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Fluor Stock Plunges 25% After Disappointing Q2 Earnings and Guidance Cut
Fluor Stock Plunges 25% After Disappointing Q2 Earnings and Guidance Cut
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Fluor Corporation's shares plummeted 25% following a dismal Q2 earnings report and downward revision of annual guidance. The engineering firm missed revenue estimates by 15% ($3.98B actual vs. $4.7B expected) and saw EPS crash 49% year-over-year. New contracts collapsed 43% while backlog shrunk 13% to $28.2B.
NuScale Power, Fluor's nuclear startup investment, provided the sole bright spot with 150% YTD gains contributing $3.2B in mark-to-market equity earnings. Market sentiment turned sharply negative as the company slashed full-year profit projections from the $575M-$675M range.
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