Fluor Corporation reported a total revenue of $16.3 billion for the fiscal year ended December 31, 2024, marking an increase of 5.4% from $15.5 billion in 2023. The company's net earnings attributable to Fluor surged to $2.1 billion, compared to $139 million in the previous year, reflecting a significant recovery in profitability. This increase was primarily driven by improved execution on several recently awarded projects, particularly in the Urban Solutions segment, which saw revenue rise to $7.2 billion from $5.3 billion in 2023. The Energy Solutions segment, however, experienced a decline in revenue to $6.0 billion from $6.3 billion, attributed to reduced activity on several nearing-completion projects.
In terms of operational changes, Fluor made significant strategic moves during 2024, including the divestiture of its Stork operations in Europe and the U.K., which is expected to be completed in early 2025. The company also deconsolidated its investment in NuScale, recognizing a pre-tax gain of $1.6 billion in the fourth quarter based on the stock's market value. This strategic shift reflects Fluor's ongoing efforts to streamline operations and focus on core business areas, with 78% of its revenue now derived from markets outside traditional oil and gas sectors.
Fluor's backlog as of December 31, 2024, stood at $28.5 billion, slightly down from $29.4 billion in 2023. Notably, 79% of this backlog is classified as reimbursable, indicating a stable revenue stream moving forward. The company reported that 38% of new awards in 2024 were related to projects located outside the U.S., highlighting its geographic expansion efforts. The total employee headcount decreased to 26,866, reflecting a reduction of 11% from the previous year, primarily due to the divestiture of the Stork business.
The filing also noted that Fluor's financial discipline remains a priority, with a focus on generating predictable cash flow and maintaining a right-sized cost structure. The company reported a significant improvement in operating cash flow, which reached $828 million in 2024, up from $212 million in 2023. This improvement was driven by customer payments on large projects and a refund from the IRS related to prior tax years. Looking ahead, Fluor anticipates continued growth in its Urban Solutions segment and aims to leverage its diversified portfolio to mitigate risks associated with market cyclicality.
Overall, Fluor Corporation's 2024 performance reflects a strategic pivot towards more stable and diversified revenue sources, alongside a commitment to operational efficiency and financial discipline, positioning the company for future growth in a competitive landscape.
About FLUOR CORP
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