Latest news with #JohnRegan
Yahoo
18-06-2025
- Science
- Yahoo
Tiny ‘primordial' black holes created in the Big Bang may have rapidly grown to supermassive sizes
When you buy through links on our articles, Future and its syndication partners may earn a commission. Primordial black holes that formed during the earliest moments of the universe could have swollen quickly to supermassive sizes, complex cosmological simulations have revealed. The discovery could lead to a solution for one of the biggest problems in modern cosmology: how supermassive black holes could have grown to be millions or billions of times more massive than the sun before the universe was 1 billion years old. This problem has gotten out of hand recently, thanks to NASA's James Webb Space Telescope (JWST). The powerful scope has been probing the early universe, discovering more and more supermassive black holes that existed just 700 million years after the Big Bang, or even earlier. "The problem here is that, when we view the early universe with more and more powerful telescopes, which effectively allow us to see the cosmos as it was at very early times due to the finite speed of light, we keep seeing supermassive black holes," research team member John Regan, a Royal Society University research fellow at Maynooth University in Ireland, told "This means that supermassive black holes are in place very early in the universe, within the first few hundred million years." The processes that scientists previously proposed to explain the growth of supermassive black holes, such as rapid matter accretion and mergers between larger and larger black holes, should take more than a billion years to grow a supermassive black hole. The earliest and most distant supermassive black hole discovered thus far by JWST is CEERS 1019, which existed just 570 million years after the Big Bang and has a mass 9 million times that of the sun. That's too big to exist 13.2 billion years or so ago, according to the established models. "This is confusing, as the black holes must either appear at this large mass or grow from a smaller mass extremely quickly," Regan said. "We have no evidence to suggest that black holes can form with these huge masses, and we don't fully understand how small black holes could grow so rapidly." The new research suggests that primordial black holes could have given early supermassive black holes a head start in this race. Black holes come in an array of different masses. Stellar-mass black holes, which are 10 to 100 times heftier than the sun, are created when massive stars exhaust their nuclear fuel an die, collapsing to trigger huge supernova explosions. Supermassive black holes have at least one million times the mass of the sun and sit at the heart of all large galaxies. They're too large to be formed when a massive star dies. Instead, these black holes are created when smaller black holes merge countless times, or by ravenously feeding on surrounding matter, or in a combination of both processes. These two examples of black holes, as well as elusive intermediate-mass black holes, which sit in the mass gulf between stellar-mass and supermassive black holes, are classed as "astrophysical" black holes. Scientists have long proposed the existence of "non-astrophysical" black holes, in the form of primordial black holes. The "non-astrophysical" descriptor refers to the fact that these black holes don't rely on collapsing stars or prior black holes for their existence. Instead, primordial black holes are proposed to form directly from overdense pockets in the soup of steaming-hot matter that filled the universe in the first second after the Big Bang. There is no observational evidence of these primordial black holes thus far. However, that hasn't stopped scientists from suggesting that these hypothetical objects could account for dark matter, the mysterious "stuff" that accounts for 85% of the matter in the universe but remains invisible because it doesn't interact with light. The new research suggests that primordial black holes, proposed to have masses between 1/100,000th that of a paperclip and 100,000 times that of the sun, could have a big advantage in rapidly forming supermassive black holes. That's because the upper limit on their mass isn't restricted by how massive a star can get before it dies, as is the case with stellar mass black holes. "Primordial black holes should form during the first few seconds after the Big Bang. If they exist, they have some advantages over astrophysical black holes," Regan said. "They can, in principle, be more massive to begin with compared to astrophysical black holes and may be able to settle more easily into galactic centers, where they can rapidly grow." Primordial black holes can also get a head start on stellar-mass black holes, because they don't have to wait for the first generation of massive stars to die — a process that could take millions of years. Regan explained that, due to their origins, astrophysical black holes can form only after the first stars run out of fuel. Even then, astrophysical black holes can still be just a few hundred solar masses in total. Additionally, negatively impacting the prospect of supermassive black hole growth from stellar-mass black holes is the fact that the energy emitted from stars during their lives and their explosive supernova deaths clears material from around the newborn black holes, depleting their potential larder and curtailing their growth. "That can mean that there is no material for the baby black hole to accrete," Regan explained. Primordial black holes wouldn't emit energy and wouldn't "go 'nova, eliminating this hindrance. But, they would still need to find their way to an abundant source of matter. In the simulation performed by Regan and colleagues, primordial black holes needed to grow by accreting matter, with black hole mergers taking a backseat