Slide 1: Q3 2024 Results
Q3 2024 RESULTS November 8, 2024 © 2024 Fluor Corporation. All Rights Reserved. Fluor is a registered service mark of Fluor Corporation. LNG CANADA EXPORT FACILITY // KITIMAT, B.C., CANADA 1
Slide 2: Safe Harbor Statement
SAFE HARBOR STATEMENT This presentation contains forward-looking statements (including without limitation statements to the effect that the Company or its management “will,” “believes,” “expects,” “plans,” “intends,” “continue,” “anticipates,” is “positioned” or other similar expressions). These for
Slide 3: Opening Comments
OPENING COMMENTS Fluor is helping communities affected by Hurricanes Helene and Milton Impacted states are in Fluor’s FEMA Public Assistance contract Currently have more than 200 people deployed in the Southeast Our thoughts go out to all those impacted by these hurricanes, and we are honored to
Slide 4: New Awards and Backlog
OPENING COMMENTS ($ in Billions) NEW AWARDS $4.1 billion $10.0 $19.8 $19.5 $2.7 revenue 87% 87% 68% 50% 50% $2.7 billion FY 2021 FY 2022 FY 2023 Q3 2024 BACKLOG reimbursable new awards $20.8 $26.0 $29.4 $31.3 80% reimbursable $31.3 billion 41% 63% 76% 80% backlog Q4 2021 Q4 2022 Q4 2023 Q3 2024 Reim
Slide 5: Segment Updates
SEGMENT UPDATES © 2024 Fluor. ELI LILLY & COMPANY - LEBANON PROJECT // INDIANA, U.S. 5
Slide 6: Urban Solutions
URBAN SOLUTIONS SEGMENT NEW AWARDS Q3 2024 segment profit of $68 million AND BACKLOG – Reflects increased execution activities on ($ in Millions) $19,006 multiple advanced technology and life sciences projects $11,051 Segment new awards of $828 million $1,033 $828 Segment backlog of $19.0 billion
Slide 7: Urban Solutions: Mining & Metals
URBAN SOLUTIONS Mining & Metals $289 million incremental award for a rare earth minerals refinery in Australia Large EPC near-term prospects include: – Port debottlenecking project in Australia – Lithium work in the United States Awarded BHP Minera Escondida Concentrator program in Chile – Select
Slide 8: Urban Solutions: ATLS
URBAN SOLUTIONS ATLS New Awards for the quarter include: – Eli Lilly ▪ Incremental award for the current phase of project in Indiana ▪ Design award for next phase of this mega project Data center market – Engaging with large tech companies – Developing innovative cooling process concepts and off
Slide 9: Urban Solutions: Infrastructure
URBAN SOLUTIONS Infrastructure Gordie Howe International Bridge progressing towards completion of bridge overlay LAX Automated People Mover JV obtained final approval for settlement recognized last quarter Mario M. Cuomo bridge JV consortium filed $1 billion breach of contract lawsuit GORDIE HOWE
Slide 10: Mission Solutions
MISSION SOLUTIONS SEGMENT NEW AWARDS Q3 2024 segment profit of $45 million AND BACKLOG Segment new awards of $274 million ($ in Millions) Segment backlog of $3.1 billion $4,563 Fully transitioned on Pantex M&O and Air Force $345 $3,095 contracts $274 Received notice to proceed on Hanford Integr
Slide 11: Energy Solutions
ENERGY SOLUTIONS SEGMENT NEW AWARDS Q3 2024 segment profit of $50 million AND BACKLOG Segment new awards of $1.5 billion ($ in Millions) – Downstream project in Mexico $9,159 $8,824 – Large refinery unit in Texas Engineering underway to support RoPower SMR project $3,252 $1,541 in Romania util
Slide 12: Building a Better Future Strategy
BUILDING A BETTER FUTURE STRATEGY Key Themes Urban Solutions: Deploying additional capacity to capitalize on “time-to-market” focused projects Mission Solutions: Focus on national security market and nuclear fuel arenas Energy Solutions: Near-term prospects will be supported by FEED packages for
Slide 13: Building a Better Future Strategy: Flexible Execution Platform
BUILDING A BETTER FUTURE STRATEGY Transitioning to a more flexible execution platform New model for execution centers in Philippines, Poland and India Fully leverage execution capabilities across our markets Foster diversity of employee skills Supports time-to-market project needs FLUOR OFFICE /
Slide 14: Q3 2024 Financial Update
Q3 2024 FINANCIAL UPDATE © 2024 Fluor. TOPSOE SOEC PLANT // HERNING, DENMARK 14
Slide 15: Q3 Financial Outlook
Q3 FINANCIAL OUTLOOK $4.1 $117 $124 billion million million revenue consolidated adjusted segment profit EBITDA $0.51 diluted adjusted G&A net interest EPS expense income new awards $37 $37 $2.7 million million billion © 2024 Fluor. Q3 2024 RESULTS 15
Slide 16: Q3 2024 Financial Update
Q3 2024 FINANCIAL UPDATE $2.9 billion in cash and marketable securities – Excludes amounts held by NuScale Strong operating cash flow of $330 million vs. $3 million in Q3 2023 Legacy project backlog reduced to $859 million from $1 billion in Q2 Stork UK transaction pending regulatory approva
Slide 17: Outlook
OUTLOOK FY 2024 guidance FY 2024 segment margin guidance(2) Adjusted EPS(1): $2.55 to $2.75 Energy Solutions 4.0% Adjusted EBITDA: $525-$575 million Urban Solutions 4.0% Operating Cash Flow: approx. $700 million Mission Solutions 6.0% FY 2024 assumptions Revenue growth: ~10% G&A expense: ~$200
Slide 18: Appendix: Non-GAAP Reconciliations
APPENDIX NON-GAAP RECONCILIATIONS © 2024 Fluor. SECOND HARVEST FOOD BANK // CALIFORNIA, U.S. 18
Slide 19: U.S. GAAP Reconciliation of Consolidated Segment Profit
U.S. GAAP RECONCILIATION OF CONSOLIDATED SEGMENT PROFIT (1) Three Months Ended Nine Months Ended September 30, September 30, (in millions) 2024 2023 2024 2023 Total segment profit (loss) $ and margin % $ 117 2.9% $ 276 7.0% $ 429 3.6% $ 452 3.9% G&A (37) (56) (147) (177) Foreign currency gain (loss)
Slide 20: Reconciliation of Net Earnings to Adjusted Net Earnings and Adjusted EPS
RECONCILIATION OF U.S. GAAP NET EARNINGS ATTRIBUTABLE TO FLUOR TO ADJUSTED NET EARNINGS AND U.S. GAAP EPS TO ADJUSTED EPS (1) THREE MONTHS ENDED NINE MONTHS ENDED SEPTEMBER 30, SEPTEMBER 30, (In millions, except per share amounts) 2024 2023 2024 2023 Net earnings attributable to Fluor $ 54 $ 206 $ 2
Slide 21: Reconciliation of Net Earnings to Adjusted EBITDA
RECONCILIATION OF U.S. GAAP NET EARNINGS ATTRIBUTABLE TO FLUOR TO ADJUSTED EBITDA (1) THREE MONTHS ENDED NINE MONTHS ENDED SEPTEMBER 30, SEPTEMBER 30, (in millions) 2024 2023 2024 2023 Net earnings attributable to Fluor $ 54 $ 206 $ 282 $ 161 Interest income (37) (42) (114) (120) Tax expenses 61 79
Slide 22: Thank You
THANK YOU © 2024 Fluor. OAK HILL PARKWAY // TEXAS, U.S. 22