-- Fluor (FLR) reported weaker-than-expected first-quarter results on Friday while the engineering and construction company lowered the top end of its full-year earnings outlook.
Adjusted earnings came in at $0.14 a share for the March quarter, down from $0.73 the year before, well below the FactSet-polled consensus of $0.62. Revenue fell 8% to $3.66 billion, trailing the Street's view for $3.89 billion.
The stock tanked 12% in Friday trade. It's up 13% so far this year.
For 2026, Fluor now anticipates adjusted EPS to come in between $2.60 and $2.80, Chief Financial Officer John Regan said during an earnings call, according to a FactSet transcript. In February, Regan said the company projected the metric to be at $2.60 to $3, while the current average analyst estimate is for non-GAAP EPS of $2.76.
Adjusted earnings before interest, taxes, depreciation and amortization is now pegged at $525 million to $560 million for the ongoing year, reflecting a lower top end versus the previous guidance for $585 million.
The outlook revision reflects cost growth on a mining project in the Americas in the first quarter and a temporary slowdown on another project due to geopolitical concerns in the Middle East, according to Fluor. The company noted that the rest of its overall business "continues to deliver at or above expectations."
"The strong growth potential of our business is not impacted by the project charge in the quarter," Chief Executive Jim Breuer said in a statement. "With a disciplined project delivery model and strong liquidity, we are positioned to convert our growing pipeline, expand margins, and deliver sustained profitable growth."
Revenue in the urban solutions segment increased to $2.44 billion from $2.16 billion in the 2025 quarter. The energy solutions division saw revenue decline to $703 million from $1.21 billion, reflecting reduced execution activity on several projects nearing completion, according to the company.
The mission solutions business logged revenue of $523 million, down from $597 million a year ago.
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