Fluor, Ameresco report higher first quarter profits in 2022

Matthew Christian, Aiken Standard, S.C.
·4 min read

May 13—Two of the primary contractors at the Savannah River Site recently reported higher profit margins in the first quarter of 2022 than they did in 2021.

Fluor is the leading partner in Savannah River Nuclear Solutions, the Department of Energy contractor responsible for the management and operations of the Savannah River Site. The company is also a leading partner in Savannah River Mission Completion, the company that operates the liquid waste operations at the site.

The company reported a lower amount of revenue in the first quarter that ended on March 31 than they did for the quarter ending March 31, 2021. However, it also reported a higher profit margin.

In 2022, the company reported revenues of $3.12 billion compared to nearly $3.35 billion in 2021. Fluor reported net income — net income is revenue minus expenses and is also known as profit — of $115 million in the first quarter compared to $60 million in last year's first quarter.

"This year is off to a great start as we see our strategic focus accelerate change and improve our competitive position in the key markets we serve," David Constable, chairman and CEO of Fluor, said in a news release. "We see our clients moving forward with a significant amount of work over the next few quarters, and we are well positioned to deploy our world-class teams to support their efforts."

The company lists its Savannah River Site operations under its mission completion business segment. In that segment, revenues were down from $753 million in 2021 to $593 million due to the completion of a Department of Energy contract last year. However, net income increased from $44 million last year to $58 million this year.

The company's earnings per share increased from $0.03 per share in 2021 to $0.16 per share in 2022.

Ameresco operates the plants that take wood waste, i.e. woodchips, and heat water to generate steam for operations at the Savannah River Site. It reported revenue growth of 88% and profit margin growth of more than 55%.

In the first quarter of 2022, the company reported revenues of $474 million compared to $252.2 million in the first quarter of 2021. The company reported net income, or profit of $17.4 million in the first quarter of 2022 compared to $11.2 million last year.

"Ameresco's first quarter performance demonstrates our strong positioning in an expanding addressable market that is benefiting from long term industry trends," George Sakellaris, president and CEO of Ameresco, said in a news release. "These trends, together with the breadth of our technological expertise and proven track record position Ameresco to benefit from the growing number of opportunities on the horizon."

The company's earnings per share were $0.36 in 2022 compared to $0.25 in 2021.

HII, the former Huntington Ingalls Industries and a leading partner in Savannah River Nuclear Solutions, reported a 13.1% increase in revenues for its first quarter.

The company reported revenues of $2.6 billion in the first quarter. It attributed the increase to the acquisition of Alion Science and Technology in the third quarter of 2021.

HII reported net income of $140 million compared to $148 million last year.

"We are pleased with another quarter of consistent program execution and results that were slightly ahead of our initial expectations as we continue to navigate through a challenging operational environment," Chris Kastner, the company's president and CEO, said. "We believe HII is well positioned for long-term value creation with very strong shipbuilding backlog and demand signals, as well as a highly capable Mission Technologies division that has been strategically shaped to address our customers most pressing needs."

Earnings per share in the quarter was $3.50, compared to $3.68 in the first quarter of 2021.

BWX Technologies, the leading primary partner in Savannah River Mission Completion, the company that handles the liquid waste operations of the site, reported its first quarter revenues Monday.

It reported revenues of $531 million compared to $528 million during the first quarter of 2021. Net income for the first quarter was $59 million compared to $69.7 million in 2021. Earnings per share were $0.64 million in the first quarter. Earnings were $0.73 per share last year.