Welcome to our dedicated page for Fluor news (Ticker: FLR), a resource for investors and traders seeking the latest updates and insights on Fluor stock.
Fluor Corporation provides engineering, procurement, construction, fabrication, operations and maintenance services for large industrial, energy, mining and transportation projects worldwide. News about FLR frequently centers on financial results, backlog and new awards, as well as project-definition work such as FEED, feasibility studies, front-end loading and pre-construction services.
Recurring company updates cover Energy Solutions, Mining & Metals, Advanced Technologies and other project markets, including refining, gas-fueled and nuclear power, small modular reactor support, data centers, mining and uranium enrichment. Fluor news also includes portfolio actions such as divestitures and investment sales, regional office expansion and investor conference participation.
Fluor Corporation (NYSE: FLR) has achieved a significant milestone in the Chicago Transit Authority’s (CTA) Red and Purple Modernization Phase One Project by completing a rail bypass structure. This bypass will alleviate longstanding congestion affecting millions of riders on the CTA’s lines. The project, valued at $1.3 billion, is expected to enhance transit capacity and speed, ultimately improving the commuter experience. The overall project is set for completion in 2025, marking it as CTA's largest capital project to date.
Fluor Corporation (NYSE: FLR) reported Q3 2021 earnings with a net income of $47 million, translating to $0.26 per share. Adjusted EPS was $0.23, raising the full-year guidance to $0.85-$1.00. Total revenue reached $3.1 billion, with new awards of $3 billion, bringing the backlog to $21 billion. The company reduced its debt by 30%, setting a debt-to-cap ratio at 37%. While the Energy Solutions segment faced a profit decline, the Mission Solutions segment reported improved new awards. Cash and marketable securities fell to $2.2 billion from $2.7 billion. Fluor plans a conference call for further insights.
Fluor Corporation (NYSE: FLR) and its joint venture with Petrosea, the Fluor Petrosea Joint Organization (FPJO), have been awarded a contract by PT Freeport Indonesia to construct a new grinding mill at the Grasberg mining district in Papua, Indonesia. This project aims to enhance underground production capacity, adding approximately 240,000 tonnes per day. Construction is set to begin soon and is expected to complete in 2023. Fluor's extensive experience in the region highlights its reputation as a trusted solutions provider in the mining industry.
Fluor Corporation (NYSE: FLR) has announced a contract extension with the Department of the Navy valued at $1.16 billion. This extension covers Naval Nuclear Propulsion work through fiscal year 2022 and is part of a larger joint program, Naval Reactors, overseen by the Department of Energy. The original Navy contract, awarded in July 2018, has a potential total value of $30 billion over ten years if all options are exercised.
Fluor Corporation (NYSE: FLR) has signed a memorandum of understanding with Bulgarian Energy Holding EAD to explore new nuclear units in Bulgaria. This collaboration emphasizes Fluor's commitment to providing decarbonization solutions aligned with global clean energy initiatives. The partnership will assess program management services and evaluate the existing coal-fired fleet for potential repurposing. With over 70 years of experience in the nuclear sector, including involvement in over 25 nuclear plants, Fluor aims to enhance energy security and contribute to Bulgaria’s economic growth.
Fluor Corporation (NYSE: FLR) announced that the U.S. Department of Energy has selected its joint venture, Savannah River Mission Completion, LLC, to execute a $21 billion contract for environmental management at the Savannah River Site over ten years. The contract encompasses liquid waste stabilization, nuclear materials management, and other tasks. This new contract reinforces Fluor's ongoing commitment to the Savannah River community, leveraging extensive experience to ensure safe and cost-effective project execution.
Fluor Corporation (NYSE: FLR) will hold a conference call on November 5 to discuss its third quarter results for the period ending September 30, 2021. The call will start at 8:30 A.M. Eastern time and will feature CEO David Constable and CFO Joe Brennan. Financial results will be released prior to market open on the same day. Investors can access the live webcast or replay at investor.fluor.com. Fluor reported $14.2 billion in revenue in 2020 and continues to provide engineering and construction services worldwide.
Fluor Corporation (NYSE: FLR) has increased its maximum cash tender offer from $400 million to $500 million. Since June 30, 2021, Fluor's total outstanding debt has decreased approximately 30% from $1.7 billion to $1.2 billion. The company continues to work on improving its debt maturity profile and overall leverage. Notably, the 2024 Notes tendered will be accepted on a prorated basis due to high demand. The offer expires on September 28, 2021.
NuScale Power is enhancing its manufacturing process at BWXT Canada Ltd.'s facility in Cambridge, Ontario, focusing on the fabrication of its NuScale Power Module™. This step is significant for the development of small modular reactor (SMR) technology and showcases NuScale's effort to establish a robust Canadian supply chain. BWXT Canada was engaged for an 18-month design contract, with further manufacturing agreements expected. The company emphasizes its capacity to source 80% of the plant components locally, aiming for Canadian deployment of the SMR technology by 2028.
Fluor Corporation (NYSE: FLR) announced a cash tender offer to purchase up to $400 million of its 2023 and 2024 Notes, reinforcing its commitment to reduce outstanding indebtedness. The offer allows for up to $100 million in 2024 Notes, with an early tender premium of $30.00 applicable for valid submissions before the early tender deadline of September 14, 2021. The Company aims to use cash on hand to fund this initiative and is evaluating further potential deleveraging actions.