Fluor Corp ( FLR ) shares are trading lower after the company reported fourth-quarter results below street expectations.

Fluor’s revenue grew 11.5% year over year to $4.26 billion, missing the consensus of $4.42 billion. Adjusted EPS declined to 48 cents from 68 cents a year ago, missing the consensus of 77 cents.

Sales by segment: Urban Solutions $1.99 billion (+40.8% YoY), Energy Solutions $1.52 billion (+6.9% YoY), Mission Solutions $654 million (+1.24% YoY) and Others $87 million.

Fluor recorded a total segment profit of $206 million, compared to $85 million a year ago. The margin expanded 261 bps to 4.8%.

The company reported net earnings from core operations of $1.84 billion, up from $72 million a year ago.

The total new awards were $2.31 billion for the quarter compared to $7.61 billion a year ago. Consolidated backlog declined 3.3% year-over-year to $28.48 billion, with 79% of projects being reimbursable.

Adjusted EBITDA rose 6.2% year-over-year to $154 million; the margin declined 18 bps to 3.6%.

Related: Fluor Sees Revenue Jump But EPS Drops, Backlog Shrinks As New Orders Decline Significantly

At the end of the quarter, Fluor’s cash and marketable securities at the end of the year were $3 billion, up 14% from 2023. Operating cash flow for the fiscal 2024 amounted to $828 million, up from $212 million in 2023.

Fluor repurchased $125 million shares in the quarter and plans a $300 million buyback in 2025.

The company’s 2024 results included $2.105 billion in equity method earnings, driven by a $2.221 million gain from NuScale’s deconsolidation and remeasurement. A $116 million provision was recorded for a jury verdict against a Fluor joint venture, which the company disputes and is exploring options to overturn.

2025 Outlook: Flour’s adjusted EBITDA is projected at $575 million to $675 million, with adjusted EPS between $2.25 and $2.75 per share versus the $2.95 consensus, assuming a 30-35% tax rate.

The company is not providing forward-looking guidance for U.S. GAAP net earnings or EPS due to uncertainties in predicting all necessary components.

Additionally, the company announced the appointment of Chief Operation Officer Jim Breuer as Chief Executive Officer, effective May 1, 2025, while David Constable transitioned to Executive Chairman for leadership continuity.

Price Action: FLR shares are trading lower by 2.76% at $42.20 at last check Tuesday.

Image via Shutterstock.