Fluor Corporation (FLR) said, in reflection of client hesitation around economic uncertainty and its impact on new awards and project delays and results for the quarter, the company revised its adjusted EBITDA guidance for 2025. Adjusted EBITDA is now expected in a range of $475 to $525 million, revised from prior guidance range of $575 to $675 million. Adjusted EPS is now projected in a range of $1.95 to $2.15, revised from prior guidance range of $2.25 to $2.75.
For the second quarter, the company's earnings totaled $2.46 billion, or $14.81 per share. This compares with $169 million, or $0.97 per share, last year. Excluding items, Fluor reported adjusted earnings of $72 million or $0.43 per share for the period. Analysts on average had expected the company to earn $0.56 per share. Analysts' estimates typically exclude special items. The company's revenue for the period fell 5.9% to $3.978 billion from $4.227 billion last year.
Jim Breuer, CEO of Fluor, said: "Unfortunately, our results for the quarter were impacted by three long-standing infrastructure projects and a shift in expected capital spending from some clients. We view this shift as temporary and believe that our long-term strategy centered around disciplined project delivery in growth markets will continue to benefit our clients and our shareholders."
Shares of Fluor are down 23% in pre-market trade on Friday.
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