- Fluor Corp (NYSE:FLR) reported a first-quarter FY23 revenue growth of 20% year-over-year to $3.75 billion, beating the consensus of $3.55 billion.
- Sales by segment: Energy Solutions $1.61 billion (+37.3% Y/Y), Urban Solutions $1.21 billion (+13.9% Y/Y), Mission Solutions $649 million (+9.4% Y/Y) and Others $283 million (-3.7% Y/Y).
- FLR recorded a total segment loss of $(15) million, compared to a profit of $115 million in 1Q22.
- Net loss attributable to Fluor of $(107) million reflects project forecast revisions and sale of AMECO South America.
- Adjusted EPS improved to $0.28 from $0.16 in 1Q22, missed the consensus of $0.37.
- Adjusted EBITDA decreased by 21.1% Y/Y to $71 million, and the margin fell by 100 bps to 1.9%.
- New awards in Q1 totaled $3.23 billion, up from $1.93 billion a year ago. Consolidated backlog was $25.62 billion as of March 31, 2023.
- At the end of the quarter, Fluor’s cash and marketable securities were $2.3 billion, including $268 million held by NuScale.
- FY23 Outlook, reaffirmed: Fluor sees FY23 adjusted EPS of $1.50-$1.90 (consensus $1.66) and Adjusted EBITDA of $450 million-$600 million.
- It expects FY26 adjusted EPS of $3.10-$3.60 and Adjusted EBITDA of $800 million-$950 million.
- Price Action: FLR shares traded lower by 1.39% at $27.00 on the last check Friday.
Regulators Probe Morgan Stanley’s Wealth-Management Division: Report
Federal regulators, including the SEC and OCC, reportedly probe Morgan Stanley's wealth division for potential money laundering, focusing on client vetting and financial monitoring. The investigation follows concerns raised by the Federal Reserve last November.