in the process. "Matter in the early universe is mostly composed of hydrogen and helium," Regan continued. "These primordial black holes are expected to mostly grow by accreting hydrogen and helium. Mergers with other primordial black holes may also play a role, but accretion is expected to be dominant." For the matter accretion of primordial black holes to be efficient enough to result in the creation of supermassive black holes, these objects need to be able to rapidly gobble up matter. That means making their way to regions of the universe where matter congregates — namely, the center of galaxies, which also happens to be where supermassive black holes lurk in the modern epoch of the cosmos. "For this, primordial black holes need to sink to the center of a galaxy," Regan said. "This can happen if there are enough primordial black holes. Only a few have to get lucky!" The number of primordial black holes available for this process determines whether astrophysical black holes would eventually play a role in the growth of early supermassive black holes. "If primordial black holes are very abundant, then they can make up the whole supermassive black hole population," Regan said. "Whether primordial black holes account for the entire mass of early supermassive black holes depends on how many there are. In principle, it's possible, but my guess is that astrophysical black holes play a role, too." Of course, these findings are based on simulations, so there is a long way to go before this theory can be confirmed. One line of observational evidence for this theory would be the detection of a massive black hole in the very, very early universe, prior even to 500 million years after the Big Bang. Another possible line of observational evidence would be the detection of a black hole with a mass smaller than three times that of the sun in the modern-day universe. That's because no black hole so small could have formed from the supernova death and collapse of a massive star, indicating this diminutive black hole grew from a primordial one. "I was surprised that primordial black holes grew so rapidly and that our simulations at least matched the parameter space in which they can exist," Regan said. "All we need now is a 'smoking gun' of a primordial black hole from observations — either a very low-mass black hole in the present-day universe or a really high-mass black hole in the very early universe. "Primordial black holes, if they exist, will be hiding in the extremes!" Related Stories: — A 'primordial' black hole may zoom through our solar system every decade — Primordial black holes may flood the universe. Could one hit Earth? — Tiny black holes left over from the Big Bang may be prime dark matter suspects In lieu of such observational evidence, the team will seek to improve their cosmological simulations to strengthen the theory of supermassive black holes starting off as primordial black holes. "The next steps are to increase the realism of the simulations. This was a first step. The simulations only had primordial black holes," Regan concluded. "Next, we want to model primordial and astrophysical black holes in the same environment and see if we can see any distinguishing characteristics." The team's research appears as a pre-peer review paper on the repository site arXiv.
Irish Independent
11-06-2025
- Business
- Irish Independent
Tara Mines workers in Meath call for meeting with management on long-term future
The Tara Mines Group of Unions, including representatives from SIPTU, has formally requested a meeting with management to discuss delays in implementing a key component of the 2024 Sustainability Agreement, which was brokered by the Workplace Relations Commission (WRC). The agreement was pivotal in ending an 18-month layoff period for workers and restarting operations at Ireland's largest zinc mine. Tara Mines, operated by Swedish firm Boliden, is Europe's largest zinc mine and a major economic engine for Meath. SIPTU Sector Organiser, John Regan, said: 'As part of the Sustainability Agreement reached under the auspices of the Workplace Relations Commission (WRC) in April 2024, which began the process of ending what would be 18 months of layoff for workers, it was agreed that 'further underground exploration drilling' would begin before 2027.' 'This refers to the Tara Deep, a project to develop a new ore body which has the potential to provide a further 40 years of mining in County Meath. Our members are not only focused on their employment but also the long-term viability of the mine, that is why this commitment by management was crucial to the 2024 WRC deal. In order to action this, Union representatives tabled a compromise proposal, to commence underground exploration drilling with immediate effect, at a Sustainability Agreement review meeting on May 12, 2025.' Mr Regan added that If management does not agree to commence work in line with the agreement, the unions will refer it back to the WRC. Andrew McGuinness, SIPTU Organiser, backed those concerns, pointing out that the company had already invested four years into developing Tara Deep before operations were halted in July 2023. He said: 'The company had invested in the development of Tara Deep for four years prior to the mine going into care and maintenance, with the lay-off of its workforce, in July 2023. At the time of commencement of this development plan, the timeframe was for Tara Deep to come into production in 2029. This timeframe is now ever increasing with Tara Deep development mining having not recommenced following the resumption of other activities at the Mine last year.' 'A failure to commence this development will leave the northeast region without one of its biggest employers in the near future. This will remove a key economic lifeline for the surrounding communities,' Mr McGuinness added. Funded by the Local Democracy Reporting Scheme.
