Earnings rose at Fluor, Irving, Texas, in the third quarter, which the engineering and construction company with extensive government contracts, attributed to strong markets for energy and infrastructure.
Net earnings for the third quarter ended Sept. 30 were $158 million or $1.16 a share up from a loss of $697 million or a loss of $4.30 a share in the year-ago quarter, according to the company’s Friday press release.
Quarterly revenue was $3.7 billion, up from $3.4 billion year-over-year.
Quarterly segment operating income for the Mission Solutions segment where Fluor coordinates its Department of Energy and other key government contracts was $55 million, up from $34 million a year ago. Segment revenue was $714 million, down from $761 million in the year-ago period. Revenue in this segment “declined on lower DOE and emergency-response volume,” according to the Fluor news release.
Fluor-led Savannah River Nuclear Solutions team recently received a six-month extension on its DOE operations and management contract at the Savannah River Site (SRS) in South Carolina, CEO Jim Breuer said during the Friday earnings call.
Fluor expects DOE to award its new long-term SRS management contract early in 2027, Breuer said. He added that the company was happy with the recent announcement by DOE’s National Nuclear Security Administration (NNSA) approving construction of the Savannah River Plutonium Processing Facility, which will make plutonium pits.
Breuer and other company executives expressed satisfaction with how Fluor is doing in the nuclear power front. The company also announced this week it has been picked by X-energy to oversee development of an advanced small modular reactor at the DOE’s Hanford Site in Richland, Wash.
Fluor is in discussions with well-known nuclear companies to help develop more reactors, Breuer said.
The company “will let the dust settle a little bit” before drawing any conclusions on the midterm elections and how the outcome might affect energy and data center development, Breuer also said during the call.
The third quarter earnings slide presentation was posted online.
