Even with some bumps, Fluor Corp. reported gains in results for 2021, with the energy transition set to drive a 10% revenue boost this year, executives told analysts Feb. 22. The company reported a fourth-quarter net loss of $145 million, a larger loss than in fourth quarter 2020, but attributed it to a one-time, defined-benefit pension settlement in Holland. Excluding that, Fluor’s $0.31 Q4 per share earnings topped analysts’ combined estimates.
The firm’s backlog drop included a cancelled chemicals plant but also completion of nearly $3 billion in fixed-price legacy projects. "We anticipate that we will be substantially complete with these projects by the end of 2023," said CEO David Constable. Fluor reported new 2021 awards rose to $8.8 billion, from $7.5 billion in 2020.