Business Wire
02-05-2025
- Business
- Business Wire
Fluor Reports First Quarter 2025 Results
IRVING, Texas--(BUSINESS WIRE)-- Fluor Corporation (NYSE: FLR) announced financial results for its first quarter ended March 31, 2025. "We are well positioned for the grow and execute chapter of our Building a Better Future strategy. As we continue to deliver on our projects and take in quality backlog, we see substantial opportunities for growth in our key markets. Our businesses are focused on organic growth and our core competencies will deliver results that support our customers' needs,' said Jim Breuer, chief executive officer of Fluor. 'Today, more than ever, clients can rely on Fluor's project delivery expertise to help navigate the complexities of the market." Q1 2025 Highlights: Revenue of $4.0 billion, up 7% y/y GAAP net loss attributable to Fluor of $241 million; Equity method earnings included $477 million in mark-to-market losses on our investment in NuScale, and a positive adjustment of $84 million to reflect the settlement of a claim on an infrastructure project completed over 12 years ago. Adjusted EBITDA of $155 million, up 76% y/y EPS of ($1.42); adjusted EPS of $0.73, up 55% y/y Consolidated segment profit [1] of $131 million, up 11% y/y Cash and marketable securities at the end of the quarter were $2.5 billion. G&A expenses of $36 million, down 39% y/y reflecting a reduction in performance-based compensation. Operating Cash Flow: ($286) million vs ($111) million y/y, reflects increases in working capital on several large projects; full year guidance of $450 - $500 million maintained New Awards: New awards totaled $5.8 billion, down 17% y/y; 87% reimbursable Backlog: $28.7 billion at 79% reimbursable, down 12.3% y/y from $32.7 billion a year ago; legacy project backlog now at $585 million, down 53% y/y [1] Non-GAAP Financial Measure. See 'Non-GAAP Financial Measures' for additional information. "Today we are on a much more solid footing financially, supported by a majority reimbursable backlog and a robust outlook for cash generation,' said John Regan, chief financial officer of Fluor. 'As we transition to supporting growth in the business over the next strategic planning period, we aim to enhance operating margins through project execution excellence, lean processes, and risk management discipline, all while maintaining our commitment to return capital to shareholders." Outlook We are not providing forward-looking guidance for U.S. GAAP net earnings or U.S. GAAP earnings per share, or a quantitative reconciliation of adjusted EBITDA or adjusted EPS guidance, because we are unable to predict with reasonable certainty all of the components required to provide such reconciliation without unreasonable efforts, which are uncertain and could have a material impact on GAAP reported results for the guidance period. See 'Non-GAAP Financial Measures' for additional information. The company is engaging with clients to address the potential impacts of increased economic uncertainty on their projects. Based on our current assessment of our backlog, the performance of our segments and the economic environment, the company is maintaining its adjusted EBITDA guidance for 2025 of $575 to $675 million and adjusted EPS of $2.25 to $2.75 per share. Estimates for 2025 assume a tax rate of 30 to 35% percent. Adjusted EPS and adjusted EBITDA guidance exclude items similar to those outlined in the reconciliation table at the end of this release. Business Segments Urban Solutions reported a profit of $70 million in the first quarter compared to $50 million in the first quarter of 2024. Results reflect the significant ramp up of execution activities with the new awards secured over the past 18 months, including several life sciences and metals projects. Revenue for the first quarter increased to $2.2 billion from $1.5 billion a year ago. New awards for the quarter increased to $5.3 billion from $4.9 billion a year ago. Awards for the quarter include a multi-billion dollar EPCM award for a pharmaceutical facility in Indiana and $682 million for the State Highway 6 construction project in Texas. Ending backlog increased 8% to $20.2 billion compared to $18.6 billion a year ago. Energy Solutions reported a profit of $47 million in the first quarter compared to $68 million in the first quarter of 2024. Results reflect projects nearing completion and a reserve related to a long completed project at our joint venture in Mexico. Revenue for the quarter decreased to $1.2 billion from $1.4 billion a year ago due to a decline in execution activities for several projects nearing completion. New awards in the quarter totaled $315 million, compared to $716 million in the first quarter of 2024. Ending backlog was $6.2 billion compared to $9.3 billion a year ago. Mission Solutions reported a profit of $5 million in the first quarter compared to $22 million in the first quarter of 2024. Results reflect a reserve of $28 million stemming from a recent ruling on a long-standing claim on a project completed in 2019. Revenue for the first quarter decreased slightly to $597 million from $601 million a year ago. New awards for the quarter totaled $164 million, compared to $1.1 billion in the first quarter of 2024. Conference Call Fluor will host a conference call at 8:30 a.m. Eastern on Friday, May 2, which will be webcast live and can be accessed by logging onto The call will also be accessible by telephone at 888-800-3960 (U.S./Canada) or +1 646-307-1852. The conference ID is 4438700. A replay of the webcast will be available for 30 days. Non-GAAP Financial Measures This news release contains discussions of consolidated segment profit (loss) and margin, adjusted net earnings (loss), adjusted EPS and adjusted EBITDA that are non-GAAP financial measures under SEC rules. Segment profit (loss) is calculated as revenue less cost of revenue and earnings attributable to noncontrolling interests. The company believes that segment profit (loss) provides a meaningful perspective