Fluor (FLR) Q1 2026 Earnings Transcript

James Breuer: Thank you, Jason. Good morning, everyone. Thank you for joining us on our first quarter 2026 earnings call. Before I discuss the quarter, I want to highlight the strong trajectory we are seeing in our prospect pipeline and our capacity to grow the business. Turning to Slide 3. At Fluor, we re driven by the pursuit and capture of large and complex EPC projects. We apply our core competencies to project management and EPC execution to deliver world-class facilities globally. What differentiates us is not simply the scale of the projects we pursue, but the discipline with which we pursue them and the depth of our technical expertise and project delivery track record.

We re focused on building a quality backlog where rigor in planning and execution translate into successful outcomes. Our preferred model for project execution is to get in early in the planning phase and stay until the end of the execution phase. This is how we add the most value. And therefore, it is very encouraging to see the many front-end awards that we have announced in recent months. These early wins are a key stepping stone to accelerate growth in the latter part of this year and into 2027.

During the front-end phase, we work with our clients to plan the project and establish a solid foundation for the scope, cost and schedule of the execution phase, which kicks off after the final investment decision by the customer. The early engagement is where we shape the commercial model and ensure projects are set up for success before significant capital is deployed. Some of these early awards that we announced recently include the Centrus Nuclear Fuels Enrichment project, the small modular reactor project for Dow with X-energy, the America First Refinery, the Donlin Gold project, the Terra Wolf Data Center and our announcement yesterday for Anglo American s Woodsmith fertilizer project.