Fluor Corp Stock Price, News & Analysis

Fluor Corporation’s Mining & Metals division successfully completed its construction delivery scope for BHP’s $3.6 billion South Flank iron ore project, achieving first ore on schedule and within budget. This project, the largest iron ore processing facility in Western Australia, included an 80-million-ton-per-year crushing and screening plant and advanced conveyor systems. Construction began in July 2018, demonstrating Fluor's commitment to efficiency and local hiring, even amidst COVID-19 challenges.

Fluor Corporation (NYSE: FLR) has priced its private placement of 525,000 shares of 6.50% Cumulative Perpetual Convertible Preferred Stock, increasing the offering from 450,000 shares. Initial purchasers have a 30-day option for an additional 75,000 shares. Proceeds will be used to repay debt and for corporate purposes. The offering is expected to close on May 18, 2021. Each preferred share is convertible into approximately 44.96 shares of common stock at a conversion price of $22.24. The stock offers quarterly dividends starting August 15, 2021.

Fluor Corporation (NYSE: FLR) plans to privately offer 450,000 shares of a new series of convertible preferred stock, with an option for purchasers to buy an additional 67,500 shares. The funds raised will be used to repay debt and for general corporate purposes. The preferred stock offers quarterly cumulative cash dividends and can be converted into common stock at the holder's discretion. This offering will be made to qualified institutional buyers under Rule 144A of the Securities Act, with the stock not registered for public sale.

Fluor Corporation (NYSE: FLR) announced that NuScale Power, in which it is the majority investor, is exploring financing options with Guggenheim Securities to expedite the commercialization of its small modular reactor (SMR) technology. Since 2013, Fluor has engaged with strategic investors, and recent milestones have attracted increased interest. Funds raised will enhance NuScale's SMR program, supported by a DOE cost-share award. Notably, NuScale's SMR design, approved by the U.S. Nuclear Regulatory Commission, generates 77 megawatts of zero-carbon electricity per module.

Fluor Corporation (NYSE: FLR) reported Q1 2021 revenue of $2.9 billion, with a net loss from continuing operations of $61 million, or $0.43 per diluted share. Adjusted EPS stood at $0.07, excluding $68 million in NuScale expenses. The new awards totaled $3.7 billion, while the ending backlog grew to $23.8 billion. Segment profits improved, with Energy Solutions reporting a profit shift from a loss. The company maintains its EPS guidance for 2021 at $0.50 to $0.80, anticipating increased opportunities in the second half as capital spending rises post-pandemic.

Fluor Corporation (NYSE: FLR) announces the retirement of Peter J. Fluor from its Board of Directors effective May 6. Peter, the last of the Fluor family in leadership since the company's founding in 1912, has served on the board since 1984. He held various roles, including lead independent director from 2003 to 2020. CEO David Constable recognized Peter's commitment to safety, integrity, and teamwork during his tenure. Peter also leads Texas Crude Energy, LLC, and his departure marks the end of an era for Fluor Corporation's longstanding family leadership.

Fluor Corporation (NYSE: FLR) has completed the divestiture of its North American equipment and fleet services business, AMECO, to One Equity Partners for $73 million. This sale marks a crucial step in the ongoing divestiture process that began in September 2019. Previously, Fluor sold its AMECO Caribbean operations in Jamaica in August 2020 and is currently in the process of marketing its remaining AMECO South America and ServiTrade Mozambique operations. Fluor continues to collaborate with AMECO in the U.S. and Canada.

Fluor Corporation (NYSE: FLR) will conduct a conference call to discuss its Q1 2021 results on May 7, at 8:30 A.M. Eastern Time. The financial results will be released before the market opens that day. Participants can join via telephone or listen to a live webcast with slides at investor.fluor.com. A replay of the call will be available for 30 days. In 2020, Fluor reported revenue of $15.7 billion and is recognized for providing engineering, procurement, and construction services worldwide, employing around 44,000 individuals.

Fluor Corporation (NYSE: FLR) announced that its subsidiary, Stork, has secured a two-year contract with Babcock International Group for inspections, surveillance, and quality assurance services at various sites in the UK, including Babcock's Rosyth facility. The contract, valued for booking in Q1 2021, emphasizes Stork's growth in onshore markets and its commitment to operational excellence. Stork will support Babcock in meeting regulatory standards for quality over the contract duration, with operations led from its Aberdeen office.