Two big players in the U.S. defense nuclear cleanup business are scheduled to issue their third-quarter earnings figures on Thursday.
SNC-Lavalin President and CEO Neil Bruce will brief financial analysts on the Montreal-based project management company’s quarterly results at 3 p.m. Eastern time.
Fluor Chairman and CEO David Seaton will host the Dallas-based engineering and construction company’s earnings call at 5:30 p.m.
Both companies will release their financial results prior to the earnings call.
In the second quarter, Fluor reported a net loss of $24 million (U.S.). The loss was $0.17 per diluted share, compared to net earnings of $102 million, or $0.72 per diluted share, from the second quarter in 2016. Fluor had cited some recent bad luck in the electric power market, with the biggest single factor being cancellation of two new nuclear reactors in South Carolina.
During its second quarter, SNC-Lavalin reported net income of about $136.4 million (CAN), or $0.91 per diluted share, compared with $88.5 million, or $0.59 per diluted share, for the same quarter in 2016. SNC-Lavalin also reported in the second quarter that it was increasing its 2017 outlook for earnings per share from $2 to $2.20. The revised outlook reflected the acquisition of British engineering and project manager provider WS Atkins in July.
The merger gives SNC a significant foothold in the DOE cleanup sphere, including as a partner with AECOM in tank waste contractor Washington River Protection Solutions at the Hanford Site in Washington state and as a key subcontractor for liquid waste management at the Savannah River Site in South Carolina. Atkins, together with partners Westinghouse and Fluor, was chosen by DOE last year to run depleted uranium hexafluoride (DUF6) conversion facilities in Kentucky and Ohio.
Fluor remains active in the DOE complex. For example, a For example, a Fluor-BWXT joint venture handles decontamination and decommissioning at the Portsmouth Site in Piketon, Ohio, under a 10-year deal potentially worth more than $2.5 billion through March 28, 2021.
