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Fluor (FLR) Unit Wins Agilent's Facility Expansion Contract
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Fluor Corporation’s (FLR - Free Report) Advanced Technologies & Life Sciences business received a contract from Agilent Technologies, Inc., to expand the latter’s oligonucleotide therapeutics manufacturing facility in Frederick, CO.
This $725 million project, which is expected to be completed by 2026, will provide for the synthesis, purification and lyophilization of Agilent’s custom nucleic acid therapeutics, also known as oligonucleotides or oligos.
Juan Hernandez, Fluor’s Advanced Technologies & Life Sciences business president, said, “We will incorporate state-of-the-art engineering enhancements such as advanced automation, water reduction strategies and solvent capturing to optimize cost and construction. This enables us to fast-track the project so that Agilent can meet its global customers’ needs by getting products to market faster.”
Per this ongoing contract, Fluor will be liable for architectural and engineering services and will procure equipment for the new 275,000 square-foot manufacturing facility. This new facility will house two manufacturing lines to double its manufacturing capability.
Stock Performance
Share of this Zacks Rank #2 (Buy) company grew 1.4% in the after-hours trading session on Feb 16 and 32.4% in the past six months, outperforming the Zacks Engineering - R and D Services industry’s 11.8% growth. Its solid prospect is testimony to this fact.
Image Source: Zacks Investment Research
For 2023, the Zacks Consensus Estimate stands at $1.81 per share, reflecting 107.2% year-over-year growth on 7.2% higher revenues. The estimate has moved north by 2.8% in the past 30 days. FLR is stated to release its results for fourth-quarter 2022 on Feb 21.
Fluor’s market diversity remains a key strength that helps the company mitigate the cyclicality of the markets in which it operates. The company’s strategy of maintaining a good business portfolio mix permits it to focus on more stable business markets and capitalize on developing cyclical markets at suitable times.
Fluor has been focusing on the “Building a Better Future” strategy, which includes four strategic priorities for driving shareholder value. The first strategy is to drive growth across portfolios by enhancing markets outside the traditional oil and gas sector, including energy transition, advanced technology and life sciences, high-demand metals, infrastructure and mission solutions.
The second one aims to pursue contracts with fair and balanced commercial terms that reward value, with a bias toward reimbursable contracts. Third, it intends to reinforce financial discipline and maintain a solid balance sheet by generating predictable cash flow and earnings. The last strategy is fostering a high-performance culture with purpose by advancing diversity, equity and inclusion efforts and promoting social progress and sustainability.
Key Picks
United Rentals, Inc. (URI - Free Report) — currently sports a Zacks Rank #1. The long-term earnings growth rate of the company is 16.3%.
The Zacks Consensus Estimate for URI’s 2023 sales and EPS suggests growth of 20.3% and 28.3%, respectively, from the year-ago period’s reported levels.
Skyline Champion Corporation (SKY - Free Report) — currently flaunts a Zacks Rank #1. SKY has a trailing four-quarter earnings surprise of 43.2%, on average.
The Zacks Consensus Estimate for SKY’s fiscal 2024 sales and EPS suggests declines of 11.7% and 37.9%, respectively, from the fiscal 2023 reported levels.
Sterling Infrastructure, Inc. (STRL - Free Report) — carrying a Zacks Rank #2 — provides transportation, e-infrastructure and building solutions.
STRL’s expected earnings growth rate for 2023 is 9.9%.
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Fluor (FLR) Unit Wins Agilent's Facility Expansion Contract
Fluor Corporation’s (FLR - Free Report) Advanced Technologies & Life Sciences business received a contract from Agilent Technologies, Inc., to expand the latter’s oligonucleotide therapeutics manufacturing facility in Frederick, CO.
This $725 million project, which is expected to be completed by 2026, will provide for the synthesis, purification and lyophilization of Agilent’s custom nucleic acid therapeutics, also known as oligonucleotides or oligos.
Juan Hernandez, Fluor’s Advanced Technologies & Life Sciences business president, said, “We will incorporate state-of-the-art engineering enhancements such as advanced automation, water reduction strategies and solvent capturing to optimize cost and construction. This enables us to fast-track the project so that Agilent can meet its global customers’ needs by getting products to market faster.”
Per this ongoing contract, Fluor will be liable for architectural and engineering services and will procure equipment for the new 275,000 square-foot manufacturing facility. This new facility will house two manufacturing lines to double its manufacturing capability.
Stock Performance
Share of this Zacks Rank #2 (Buy) company grew 1.4% in the after-hours trading session on Feb 16 and 32.4% in the past six months, outperforming the Zacks Engineering - R and D Services industry’s 11.8% growth. Its solid prospect is testimony to this fact.
Image Source: Zacks Investment Research
For 2023, the Zacks Consensus Estimate stands at $1.81 per share, reflecting 107.2% year-over-year growth on 7.2% higher revenues. The estimate has moved north by 2.8% in the past 30 days. FLR is stated to release its results for fourth-quarter 2022 on Feb 21.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Solid Contract Flow & Strategic Moves to Aid FLR
Fluor’s market diversity remains a key strength that helps the company mitigate the cyclicality of the markets in which it operates. The company’s strategy of maintaining a good business portfolio mix permits it to focus on more stable business markets and capitalize on developing cyclical markets at suitable times.
Fluor has been focusing on the “Building a Better Future” strategy, which includes four strategic priorities for driving shareholder value. The first strategy is to drive growth across portfolios by enhancing markets outside the traditional oil and gas sector, including energy transition, advanced technology and life sciences, high-demand metals, infrastructure and mission solutions.
The second one aims to pursue contracts with fair and balanced commercial terms that reward value, with a bias toward reimbursable contracts. Third, it intends to reinforce financial discipline and maintain a solid balance sheet by generating predictable cash flow and earnings. The last strategy is fostering a high-performance culture with purpose by advancing diversity, equity and inclusion efforts and promoting social progress and sustainability.
Key Picks
United Rentals, Inc. (URI - Free Report) — currently sports a Zacks Rank #1. The long-term earnings growth rate of the company is 16.3%.
The Zacks Consensus Estimate for URI’s 2023 sales and EPS suggests growth of 20.3% and 28.3%, respectively, from the year-ago period’s reported levels.
Skyline Champion Corporation (SKY - Free Report) — currently flaunts a Zacks Rank #1. SKY has a trailing four-quarter earnings surprise of 43.2%, on average.
The Zacks Consensus Estimate for SKY’s fiscal 2024 sales and EPS suggests declines of 11.7% and 37.9%, respectively, from the fiscal 2023 reported levels.
Sterling Infrastructure, Inc. (STRL - Free Report) — carrying a Zacks Rank #2 — provides transportation, e-infrastructure and building solutions.
STRL’s expected earnings growth rate for 2023 is 9.9%.