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Despite a next leadership change, Fluor is still focused on capturing key opportunities identified at the end of 2024, according to the company on February 18, February 18 Report of results of the full year.
Announced the contractor Irving, in Texas Jim Breuer will become CEO On May 1, succeeding David Constable, who will pass to the executive chairman. The change, however, will not change fluorine priorities, the executives said.
According to the company, data centers will remain a key growth engine. Fluor recently signed a master agreement with a large technology supplier and began to work initially under the agreement, said Breuer.
“We are in talks or we have agreements with the four main data center developers,” said Breuer. “We continue to see this market as an important taxpayer in the growth phase and execution of our strategy.”
That growth is feeding the demand for electrical solutions, an area where Fluor has seen an opportunity According to the Constable, the company’s energy business. The company is already engaged in the design of front-end for the expansion of a nuclear power plant in Romania and plays a larger role for nuclear energy to meet the power needs of hypereated data centers in the United States .
Jim Breuer
Courtesy of fluorine
“Our experience in energy generation, both thermal and nuclear, will play a key role in the support of the needs of our client,” Consable said during the call. “We are currently increasing our more capabilities in power.”
The fluorine is also sailing by the marketing of Nuscale, the small modular reactor company in which it maintains a significant participation. The company remains in negotiations to monetize its position as it advanced Nuscale’s push towards the deployment.
“The monetization timeline has been slower than you want,” said Constable. “However, anything in the startup nuclear space, pre-commercialization mode has patience and we want to do well for the next decades, not just in the coming years.”
As projects at the data center continue to increase, several data center developers are increasingly Passing to nuclear energy to meet energy demands. Constable said that Fluor is positioning himself to be in the center of this transition.
“Numbers are only astronomical for energy demand for data centers,” said Constable. “We now have 26,000 megawatts installed in the United States. They say that 92,000 megavatios are required at the end of the decade. Therefore, a great focus here in data centers, combined with energy generation.”
On the front of the infrastructure, Fluor registered constant progress in several main projects, including 94%-Complete Gordie Howe International Bridge and the Lax Automated People Mover, both who are in place for a substantial completion at the end of 2025. Meanwhile, semiconductor -related work was related to the semiconductor is growing, with fluorine that achieves additional installation contracts of tools of an important manufacturer in Arizona, said Breuer.
Breuer said that the federal fluorine recruitment business has remained stable, with work ongoing for the Department of Energy, the Department of Defense and the Federal Emergency Management Agency, said Breuer. The firm hopes that these contracts will continue to take into account their links to national security and critical infrastructure.
“The work of the project we do and the support work we do for the Government is related to its very critical missions, so we hope that the work will continue,” Breuer said during the call. “We feel good with the continuity of them. We feel good about our future opportunities with these two major departments, with FEMA and other civilian agencies for which we are working. “”
Take away from income
Fluor reported that he got $ 1.86 million in the fourth quarter of 2024, a positive investment compared to the loss of $ 21 million a year ago. Their revenue reached $ 4.26 billion, about a $ 12% gain from $ 3.82 billion in the fourth quarter last year.
For the full year in 2024, Fluor won $2.15 billion, a significant increase in dollars139 million in profits by 2023. Their revenue for 2024 reached $16.32 one billion, approximately 5% since $ 15.47 billion in 2023.
The company’s backlog fell $ 28.48 billion in 2024, around a 3% drop $ 29.44 One billion years ago. The new awards were won in the fourth quarter of 2024 $ 2.31 billion, Almost 70% fall compared to $ 7.61 A billion new awards in the fourth quarter of 2023.
“The fourth quarter report of 2024 was disappointing with the initial perspective of 2025 that was soft,” said Andrew Wittmann, a senior research analyst at Baird, a financial service company based in Milwaukee, In a note of research. “Investors seeking a more specific path for nuscale monetization were disappointed with only one market brand that did not occur in cash of $ 1.6 billion through the results account.”
