FLR
Q1 came in hot... and not in a good way
Fluor just handed investors a rough little surprise: Q1 earnings landed at 14 cents a share, well below the 62-cent consensus, and revenue came in at $3.663 billion versus the expected $3.894 billion. That’s the kind of miss that makes analysts start refreshing their spreadsheets like it’s their second job.
The guidance haircut
The bigger eyebrow-raiser for investors wasn’t just the quarter — it was the company’s updated outlook. Fluor narrowed its 2026 adjusted EBITDA range to $525 million–$560 million from $525 million–$585 million. Translation: management is still pointing to growth, but the range got tighter, and not in the fun, confidence-inspiring way.
Wall Street’s reaction: mixed, like your group chat
The analyst notes were a split-screen moment:
- Baird’s Andrew Wittmann kept a Neutral and lifted the target from $48 to $49.
- Citi’s Andrew Kaplowitz kept a Buy but cut the target from $61 to $56.
- Truist’s Jamie Cook also kept a Buy, while trimming the target from $59 to $57.
So no one’s running for the exits, but the excitement dial definitely got turned down a notch.
Why you should care
Fluor says its pipeline is growing, with new awards across gas-fired and nuclear power, refining, data centers, mining, and uranium enrichment. That’s the sort of project mix investors like to hear when they’re trying to separate a one-quarter stumble from a real problem. Big picture: the market is basically asking whether this is a temporary pothole or the start of a longer road repair.