![FLUOR CORP [FLRAP] reports quarterly net loss of $40 million](/_next/image?url=https%3A%2F%2F10kinfo-appdata.s3.us-west-2.amazonaws.com%2Fedgar0105%2FCompanyLogos%2FUS%2FFLRAP.png&w=1200&q=75)
FLUOR CORP [FLRAP] has reported a net loss of $40 million for quarter ended Dec 31, 2023.
The Company said in a filing before the Securities and Exchange Commission that its total revenue for the quarter was $3.7 billion
Based in IRVING, Texas, FLUOR CORP operates in the CONSTRUCTION sector.
During the 3 months ended March 31, 2024, Fluor reported revenue of $3.734 billion, compared to $3.752 billion for the same period in 2023. This represents a slight decrease in revenue.
The cost of revenue for the current period was $3.635 billion, lower than the $3.79 billion incurred in the previous year. This decrease in cost of revenue contributed to a gross profit of $99 million in the current period, a significant improvement from the gross loss of $38 million in the same period last year.
General and administrative expenses (G&A) amounted to $59 million in the current period, slightly lower than the $62 million incurred in the previous period. The company also reported a foreign currency gain of $12 million in the current period, compared to a loss of $41 million in the previous year.
Fluor's operating profit for the current period was $52 million, a substantial increase from the operating loss of $141 million reported in the same period last year. The company also saw improvements in its earnings before taxes, with a profit of $91 million in the current period compared to a loss of $100 million in the previous year.
After accounting for income tax expenses, Fluor recorded a net earnings of $40 million in the current period, marking a significant improvement from the net loss of $130 million in the same period last year. Net earnings attributable to Fluor were $59 million for the current period, a positive turnaround from the net loss of $107 million in the previous year.
In terms of earnings per share (EPS), Fluor reported a basic EPS of $0.35 and a diluted EPS of $0.34 for the current reporting period. This is a noteworthy improvement from the basic EPS of -$0.82 and diluted EPS of -$0.82 reported in the same period last year.