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Fluor's (FLR) Unit Wins $1.36B Naval Nuclear Propulsion Contract
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Arlington-based Fluor Marine Propulsion LLC, a subsidiary of Fluor Corporation (FLR - Free Report) , has been granted a $1.36 billion cost-plus-fixed-fee modification to a previously awarded contract. This modification enables the exercise of fiscal 2024 options for crucial Naval Nuclear Propulsion work at the Naval Nuclear Laboratory.
The extensive work associated with this contract will primarily take place in three key locations: Pittsburgh, PA (46%); Schenectady, NY (45%); and Idaho Falls, ID (9%). The anticipated completion date for this project is September 2024.
Funding for this significant contract is being sourced from various channels, with fiscal 2023 other procurement (Navy) contributing $6 million (50%), fiscal 2021 other procurement (Navy) adding $3.02 million (25%), fiscal 2023 operations and maintenance (Navy) providing $2.3 million (19%), and fiscal 2022 research, development, test, and evaluation contributing $0.7 million (6%). Notably, $3.69 million of this funding will expire at the end of the current fiscal year.
This contract win underscores Fluor’s commitment to excellence in defense-related projects. It not only strengthens Fluor's position in the industry but also underscores its crucial role in advancing Naval Nuclear Propulsion work. With Fluor's extensive expertise and resources, this contract is expected to have a positive impact on the company's financial performance in the coming years.
Share Price Performance
Image Source: Zacks Investment Research
Shares of FLR gained 24.2% in the past three months, outperforming the Zacks Engineering - R and D Services industry’s 1.9% decline. The company has been benefiting from the solid demand for its engineering and construction solutions. Fluor's total new awards in the second quarter of 2023 came in at $3.71 billion compared with $3.55 billion in the year-ago period. Fluor's total new awards rose in the second quarter compared with the year-ago period. New awards also demonstrate that clients are moving forward with capital spending plans in a challenging business environment.
Zacks Rank
Fluor currently sports a Zacks Rank #1 (Strong Buy).
Other Key Picks
Some other top-ranked stocks from the Construction sector are EMCOR Group, Inc. (EME - Free Report) , TopBuild Corp. (BLD - Free Report) and Meritage Homes Corporation (MTH - Free Report) .
EME delivered a trailing four-quarter earnings surprise of 17.2%, on average. Shares of the company have risen 85.5% in the past year. The Zacks Consensus Estimate for EME’s 2023 sales and earnings per share (EPS) indicates growth of 11.7% and 36.2%, respectively, from the previous year’s reported levels.
TopBuild currently sports a Zacks Rank of 1. BLD delivered a trailing four-quarter earnings surprise of 14.1%, on average. Shares of the company have risen 59.1% in the past year.
The Zacks Consensus Estimate for BLD’s 2023 sales and EPS indicates growth of 3.3% and 8.4%, respectively, from the previous year’s reported levels.
Meritage Homes currently sports a Zacks Rank of 1. MTH delivered a trailing four-quarter earnings surprise of 24.1%, on average. Shares of the company have gained 72.9% in the past year.
The Zacks Consensus Estimate for MTH’s 2023 sales and EPS indicates a decline of 3.2% and 27.3%, respectively, from the previous year’s reported levels.
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Fluor's (FLR) Unit Wins $1.36B Naval Nuclear Propulsion Contract
Arlington-based Fluor Marine Propulsion LLC, a subsidiary of Fluor Corporation (FLR - Free Report) , has been granted a $1.36 billion cost-plus-fixed-fee modification to a previously awarded contract. This modification enables the exercise of fiscal 2024 options for crucial Naval Nuclear Propulsion work at the Naval Nuclear Laboratory.
The extensive work associated with this contract will primarily take place in three key locations: Pittsburgh, PA (46%); Schenectady, NY (45%); and Idaho Falls, ID (9%). The anticipated completion date for this project is September 2024.
Funding for this significant contract is being sourced from various channels, with fiscal 2023 other procurement (Navy) contributing $6 million (50%), fiscal 2021 other procurement (Navy) adding $3.02 million (25%), fiscal 2023 operations and maintenance (Navy) providing $2.3 million (19%), and fiscal 2022 research, development, test, and evaluation contributing $0.7 million (6%). Notably, $3.69 million of this funding will expire at the end of the current fiscal year.
This contract win underscores Fluor’s commitment to excellence in defense-related projects. It not only strengthens Fluor's position in the industry but also underscores its crucial role in advancing Naval Nuclear Propulsion work. With Fluor's extensive expertise and resources, this contract is expected to have a positive impact on the company's financial performance in the coming years.
Share Price Performance
Image Source: Zacks Investment Research
Shares of FLR gained 24.2% in the past three months, outperforming the Zacks Engineering - R and D Services industry’s 1.9% decline. The company has been benefiting from the solid demand for its engineering and construction solutions. Fluor's total new awards in the second quarter of 2023 came in at $3.71 billion compared with $3.55 billion in the year-ago period. Fluor's total new awards rose in the second quarter compared with the year-ago period. New awards also demonstrate that clients are moving forward with capital spending plans in a challenging business environment.
Zacks Rank
Fluor currently sports a Zacks Rank #1 (Strong Buy).
Other Key Picks
Some other top-ranked stocks from the Construction sector are EMCOR Group, Inc. (EME - Free Report) , TopBuild Corp. (BLD - Free Report) and Meritage Homes Corporation (MTH - Free Report) .
EMCOR currently sports a Zacks Rank of 1. You can see the complete list of today’s Zacks #1 Rank stocks here.
EME delivered a trailing four-quarter earnings surprise of 17.2%, on average. Shares of the company have risen 85.5% in the past year. The Zacks Consensus Estimate for EME’s 2023 sales and earnings per share (EPS) indicates growth of 11.7% and 36.2%, respectively, from the previous year’s reported levels.
TopBuild currently sports a Zacks Rank of 1. BLD delivered a trailing four-quarter earnings surprise of 14.1%, on average. Shares of the company have risen 59.1% in the past year.
The Zacks Consensus Estimate for BLD’s 2023 sales and EPS indicates growth of 3.3% and 8.4%, respectively, from the previous year’s reported levels.
Meritage Homes currently sports a Zacks Rank of 1. MTH delivered a trailing four-quarter earnings surprise of 24.1%, on average. Shares of the company have gained 72.9% in the past year.
The Zacks Consensus Estimate for MTH’s 2023 sales and EPS indicates a decline of 3.2% and 27.3%, respectively, from the previous year’s reported levels.