on its business results as it is the aggregation of individual segment profit measures that the company utilizes to evaluate and manage its business performance. Adjusted net earnings (loss) is defined as net earnings (loss) from core operations excluding equity method earnings and the impacts of foreign exchange fluctuations, impairments and certain items that management believes are unrelated to actual normalized operational performance. Net earnings (loss) from core operations is net earnings (loss) attributable to Fluor excluding the results of our remaining Stork and AMECO equipment businesses that are no longer classified as discontinued operations but that continue to be marketed for sale or that have been sold. Adjusted EPS is defined as adjusted net earnings divided by weighted average diluted shares outstanding. Adjusted EBITDA is defined as net earnings from operations before interest, income taxes, depreciation and amortization (EBITDA), further adjusted by the same items excluded from adjusted net earnings. The company believes adjusted net earnings, adjusted EPS and adjusted EBITDA allow investors to evaluate the company's ongoing earnings on a normalized basis and make meaningful period-over-period comparisons. However, non-GAAP measures have limitations as analytical tools and should not be considered in isolation from or a substitute for measures of financial performance prepared in accordance with U.S. GAAP. In addition, these non-GAAP measures are not necessarily comparable to similarly titled measures reported by other companies. Reconciliations of consolidated segment profit (loss), adjusted net earnings, adjusted EPS and adjusted EBITDA to the most comparable GAAP measures are included in the press release tables. The company is unable to provide a reconciliation of its adjusted EPS and adjusted EBITDA guidance to the most comparable GAAP measure without unreasonable efforts because it is unable to predict with reasonable certainty all of the components required to provide such reconciliation, including the impact of foreign exchange fluctuations, which are uncertain and could have a material impact on GAAP reported results for the guidance period. About Fluor Corporation Fluor Corporation (NYSE: FLR) is building a better world by applying world-class expertise to solve its clients' greatest challenges. Fluor's nearly 27,000 employees provide professional and technical solutions that deliver safe, well-executed, capital-efficient projects to clients around the world. Fluor had revenue of $16.3 billion in 2024 and is ranked 265 among the Fortune 500 companies. With headquarters in Irving, Texas, Fluor has provided engineering, procurement and construction services for more than a century. For more information, please visit or follow Fluor on Facebook, Instagram, LinkedIn, X and YouTube. Forward-Looking Statements: This release may contain forward-looking statements (including without limitation statements to the effect that the Company or its management "will," "believes," "expects," 'anticipates,' "plans" or other similar expressions). These forward-looking statements, including statements relating to resolution of outstanding claims or lawsuits, strategic and operation plans, future growth, new awards, backlog, earnings, capital allocation plans and the outlook for the company's business. Actual results may differ materially as a result of a number of factors, including, among other things, the cyclical nature of many of the markets the Company serves and our clients' vulnerability to poor economic conditions, such as inflation, slow growth or recession, which may result in decreased capital investment and reduced demand for our services; the Company's failure to receive new contract awards; cost overruns, project delays or other problems arising from project execution activities, including the failure to meet cost and schedule estimates; intense competition in the industries in which we operate; the inability to hire and retain qualified personnel; failure of our joint venture or other partners to perform their obligations; the failure of our suppliers, subcontractors and other third parties to adequately perform services under our contracts; cyber-security breaches; possible information technology interruptions; risks related to the use of artificial intelligence and similar technologies; exposure to political and economic risks in different countries, including tariffs and trade policies, geopolitical events and conflicts, civil unrest, security issues, labor conditions and other foreign economic and political uncertainties in the countries in which we do business; client cancellations of, or scope adjustments to, existing contracts; failure to maintain safe worksites and international security risks; risks or uncertainties associated with events outside of our control, including weather conditions, pandemics, public health crises, political crises or other catastrophic events; the use of estimates in preparing our financial statements; GAAP earnings volatility due to recurring fair value measurements of our investment in NuScale; client delays or defaults in making payments; uncertainties, restrictions and regulations impacting our government contracts; the potential impact of certain tax matters; the Company's ability to secure appropriate insurance; liabilities associated with the performance of nuclear services; foreign currency risks; the loss of one or a few clients that account for a significant portion of the Company's revenues; failure to adequately protect intellectual property rights; climate change, natural disasters and related environmental issues; increasing scrutiny with respect to sustainability practices; risks related to our indebtedness; the availability of credit and restrictions imposed by credit facilities, both for the Company and our clients, suppliers, subcontractors or other partners; restrictive covenants contained in the agreements governing our debt; possible limitations