Data Center Boom Fuels New Growth Opportunities For Fluor, CEO Says

Fluor Corporation (NYSE: FLR ) shares surged Friday after the engineering and construction company reported second-quarter results that topped Wall Street estimates, driven by strong project execution and a sharp increase in new awards. Adjusted earnings of 91 cents per share beat the analyst consensus estimate of 70 cents. Revenue rose 9% year over year to $4.33 billion, exceeding estimates of $3.92 billion. CEO Jim Breuer said several awards arrived earlier than expected as major opportunities progressed from the pipeline to full engineering, procurement and construction contracts. Adjusted EBITDA increased to $149 million from $96 million a year earlier. Fluor repurchased $300 million of its shares during the quarter. Operating cash flow was negative $317 million, primarily due to a $357 million tax payment related to the NuScale monetization. The company ended the quarter with $3....