The company said its results were hurt by a $45 million after-tax charge connected with a power project and a “downstream” project, neither of which appeared to be identified in a news release.
Fluor’s government group, which includes its contracts with the DOE Office of Environmental Management, reported a net profit of $128 million, which was up 50 percent from $85 million reported one year ago. The government group’s revenue for 2017 was $3.2 billion, rising from $2.7 billion reported for 2016. New awards, however, dropped from $4.6 billion in 2016 to $2.6 billion in 2017, Fluor said.
During 2018, Fluor expects diluted earnings per share in a range between $3.10 and $3.50.
Fluor is a partner with BWX Technologies for decontamination and decommissioning at the Portsmouth Site in Piketon, Ohio, under a 10-year deal potentially worth more than $2.5 billion through 2021. In 2016, Fluor took over remediation at the Idaho Cleanup site under a five-year contract worth $1.4 billion.