on bonding or letter of credit capacity; failure to obtain favorable results in existing or future litigation and regulatory proceedings, dispute resolution proceedings or claims, including claims for additional costs; failure by us or our employees, agents or partners to comply with laws; new or changing legal requirements, including those relating to environmental, health and safety matters; and restrictions on possible transactions imposed by our charter documents and Delaware law. Caution must be exercised in relying on these and other forward-looking statements. Due to known and unknown risks, the Company's results may differ materially from its expectations and projections. Additional information concerning these and other factors can be found in the Company's public periodic filings with the Securities and Exchange Commission, including the discussion under the heading "Item 1A. Risk Factors" in the Company's Form 10-K filed on February 18, 2025. Such filings are available either publicly or upon request from Fluor's Investor Relations Department: (469) 398-7222. The Company disclaims any intent or obligation other than as required by law to update its forward-looking statements in light of new information or future events. SUMMARY OF CASH FLOW INFORMATION THREE MONTHS ENDED March 31, (in millions) 2025 2024 OPERATING CASH FLOW $ (286) $ (111) INVESTING CASH FLOW Proceeds from sales and maturities (purchases) of marketable securities 54 (5) Capital expenditures (11) (34) Proceeds from sale of assets 62 30 Investments in partnerships and joint ventures (69) (13) Investing cash flow 36 (22) FINANCING CASH FLOW Repurchase of common stock (142) — Purchase and retirement of debt (18) (10) Other (3) (16) Financing cash flow (163) (26) Effect of exchange rate changes on cash 17 (25) Increase (decrease) in cash and cash equivalents (396) (184) Cash and cash equivalents at beginning of period 2,829 2,519 Cash and cash equivalents at end of period $ 2,433 $ 2,335 Cash paid during the period for: Interest $ 19 $ 20 Income taxes (net of refunds) 30 46 Expand RECONCILIATION OF U.S. GAAP NET EARNINGS (LOSS) ATTRIBUTABLE TO FLUOR TO ADJUSTED NET EARNINGS AND U.S. GAAP EARNINGS PER SHARE TO ADJUSTED EARNINGS PER SHARE (1) THREE MONTHS ENDED MARCH 31, (In millions, except per share amounts) 2025 2024 Net earnings (loss) attributable to Fluor $ (241) $ 59 Exclude: Stork & AMECO businesses marketed for sale or sold (10) 8 Net earnings (loss) from core operations* (251) 67 Adjustments: (2) Equity method loss 393 $ — NuScale expenses — 31 Embedded foreign currency derivative (gains)/losses 1 (7) Impact of a court ruling on a long-completed Mission Solutions project (3) 28 — Impact of reserves taken for a long-completed Energy Solutions project (4) 22 — Foreign currency (gain) loss 13 (12) Tax (benefit) expense on above items (81) 2 Adjusted net earnings $ 125 $ 81 Diluted EPS $ (1.42) $ 0.34 Adjusted EPS $ 0.73 $ 0.47 *Core operations excludes the results of our now-divested Stork and AMECO businesses. (1) Certain amounts in tables may not total or agree back to the financial statements due to immaterial rounding differences. (2) We exclude earnings impacts for litigation outcomes, claims, settlements or associated damages from adjusted earnings when they are significant in magnitude, non-routine and do not represent on-going normal operations. Expand THREE MONTHS ENDED MARCH 31, (in millions) 2025 2024 Net earnings (loss) attributable to Fluor $ (241) $ 59 Interest income, net (17) (39) Tax (benefit) expense (53) 51 Equity method loss 393 — Depreciation & amortization 18 18 EBITDA $ 100 $ 89 Adjustments: (2) Stork & AMECO businesses marketed for sale or sold $ (9) $ (13) Impact of a court ruling on a long-completed Mission Solutions project (3) 28 — Impact of reserves taken for a long-completed Energy Solutions project (4) 22 — Embedded foreign currency derivative (gains)/losses 1 (7) NuScale expenses — 31 G&A: Foreign currency (gain) loss 13 (12) Adjusted EBITDA $ 155 $ 88 (1) Certain amounts in tables may not total or agree back to the financial statements due to immaterial rounding differences. (2) We exclude earnings impacts for litigation outcomes, claims, settlements or associated damages from adjusted earnings when they are significant in magnitude, non-routine and do not represent on-going normal operations. Expand #corp
Yahoo
02-05-2025
- Business
- Yahoo
Fluor Reports First Quarter 2025 Results
"Grow and execute" chapter of Fluor's strategy launched Q1 revenue book to burn ratio of 1.5x Accelerated Q1 share repurchases of $142 million; targeting $600 million in repurchases for 2025 Company maintains 2025 guidance IRVING, Texas, May 02, 2025--(BUSINESS WIRE)--Fluor Corporation (NYSE: FLR) announced financial results for its first quarter ended March 31, 2025. "We are well positioned for the grow and execute chapter of our Building a Better Future strategy. As we continue to deliver on our projects and take in quality backlog, we see substantial opportunities for growth in our key markets. Our businesses are focused on organic growth and our core competencies will deliver results that support our customers' needs," said Jim Breuer, chief executive officer of Fluor. "Today, more than ever, clients can rely on Fluor's project delivery expertise to help navigate the complexities of the market." Q1 2025 Highlights: Revenue of $4.0 billion, up 7% y/y GAAP net loss attributable to Fluor of $241 million; Equity method earnings included $477 million in mark-to-market losses on our investment in NuScale, and a positive adjustment of $84 million to reflect the settlement of a claim on an infrastructure project completed over 12 years ago. Adjusted EBITDA of $155 million, up 76% y/y EPS of ($1.42); adjusted EPS of $0.73, up 55% y/y Consolidated segment profit[1] of $131 million, up 11% y/y Cash and marketable securities at the end of the quarter were $2.5 billion. G&A expenses of $36 million, down 39% y/y reflecting a reduction in performance-based