Fluor (NYSE:FLR) -13.5% in early trading Friday after reporting weaker than expected Q3 adjusted earnings and lowering full-year guidance, citing project delays and cancellations as well as lower than expected contributions from its energy business.

Q3 net income fell to $54M, or $0.31/share, from $169M, or $1.15/share, in the year-earlier quarter, and revenues rose 3.3% to $4.09B but missed Wall Street consensus of $4.73B, marking the fourth straight revenue miss.

Q3 new awards totaled $2.7B, compared to $5B in the same quarter last year; ending consolidated backlog was $31.3B vs. $26B a year ago.

The company tightened guidance for FY 2024 earnings to $2.55-$2.75/share from a previous range of $2.50-$3.00/share, compared to $2.88 analyst consensus estimate, and lowered its outlook for full-year adjusted EBITDA to $525M-$575M from its previous range of $625M-$675M.

The new EPS guidance midpoint of $2.65 is lower than Wall Street consensus, but it also implies Q4 earnings of ~$0.82/share, higher than the $0.80 consensus.

Fluor (FLR) also will deconsolidate the majority-owned NuScale Power (SMR), saying its ownership "no longer meets the qualifications for consolidation" by the company, and will recognize a $1.6B gain in Q4 for its 126M shares; NuScale +11.9% in early trading.

Fluor's (FLR) Q3 results were disappointing, with a "messiness and unpredictability that investors have wanted to get past," KeyBanc analyst Sangita Jain says.