Fluor Unit Wins $2.41B Navy Nuclear Propulsion Contract Modification
FLR is trading near its 52-week low of $39.33 (12% above the low).
Summary
Fluor Marine Propulsion, a Fluor subsidiary, picked up a $2.41 billion modification to a U.S. Navy contract covering naval nuclear propulsion work at the Naval Nuclear Laboratory. That is a meaningful award for a company with a $26.9 billion backlog, and it extends Fluor's long-running role in the Navy's nuclear program. It follows a strong Q2 in August, when new awards of $6.1 billion and a revenue and EPS beat pushed shares up 17.7%, and the September notice to proceed on LNG Canada Phase 2. The work is government-funded and multi-year, so it supports revenue visibility more than near-term earnings.
At the time of this announcement, FLR was trading at $44.05 on NYSE in the Industrial Applications And Services sector, with a market capitalization of approximately $5.9B. The 52-week trading range was $39.33 to $58.35. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Dow Jones Newswires.