compensation. Operating Cash Flow: ($286) million vs ($111) million y/y, reflects increases in working capital on several large projects; full year guidance of $450 - $500 million maintained New Awards: New awards totaled $5.8 billion, down 17% y/y; 87% reimbursable Backlog: $28.7 billion at 79% reimbursable, down 12.3% y/y from $32.7 billion a year ago; legacy project backlog now at $585 million, down 53% y/y [1] Non-GAAP Financial Measure. See "Non-GAAP Financial Measures" for additional information. "Today we are on a much more solid footing financially, supported by a majority reimbursable backlog and a robust outlook for cash generation," said John Regan, chief financial officer of Fluor. "As we transition to supporting growth in the business over the next strategic planning period, we aim to enhance operating margins through project execution excellence, lean processes, and risk management discipline, all while maintaining our commitment to return capital to shareholders." Outlook We are not providing forward-looking guidance for U.S. GAAP net earnings or U.S. GAAP earnings per share, or a quantitative reconciliation of adjusted EBITDA or adjusted EPS guidance, because we are unable to predict with reasonable certainty all of the components required to provide such reconciliation without unreasonable efforts, which are uncertain and could have a material impact on GAAP reported results for the guidance period. See "Non-GAAP Financial Measures" for additional information. The company is engaging with clients to address the potential impacts of increased economic uncertainty on their projects. Based on our current assessment of our backlog, the performance of our segments and the economic environment, the company is maintaining its adjusted EBITDA guidance for 2025 of $575 to $675 million and adjusted EPS of $2.25 to $2.75 per share. Estimates for 2025 assume a tax rate of 30 to 35% percent. Adjusted EPS and adjusted EBITDA guidance exclude items similar to those outlined in the reconciliation table at the end of this release. Business Segments Urban Solutions reported a profit of $70 million in the first quarter compared to $50 million in the first quarter of 2024. Results reflect the significant ramp up of execution activities with the new awards secured over the past 18 months, including several life sciences and metals projects. Revenue for the first quarter increased to $2.2 billion from $1.5 billion a year ago. New awards for the quarter increased to $5.3 billion from $4.9 billion a year ago. Awards for the quarter include a multi-billion dollar EPCM award for a pharmaceutical facility in Indiana and $682 million for the State Highway 6 construction project in Texas. Ending backlog increased 8% to $20.2 billion compared to $18.6 billion a year ago. Energy Solutions reported a profit of $47 million in the first quarter compared to $68 million in the first quarter of 2024. Results reflect projects nearing completion and a reserve related to a long completed project at our joint venture in Mexico. Revenue for the quarter decreased to $1.2 billion from $1.4 billion a year ago due to a decline in execution activities for several projects nearing completion. New awards in the quarter totaled $315 million, compared to $716 million in the first quarter of 2024. Ending backlog was $6.2 billion compared to $9.3 billion a year ago. Mission Solutions reported a profit of $5 million in the first quarter compared to $22 million in the first quarter of 2024. Results reflect a reserve of $28 million stemming from a recent ruling on a long-standing claim on a project completed in 2019. Revenue for the first quarter decreased slightly to $597 million from $601 million a year ago. New awards for the quarter totaled $164 million, compared to $1.1 billion in the first quarter of 2024. Conference Call Fluor will host a conference call at 8:30 a.m. Eastern on Friday, May 2, which will be webcast live and can be accessed by logging onto The call will also be accessible by telephone at 888-800-3960 (U.S./Canada) or +1 646-307-1852. The conference ID is 4438700. A replay of the webcast will be available for 30 days. Non-GAAP Financial Measures This news release contains discussions of consolidated segment profit (loss) and margin, adjusted net earnings (loss), adjusted EPS and adjusted EBITDA that are non-GAAP financial measures under SEC rules. Segment profit (loss) is calculated as revenue less cost of revenue and earnings attributable to noncontrolling interests. The company believes that segment profit (loss) provides a meaningful perspective on its business results as it is the aggregation of individual segment profit measures that the company utilizes to evaluate and manage its business performance. Adjusted net earnings (loss) is defined as net earnings (loss) from core operations excluding equity method earnings and the impacts of foreign exchange fluctuations, impairments and certain items that management believes are unrelated to actual normalized operational performance. Net earnings (loss) from core operations is net earnings (loss) attributable to Fluor excluding the results of our remaining Stork and AMECO equipment businesses that are no longer classified as discontinued operations but that continue to be marketed for sale or that have been sold. Adjusted EPS is defined as adjusted net earnings divided by weighted average diluted shares outstanding. Adjusted EBITDA is defined as net earnings from operations before interest, income taxes, depreciation and amortization (EBITDA), further adjusted by the same items excluded from adjusted net earnings. The company believes adjusted net earnings, adjusted EPS and adjusted EBITDA allow investors to evaluate the company's ongoing earnings on a normalized basis and make meaningful period-over-period comparisons. However, non-GAAP measures have limitations as analytical tools and should not be considered in isolation from or a substitute for measures of financial performance prepared