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Fluor's (FLR) Stork UK Wins 3-Year Contract From Sellafield
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Fluor Corporation’s (FLR - Free Report) Stork UK received a 3-year contract from Sellafield Ltd to provide independent third-party inspection and quality assurance solutions for its nuclear site in the country.
The contract, scheduled to begin in November, has two one-year follow-on options and will be recognized in the third quarter of 2023.
Shares of this Zacks Rank #3 (Hold) company fell 2.63% in the after-hours trading session on Oct 19 but have risen 14.9% in the past three months against the Zacks Engineering - R and D Services industry’s decline of 8.8%.
Image Source: Zacks Investment Research
In 2021, Fluor intended to sell its Stork business to focus on its core businesses and capital priorities. So far, it has divested Stork Australia and New Zealand. Recently, it announced to sell its Belgium, Germany and the Netherlands operations along with its U.S. turbo blading manufacturing operation to Bilfinger SE, a Germany-based industrial services provider.
Fluor’s Initiatives to Drive Growth
Fluor focuses on expanding its business portfolio and increasing profitability through various strategic initiatives, including accretive acquisitions and valuable divestitures. Its efficient service has increased its contract wins over the years. The company is working toward strengthening its market leadership, execution improvement at the project and management levels, as well as effective working scenarios with its joint venture partners. These factors will enable it to accelerate its growth trend in the market.
As a part of its strategic initiative, on Mar 14, 2023, Fluor divested its AMECO South America business, which includes assets in Chile and Peru, to STRACON Group. Previously, it had divested AMECO’s Africa, the Caribbean, Mexico and North America businesses.
Fluor continues with divestment efforts of its remaining Stork businesses in the United Kingdom, Latin America and the Middle East.
During the second quarter of 2023, Fluor witnessed contract wins in all its reportable segments. Its total new awards for the quarter came in at $3.71 billion compared with $3.55 billion in the year-ago period. This brings the second quarter’s end consolidated backlog at $25.48 billion. Given the growth trends and backlog level, the company raised its full-year 2023 guidance, highlighting its solid prospects.
Key Picks
Some better-ranked stocks in the same space are:
KBR, Inc. (KBR - Free Report) is a global engineering, construction and services firm supporting the market segments of global energy and international government services. KBR has been gaining from the rising global importance of national security, energy security, energy transition and climate change. It has been gaining from high-end and differentiated government business work, technology and consulting services.
KBR currently carries a Zacks Rank #2 (Buy). It has a trailing four-quarter earnings surprise of 10.8%, on average. The Zacks Consensus Estimate for its 2023 sales and EPS indicates growth of 6.9% and 7%, respectively, from the previous year’s reported levels.
Mayville Engineering Company, Inc. (MEC - Free Report) operates as a contract manufacturer that serves heavy and medium-duty commercial vehicles, construction, powersports, agriculture and the military, as well as other end markets in the United States.
This Zacks Rank #1 company’s consensus estimate for earnings has increased from 58 cents to 59 cents over the past 60 days.
Willdan Group (WLDN - Free Report) is a nationwide provider of professional, technical and consulting services to utilities, government agencies and private industry.
Willdan Group presently has a Zacks Rank #2. WLDN’s expected earnings growth rate for 2023 is 50%.
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Fluor's (FLR) Stork UK Wins 3-Year Contract From Sellafield
Fluor Corporation’s (FLR - Free Report) Stork UK received a 3-year contract from Sellafield Ltd to provide independent third-party inspection and quality assurance solutions for its nuclear site in the country.
The contract, scheduled to begin in November, has two one-year follow-on options and will be recognized in the third quarter of 2023.
Shares of this Zacks Rank #3 (Hold) company fell 2.63% in the after-hours trading session on Oct 19 but have risen 14.9% in the past three months against the Zacks Engineering - R and D Services industry’s decline of 8.8%.
Image Source: Zacks Investment Research
In 2021, Fluor intended to sell its Stork business to focus on its core businesses and capital priorities. So far, it has divested Stork Australia and New Zealand. Recently, it announced to sell its Belgium, Germany and the Netherlands operations along with its U.S. turbo blading manufacturing operation to Bilfinger SE, a Germany-based industrial services provider.
Fluor’s Initiatives to Drive Growth
Fluor focuses on expanding its business portfolio and increasing profitability through various strategic initiatives, including accretive acquisitions and valuable divestitures. Its efficient service has increased its contract wins over the years. The company is working toward strengthening its market leadership, execution improvement at the project and management levels, as well as effective working scenarios with its joint venture partners. These factors will enable it to accelerate its growth trend in the market.
As a part of its strategic initiative, on Mar 14, 2023, Fluor divested its AMECO South America business, which includes assets in Chile and Peru, to STRACON Group. Previously, it had divested AMECO’s Africa, the Caribbean, Mexico and North America businesses.
Fluor continues with divestment efforts of its remaining Stork businesses in the United Kingdom, Latin America and the Middle East.
During the second quarter of 2023, Fluor witnessed contract wins in all its reportable segments. Its total new awards for the quarter came in at $3.71 billion compared with $3.55 billion in the year-ago period. This brings the second quarter’s end consolidated backlog at $25.48 billion. Given the growth trends and backlog level, the company raised its full-year 2023 guidance, highlighting its solid prospects.
Key Picks
Some better-ranked stocks in the same space are:
KBR, Inc. (KBR - Free Report) is a global engineering, construction and services firm supporting the market segments of global energy and international government services. KBR has been gaining from the rising global importance of national security, energy security, energy transition and climate change. It has been gaining from high-end and differentiated government business work, technology and consulting services.
KBR currently carries a Zacks Rank #2 (Buy). It has a trailing four-quarter earnings surprise of 10.8%, on average. The Zacks Consensus Estimate for its 2023 sales and EPS indicates growth of 6.9% and 7%, respectively, from the previous year’s reported levels.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Mayville Engineering Company, Inc. (MEC - Free Report) operates as a contract manufacturer that serves heavy and medium-duty commercial vehicles, construction, powersports, agriculture and the military, as well as other end markets in the United States.
This Zacks Rank #1 company’s consensus estimate for earnings has increased from 58 cents to 59 cents over the past 60 days.
Willdan Group (WLDN - Free Report) is a nationwide provider of professional, technical and consulting services to utilities, government agencies and private industry.
Willdan Group presently has a Zacks Rank #2. WLDN’s expected earnings growth rate for 2023 is 50%.