Fluor Corporation (NYSE:FLR) shares are trading lower on Friday after the company reported worse-than-expected first-quarter results.

Earnings Details

Revenue was $3.66 billion, missing the $3.89 billion estimate and down from $3.98 billion a year earlier.

Adjusted EPS was 33 cents, missing the 34 cents analyst estimate.

GAAP net earnings of $160 million vs. a loss of $241 million in the year-ago quarter.

Adjusted EPS stood at 14 cents, missing the consensus of 62 cents.

New awards totaled $2.7 billion, down 54% year over year and primarily reimbursable. This brings the backlog to $25.7 billion (82% reimbursable), slightly higher than year-end 2025.

Operating cash flow improved to $110 million from a negative $286 million a year earlier, supported by joint venture dividends.

Cash and marketable securities stood at $3.2 billion at quarter-end.

Segment Performance

Urban Solutions generated $6 million in segment profit versus $70 million a year ago, primarily due to a $37 million cost overrun on a mining project in the Americas.

Revenue increased to $2.4 billion from $2.2 billion, ...