in accordance with U.S. GAAP. In addition, these non-GAAP measures are not necessarily comparable to similarly titled measures reported by other companies. Reconciliations of consolidated segment profit (loss), adjusted net earnings, adjusted EPS and adjusted EBITDA to the most comparable GAAP measures are included in the press release tables. The company is unable to provide a reconciliation of its adjusted EPS and adjusted EBITDA guidance to the most comparable GAAP measure without unreasonable efforts because it is unable to predict with reasonable certainty all of the components required to provide such reconciliation, including the impact of foreign exchange fluctuations, which are uncertain and could have a material impact on GAAP reported results for the guidance period. About Fluor Corporation Fluor Corporation (NYSE: FLR) is building a better world by applying world-class expertise to solve its clients' greatest challenges. Fluor's nearly 27,000 employees provide professional and technical solutions that deliver safe, well-executed, capital-efficient projects to clients around the world. Fluor had revenue of $16.3 billion in 2024 and is ranked 265 among the Fortune 500 companies. With headquarters in Irving, Texas, Fluor has provided engineering, procurement and construction services for more than a century. For more information, please visit or follow Fluor on Facebook, Instagram, LinkedIn, X and YouTube. Forward-Looking Statements: This release may contain forward-looking statements (including without limitation statements to the effect that the Company or its management "will," "believes," "expects," "anticipates," "plans" or other similar expressions). These forward-looking statements, including statements relating to resolution of outstanding claims or lawsuits, strategic and operation plans, future growth, new awards, backlog, earnings, capital allocation plans and the outlook for the company's business. Actual results may differ materially as a result of a number of factors, including, among other things, the cyclical nature of many of the markets the Company serves and our clients' vulnerability to poor economic conditions, such as inflation, slow growth or recession, which may result in decreased capital investment and reduced demand for our services; the Company's failure to receive new contract awards; cost overruns, project delays or other problems arising from project execution activities, including the failure to meet cost and schedule estimates; intense competition in the industries in which we operate; the inability to hire and retain qualified personnel; failure of our joint venture or other partners to perform their obligations; the failure of our suppliers, subcontractors and other third parties to adequately perform services under our contracts; cyber-security breaches; possible information technology interruptions; risks related to the use of artificial intelligence and similar technologies; exposure to political and economic risks in different countries, including tariffs and trade policies, geopolitical events and conflicts, civil unrest, security issues, labor conditions and other foreign economic and political uncertainties in the countries in which we do business; client cancellations of, or scope adjustments to, existing contracts; failure to maintain safe worksites and international security risks; risks or uncertainties associated with events outside of our control, including weather conditions, pandemics, public health crises, political crises or other catastrophic events; the use of estimates in preparing our financial statements; GAAP earnings volatility due to recurring fair value measurements of our investment in NuScale; client delays or defaults in making payments; uncertainties, restrictions and regulations impacting our government contracts; the potential impact of certain tax matters; the Company's ability to secure appropriate insurance; liabilities associated with the performance of nuclear services; foreign currency risks; the loss of one or a few clients that account for a significant portion of the Company's revenues; failure to adequately protect intellectual property rights; climate change, natural disasters and related environmental issues; increasing scrutiny with respect to sustainability practices; risks related to our indebtedness; the availability of credit and restrictions imposed by credit facilities, both for the Company and our clients, suppliers, subcontractors or other partners; restrictive covenants contained in the agreements governing our debt; possible limitations on bonding or letter of credit capacity; failure to obtain favorable results in existing or future litigation and regulatory proceedings, dispute resolution proceedings or claims, including claims for additional costs; failure by us or our employees, agents or partners to comply with laws; new or changing legal requirements, including those relating to environmental, health and safety matters; and restrictions on possible transactions imposed by our charter documents and Delaware law. Caution must be exercised in relying on these and other forward-looking statements. Due to known and unknown risks, the Company's results may differ materially from its expectations and projections. Additional information concerning these and other factors can be found in the Company's public periodic filings with the Securities and Exchange Commission, including the discussion under the heading "Item 1A. Risk Factors" in the Company's Form 10-K filed on February 18, 2025. Such filings are available either publicly or upon request from Fluor's Investor Relations Department: (469) 398-7222. The Company disclaims any intent or obligation other than as required by law to update its forward-looking statements in light of new information or future events. SUMMARY OF FINANCIALS AND U.S. GAAP RECONCILIATION OF CONSOLIDATED SEGMENT PROFIT (LOSS)(1) THREE MONTHS ENDED MARCH 31, (in millions) 2025 2024 Revenue Urban Solutions $ 2,157 $ 1,479 Energy Solutions 1,206 1,432 Mission Solutions 597 601 Other 22 222 Total revenue $ 3,982 $ 3,734 Segment profit (loss) $ and margin % Urban Solutions $ 70 3.2% $ 50 3.4% Energy Solutions 47 3.9% 68 4.7% Mission Solutions 5 0.8% 22 3.7% Other 9 40.9% (22) NM Total segment profit $ and margin %(1) $ 131 3.3% $ 118 3.2% G&A (36) (59) Foreign currency gain (loss) (13) 12 Interest income (expense), net 17 39 Earnings (loss) attributable to NCI 9 (19) Earnings before taxes 108 91 Income tax benefit (expense) (including $73 million tax benefit attributable to equity method loss in 2025) 53 (51) Net earnings before equity method earnings 161 40 Equity method earnings (loss) (393) — Net earnings (loss) (232) 40 Less: Net earnings (loss) attributable to NCI 9 (19) Net earnings (loss) attributable to Fluor $ (241) $ 59 New awards Urban Solutions $ 5,330 $ 4,873 Energy Solutions 315 716 Mission Solutions 164 1,145 Other 2 284 Total new awards $ 5,811 $ 7,018 New awards related to projects located outside of the U.S. 10% 27% (in millions) March 31, 2025 March 31, 2024 Backlog Urban Solutions $ 20,150 $ 18,603 Energy Solutions 6,161 9,259 Mission Solutions 2,397 4,389 Other 10 488 Total backlog $ 28,718 $ 32,739 Backlog related to projects located outside of the U.S. 42% 56% Backlog related to reimbursable projects 79% 80% (1) Certain amounts in tables may not total or agree back to the financial statements due to immaterial rounding differences. NET EARNINGS EXCLUDING AMOUNTS ATTRIBUTABLE TO EQUITY METHOD EARNINGS THREE MONTHS ENDED (in millions) March 31, 2025 Earnings before taxes $ 108 Income tax benefit 53 Less: Income tax benefit attributable to equity method loss (73) Income tax expense and effective tax rate, excluding amount attributable to equity method loss (20) 19 % Net earnings excluding amount attributable to equity method loss $ 88 Equity method loss $ (393) Income tax benefit and effective tax rate attributable to equity method loss 73 19 % Equity method loss, net of related income tax benefit $ (320) Net earnings/(loss) $ (232) SUMMARY OF CASH FLOW INFORMATION THREE MONTHS ENDEDMarch 31, (in millions) 2025 2024 OPERATING CASH FLOW $ (286) $ (111) INVESTING CASH FLOW Proceeds from sales and maturities (purchases) of marketable securities 54 (5) Capital expenditures (11) (34) Proceeds from sale of assets 62 30 Investments in partnerships and joint ventures (69) (13) Investing cash flow 36 (22) FINANCING CASH FLOW Repurchase of common stock (142) — Purchase and retirement of debt (18) (10) Other (3) (16) Financing cash flow (163) (26) Effect of exchange rate changes on cash 17 (25) Increase (decrease) in cash and cash equivalents (396) (184) Cash and cash equivalents at beginning of period 2,829 2,519 Cash and cash equivalents at end of period $ 2,433 $ 2,335 Cash paid during the period for: Interest $ 19 $ 20 Income taxes (net of refunds) 30 46 RECONCILIATION OF U.S. GAAP NET EARNINGS (LOSS) ATTRIBUTABLE TO FLUOR TO ADJUSTED NET EARNINGS AND U.S. GAAP EARNINGS PER SHARE TO ADJUSTED EARNINGS PER SHARE (1) THREE MONTHS ENDEDMARCH 31, (In millions, except per share amounts) 2025 2024 Net earnings (loss) attributable to Fluor $ (241) $ 59 Exclude: Stork & AMECO businesses marketed for sale or sold (10) 8 Net earnings (loss) from core operations* (251) 67 Adjustments: (2) Equity method loss 393 $ — NuScale expenses — 31 Embedded foreign currency derivative (gains)/losses 1 (7) Impact of a court ruling on a long-completed Mission Solutions project (3) 28 — Impact of reserves taken for a long-completed Energy Solutions project (4) 22 — Foreign currency (gain) loss 13 (12) Tax (benefit) expense on above items (81) 2 Adjusted net earnings $ 125 $ 81 Diluted EPS $ (1.42) $ 0.34 Adjusted EPS $ 0.73 $ 0.47 *Core operations excludes the results of our now-divested Stork and AMECO businesses. (1) Certain amounts in tables may not total or agree back to the financial statements due to immaterial rounding differences. (2) We exclude earnings impacts for litigation outcomes, claims, settlements or associated damages from adjusted earnings when they are significant in magnitude, non-routine and do not represent on-going normal operations. (3) Reflects the impact to reduce working capital to estimated net recoverable value resulting from a recent ruling on a long-standing claim on a project that completed in 2019. (4) Reflects the impact to reduce balance sheet exposure for a joint venture project in Mexico completed in 2019. RECONCILIATION OF U.S. GAAP NET EARNINGS (LOSS) ATTRIBUTABLE TO FLUOR TO ADJUSTED EBITDA (1) THREE MONTHS ENDEDMARCH 31, (in millions) 2025 2024 Net earnings (loss) attributable to Fluor $ (241) $ 59 Interest income, net (17) (39) Tax (benefit) expense (53) 51 Equity method loss 393 — Depreciation & amortization 18 18 EBITDA $ 100 $ 89 Adjustments: (2) Stork & AMECO businesses marketed for sale or sold $ (9) $ (13) Impact of a court ruling on a long-completed Mission Solutions project (3) 28 — Impact of reserves taken for a long-completed Energy Solutions project (4) 22 — Embedded foreign currency derivative (gains)/losses 1 (7) NuScale expenses — 31 G&A: Foreign currency (gain) loss 13 (12) Adjusted EBITDA $ 155 $ 88 (1) Certain amounts in tables may not total or agree back to the financial statements due to immaterial rounding differences. (2) We exclude earnings impacts for litigation outcomes, claims, settlements or associated damages from adjusted earnings when they are significant in magnitude, non-routine and do not represent on-going normal operations. (3) Reflects the impact to reduce working capital to estimated net recoverable value resulting from a recent ruling on a long-standing claim on a project that completed in 2019. (4) Reflects the impact to reduce balance sheet exposure for a joint venture project in Mexico completed in 2019. #corp View source version on Contacts Brett TurnerMedia Relations864.281.6976 tel Jason LandkamerInvestor Relations469.398.7222 tel Sign in to access your portfolio
