Yahoo Finance Fluor (FLR) Wins $1.16B Contract Modification, Boosts Backlog
Fluor Marine Propulsion LLC, part of Fluor Corporation FLR, has recently received a $1.16-billion cost-plus-fixed-fee contract to provide its services for naval nuclear propulsion work at the Naval Nuclear Laboratory. This cost-plus-fixed-fee contract is a modification of previously awarded work to exercise the fiscal 2022 option, which will expire at fiscal 2021-end.
The contract was provided by the Naval Sea Systems Command, Washington, DC. The work will be performed at Schenectady, NY, Pittsburgh, PA, and Idaho Falls, ID.
Continuous Contract Wins Bode Well
Fluor has been a distinguished player in the nuclear industry for 70 years, providing design and construction support to more than 25 nuclear plants as well as performing nearly 100 million hours of nuclear operations and maintenance work.
In January, it won a cost-reimbursable development contract from the Utah Associated Municipal Power Systems or UAMPS to provide estimating, development, design and engineering services for its Carbon-Free Power Project.
Fluor has a solid track record of receiving awards and management is optimistic about the continuation of this trend in the future as well, which is expected to drive growth. The company, being an industry leader in nuclear remediation at government facilities throughout the United States, is expected to benefit from the rising demand for energy across the globe.
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Shares of Fluor have climbed 72.5% over a year, outperforming the industry's 64.9% growth. Continuous contract wins, strong end-market prospects and a good business portfolio mix are expected to benefit the company in the future.
Zacks Rank & Key Picks
Fluor currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Some better-ranked stocks in the same space include KBR, Inc. KBR, Altair Engineering Inc. ALTR and AECOM ACM, each carrying a Zacks Rank #2 (Buy).
KBR, Altair, and AECOM are expected to witness an earnings growth rate of 24.9%, 64.5%, and 31.2%, respectively, in the current year.
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Altair Engineering Inc. (ALTR) : Free Stock Analysis Report
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