Fluor Corp

FLR: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$34.00	Gsqx	Wfgm

Fluor Earnings: Full-Year Outlook Maintained Despite Revenue and Earnings Miss

Krzysztof Smalec

May 3, 2024

No-moat Fluor's first-quarter revenue of $3.7 billion and adjusted EPS of $0.47 both missed FactSet consensus estimates of $3.9 billion and $0.54, respectively, sending shares down roughly 6% in intraday trading on May 3. We've raised our fair value estimate to $38 from $37, which reflects our slightly more optimistic operating margin projections and time value of money, and we see shares as fairly valued at current levels.

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