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Fluor (FLR) JV Secures $45 Billion Hanford Contract With DOE
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Fluor Corporation (FLR - Free Report) has been selected, along with partners, for the Hanford Integrated Tank Disposition Contract by the U.S. Department of Energy (“DOE”). The joint venture, Hanford Tank Waste Operations & Closure, LLC, will oversee environmental management operations at the Hanford Site in Washington state. This $45 billion, 10-year contract marks a significant opportunity for Fluor.
Shares of Fluor have gained 1.5% during the trading session and 1.6% in the after-hour trading session on Mar 7, 2024.
The scope of work includes crucial tasks in cleaning up the Hanford Site, such as operating tank farm facilities and the Waste Treatment and Immobilization Plant. Additionally, responsibilities encompass project management, security services, and environmental health and safety measures.
This contract underscores Fluor's commitment to environmental stewardship and highlights its expertise in managing complex projects. Through the equity method of accounting, Fluor will recognize its earnings per share (EPS) from this endeavor.
With the DOE's ambitious cleanup efforts at Hanford, this contract positions Fluor for substantial growth in the environmental management sector. As Fluor looks ahead, it eagerly anticipates contributing to the mission of restoring Hanford while delivering value to shareholders.
Share Price Performance
Shares of Fluor have gained 5.7% in the past six months, underperforming the Zacks Engineering - R and D Services industry’s rise of 16.8%. Although shares have underperformed the industry, Fluor has been benefiting from robust end markets, strong client relationships and a resilient capital structure. The company’s fourth-quarter 2023 results depicted solid growth in new awards and backlog value, which, in turn, solidifies the growth prospects of the company.
Image Source: Zacks Investment Research
Fluor's total new awards in the quarter were $7.61 billion compared with $4.6 billion in the year-ago period. The consolidated backlog at the fourth-quarter end was $29.44 billion, up from $26.05 billion at 2022-end.
Zacks Rank & Key Rank
Fluor currently carries a Zacks Rank #3 (Hold).
Here are some better-ranked stocks from the Construction sector.
NVR delivered a trailing four-quarter earnings surprise of 8.1%, on average. The Zacks Consensus Estimate for NVR’s 2024 sales and EPS indicates growth of 7.7% and 4.6%, respectively, from the prior-year levels.
Summit Materials, Inc. (SUM - Free Report) currently sports a Zacks Rank of 1. SUM delivered a trailing four-quarter earnings surprise of 18.2%, on average. The stock has gained 31.6% in the past six months.
The Zacks Consensus Estimate for SUM’s 2024 sales and EPS indicates growth of 80.2% and 53.2%, respectively, from a year ago.
Century Communities, Inc. (CCS - Free Report) presently sports a Zacks Rank of 1. It has a trailing four-quarter earnings surprise of 49.2%, on average. Shares of CCS have rallied 16.7% in the past six months.
The Zacks Consensus Estimate for CCS’ 2024 sales and EPS indicates a rise of 11.1% and 24.4%, respectively, from the prior-year levels.
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Fluor (FLR) JV Secures $45 Billion Hanford Contract With DOE
Fluor Corporation (FLR - Free Report) has been selected, along with partners, for the Hanford Integrated Tank Disposition Contract by the U.S. Department of Energy (“DOE”). The joint venture, Hanford Tank Waste Operations & Closure, LLC, will oversee environmental management operations at the Hanford Site in Washington state. This $45 billion, 10-year contract marks a significant opportunity for Fluor.
Shares of Fluor have gained 1.5% during the trading session and 1.6% in the after-hour trading session on Mar 7, 2024.
The scope of work includes crucial tasks in cleaning up the Hanford Site, such as operating tank farm facilities and the Waste Treatment and Immobilization Plant. Additionally, responsibilities encompass project management, security services, and environmental health and safety measures.
This contract underscores Fluor's commitment to environmental stewardship and highlights its expertise in managing complex projects. Through the equity method of accounting, Fluor will recognize its earnings per share (EPS) from this endeavor.
With the DOE's ambitious cleanup efforts at Hanford, this contract positions Fluor for substantial growth in the environmental management sector. As Fluor looks ahead, it eagerly anticipates contributing to the mission of restoring Hanford while delivering value to shareholders.
Share Price Performance
Shares of Fluor have gained 5.7% in the past six months, underperforming the Zacks Engineering - R and D Services industry’s rise of 16.8%. Although shares have underperformed the industry, Fluor has been benefiting from robust end markets, strong client relationships and a resilient capital structure. The company’s fourth-quarter 2023 results depicted solid growth in new awards and backlog value, which, in turn, solidifies the growth prospects of the company.
Image Source: Zacks Investment Research
Fluor's total new awards in the quarter were $7.61 billion compared with $4.6 billion in the year-ago period. The consolidated backlog at the fourth-quarter end was $29.44 billion, up from $26.05 billion at 2022-end.
Zacks Rank & Key Rank
Fluor currently carries a Zacks Rank #3 (Hold).
Here are some better-ranked stocks from the Construction sector.
NVR, Inc. (NVR - Free Report) currently sports a Zacks Rank of 1 (Strong Buy). The stock has gained 21% in the past six months. You can see the complete list of today’s Zacks #1 Rank stocks here.
NVR delivered a trailing four-quarter earnings surprise of 8.1%, on average. The Zacks Consensus Estimate for NVR’s 2024 sales and EPS indicates growth of 7.7% and 4.6%, respectively, from the prior-year levels.
Summit Materials, Inc. (SUM - Free Report) currently sports a Zacks Rank of 1. SUM delivered a trailing four-quarter earnings surprise of 18.2%, on average. The stock has gained 31.6% in the past six months.
The Zacks Consensus Estimate for SUM’s 2024 sales and EPS indicates growth of 80.2% and 53.2%, respectively, from a year ago.
Century Communities, Inc. (CCS - Free Report) presently sports a Zacks Rank of 1. It has a trailing four-quarter earnings surprise of 49.2%, on average. Shares of CCS have rallied 16.7% in the past six months.
The Zacks Consensus Estimate for CCS’ 2024 sales and EPS indicates a rise of 11.1% and 24.4%, respectively, from the prior-year levels.