Research Desk Line-up: Limbach Post Earnings Coverage
LONDON, UK / ACCESSWIRE / August 22, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on Fluor Corp. (NYSE: FLR), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=FLR, following the Company's release of its financial results on August 03, 2017, for the second quarter of the fiscal year 2017. The Company's Government segment's revenue increased 13.1% on a y-o-y basis. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:
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Get more of our free earnings reports coverage from other constituents of the Heavy Construction industry. Pro-TD has currently selected Limbach Holdings, Inc. (NASDAQ: LMB) for due-diligence and potential coverage as the Company announced on August 14, 2017, its financial results for Q2 2017 which ended on June 30, 2017. Register for a free membership today, and be among the early birds that get access to our report on Limbach when we publish it.
At Pro-TD, we make it our mission to bring you news that matter about the stock you follow. Today, our research desk covers a blog story on FLR; also brushing on LMB. With the links below you can directly download the report of your stock of interest free of charge at:
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Earnings Reviewed
For the three months ended June 30, 2017, Fluor's revenue decreased 2.9% to $4.72 billion on a y-o-y basis from $4.86 billion in Q2 FY16. The revenue numbers were below analysts' expectations of $4.94 billion.
During Q2 FY17, the Company's backlog was $37.57 billion compared to $47.32 billion in Q2 FY16. For the reported quarter, Fluor's new awards totaled $3.20 billion compared to $6.43 billion in Q2 FY16.
For the reported quarter, Fluor's corporate general and administrative expenses (G&A) decreased 11.3% to $47 million from $53 million in Q2 FY16. During Q2 FY17, the Company's earnings before interest and taxes (EBIT) was negative $23.9 million compared to positive $181.4 million in Q2 FY16.
During Q2 FY17, Fluor's net loss was $24 million compared to net income of $101.8 million in Q2 FY16. During Q2 FY17, Fluor's diluted earnings per share (EPS) was negative $0.17 compared to positive $0.72 in Q2 FY16. For the reported quarter, the Company's adjusted diluted EPS was $0.72. The adjusted diluted EPS surpassed analysts' expectations of $0.59.
Segment Details
Energy, Chemicals, & Mining - During Q2 FY17, Fluor's Energy, Chemicals, & Mining segment's revenue decreased 7.3% to $2.30 billion from $2.48 billion in Q2 FY16. The decrease was due to reduced activity on the Gulf Coast chemicals project. For the reported quarter, the segment's income increased 87 basis points to $126.6 million from $125.5 million in Q2 FY16. For the reported quarter, the segment's new awards totaled $860 million compared to $1.17 billion in Q2 FY16.
Industrial, Infrastructure, & Power - During Q2 FY17, Fluor's Industrial, Infrastructure, & Power segment's revenue increased 2% to $1.03 billion from $1.01 billion in Q2 FY16. The increase was primarily due to increased project execution activities for several life sciences, advanced manufacturing, and two nuclear projects for Westinghouse. For the reported quarter, the segment's loss was $168.0 million compared to profit of $51.4 million in Q2 FY16. For the reported quarter, the segment's new awards totaled $672 million versus $3.35 billion in Q2 FY16.
Government - During Q2 FY17, Fluor's Government segment's revenue increased 13.1% to $744.2 million from $657.9 million in Q2 FY16. For the reported quarter, the segment's income was $19.7 million compared to $22.0 million in Q2 FY16. For the reported quarter, the segment's new awards totaled $1.11 billion versus $1.24 billion in Q2 FY16.
Diversified Services - During Q2 FY17, Fluor's Diversified Services segment's revenue decreased 9.8% to $641.4 million from $711.8 million in Q2 FY16. For the reported quarter, the segment's income was $36.3 million compared to $31.1 million in Q2 FY16. For the reported quarter, the segment's new awards totaled $554 million versus $664 million in Q2 FY16.
Balance Sheet
As on June 30, 2017, Fluor's cash and marketable securities increased 1.4% to $2.14 billion from $2.11 billion in Q4 FY16. For the reported quarter, the Company's long-term debt was $1.56 billion compared to $1.52 billion in Q4 FY16.
During H1 FY17, Fluor's cash provided by operating activities increased 372.8% to $427.9 million from $90.5 million in H1 FY16. For the reported quarter, the Company's return on average shareholders' equity ratio was 4% versus 16% in Q2 FY16.
Outlook
For FY17, Fluor expects G&A to be in the range of $180 million - $200 million and capital expenditure to be in the range of $225 million - $275 million. The Company estimates adjusted diluted EPS to be in the range of $1.40 - $1.70 for the fiscal year 2017.
Stock Performance
At the close of trading session on Monday, August 21, 2017, Fluor's stock price slipped 1.17% to end the day at $37.23. A total volume of 2.31 million shares were exchanged during the session, which was above the 3-month average volume of 1.56 million shares. The Company's shares are trading at a PE ratio of 47.01 and have a dividend yield of 2.26%. At Monday's closing price, the stock's net capitalization stands at $5.22 billion.
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SOURCE: Pro-Trader Daily