Fluor (FLR) +7.5% pre-market Friday after reporting better than expected Q3 adjusted earnings and raising full-year guidance, while also saying it will monetize its stake in small modular nuclear technology company NuScale Power (SMR).
Flour (FLR) swung to a loss of $697 million, or $4.30/share, from a profit of $54 million, or $0.31/share, in the year-earlier quarter; Q3 adjusted earnings came in at $0.68/share, above expectations, but revenues fell nearly 18% Y/Y to $3.37 billion, with results hit by a $653 million ruling on its Santos project in Australia.
The company also raised its full-year adjusted earnings guidance to $2.10-$2.25/share from a prior outlook of $1.95-$2.15/share and above the $2.05 analyst consensus estimate.
Fluor (FLR) also disclosed a plan to fully monetize its stake in NuScale (SMR) by the end of Q2 2026, converting its remaining Class B units in NuScale into Class A shares and then begin a structured monetization of shares, guided by mutually agreed volume restrictions to maintain the value of NuScale’s equity.
Fluor (FLR) said it agreed to vote in favor of NuScale’s (SMR) anticipated increase to its authorized share count.
NuScale (SMR), which also reported a wider than expected Q3 loss, -5.3% pre-market Friday.