Fluor Corporation reported significant financial results for the third quarter and the first nine months of 2024, reflecting both revenue growth and fluctuations in profitability. For the three months ended September 30, 2024, Fluor generated revenue of $4,094 million, an increase from $3,963 million in the same period of 2023. Year-to-date revenue also rose to $12,055 million from $11,654 million in the prior year.

Despite the revenue growth, operating profit for the third quarter decreased sharply to $49 million from $218 million in the previous year, while year-to-date operating profit increased to $277 million from $172 million. Net earnings for the third quarter fell to $25 million, down from $181 million in 2023, but year-to-date net earnings improved to $219 million from $119 million. Net earnings attributable to Fluor for the third quarter were $54 million, compared to $206 million in the same quarter of 2023, while year-to-date figures rose to $282 million from $161 million.

The decline in quarterly profitability was attributed to challenges in the Energy Solutions segment, which saw revenue drop to $1,428 million from $1,553 million year-over-year, impacted by a $57 million charge due to cost growth on a subcontract in Mexico. Conversely, the Urban Solutions segment experienced a revenue increase to $1,931 million from $1,431 million, benefiting from a change order agreement that improved segment profit.

Fluor's total backlog as of September 30, 2024, was $31,319 million, up from $29,441 million at the end of 2023, with notable growth in the Urban Solutions backlog. The company also completed the sale of Stork's operations in continental Europe for $67 million in March 2024, recognizing an $11 million gain.

Financially, Fluor's cash and cash equivalents increased to $2,912 million as of September 30, 2024, compared to $2,421 million a year earlier. The company reported a significant improvement in operating cash flow, which reached $501 million year-to-date, a turnaround from a negative $96 million in the same period of 2023.

Looking ahead, Fluor anticipates recognizing a substantial gain of $1.6 billion in the fourth quarter of 2024 from the deconsolidation of NuScale, based on a stock price of $13.15 for 126 million shares. The company continues to navigate various legal proceedings, including ongoing litigation with Santos Ltd. regarding a project in Australia, which could impact future financial results.