Fluor Corporation

Fluor Corporation delivered a sharply mixed first quarter for 2025, posting adjusted EPS of $0.73, beating the $0.50 consensus estimate by 45.94%, even as revenue of $3.98 billion came in 4.67% below expectations despite rising 6.6% year-over-year. The headline numbers masked considerable complexity beneath the surface, most notably a $477 million mark-to-market loss on its NuScale investment that drove a GAAP net loss of $241 million, or $1.42 per diluted share. On an adjusted basis, however, the picture was notably stronger, with adjusted EBITDA climbing 76% to $155 million, fueled largely by Fluor's Urban Solutions segment, where revenue surged to $2.16 billion from $1.48 billion a year ago on accelerating life sciences and metals project execution. A recently announced delay to a major Canadian low-carbon ethylene project added a note of near-term caution to the revenue outlook. Management held its full-year adjusted EPS guidance of $2.25 to $2.75 and adjusted EBITDA guidance of $575 to $675 million, signaling confidence despite an uncertain macroeconomic backdrop.