1 Green Flag for Fluor Stock Right Now

Key Points

• Fluor's second-quarter report arrived at the beginning of this month with big sales and earnings misses.

• While macroeconomic uncertainty weighs on the company's momentum, the business still has a big sales backlog.

• Fluor could continue to see volatile trading, but the company's backlog and exposure to AI infrastructure power trends suggest the stock could have big upside.

• 10 stocks we like better than Fluor ›

Fluor (NYSE: FLR) published its second-quarter results at the beginning of August, and performance for the period came in significantly below the average Wall Street analyst estimate. The engineering and construction specialist posted non-GAAP (adjusted) earnings per share of $0.43 on revenue of $3.98 billion in the period, falling short of the consensus target's call for per-share earnings of $0.56 on sales of roughly $4.7 billion. Revenue unexpectedly fell 6% year over year in the period.

Fluor stock saw a big sell-off in conjunction with the weaker-than-expected Q2 print, and its share price is down roughly 23.5% across August's trading as of this writing. While Fluor has seen a huge valuation pullback this month, there's also a positive sign for the company.

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There's one big green flag for Fluor stock at current pricing levels

Fluor's Q2 report arrived with some disappointing results, but some dynamics suggest that the stock could rebound well above current levels following the big pullback. Fluor notched $1.8 billion in new bookings in the second quarter, with 72% of those bookings being reimbursable.

Meanwhile, the company's total bookings backlog stood at $28.2 billion, with 80% of that figure being reimbursable. Even though total bookings saw a drawdown from the $28.7 billion level at the end of the previous quarter, there are still clear indications that large, previously contracted deals are being converted into sales.

Macroeconomic uncertainty has presented a significant performance headwind for Fluor, but the business's sizable backlog suggests that the business is attractively valued with a market capitalization of roughly $7 billion. Fluor's majority ownership position in NuScale Power gives it significant exposure to the rise of nuclear power being used to power artificial intelligence (AI) data centers, and the relatively high degree of visibility on the company's forward sales outlook suggests that the stock could have a favorable risk-reward dynamic at current levels.

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Keith Noonan has no position in any of the stocks mentioned. The Motley Fool recommends NuScale Power. The Motley Fool has a disclosure policy.