Fluor Corp Stock Price, News & Analysis

Fluor Corporation (NYSE: FLR) reported third-quarter 2020 revenue of $3.8 billion, with net earnings of $19 million, or $0.14 per share. Segment profit increased to $129 million from $79 million a year prior, while operating cash flow was $80 million. New awards totaled $1.7 billion, and the ending backlog stands at $27.8 billion. Challenges persist, as COVID-19 impacts capital investment decisions and project execution. Despite suspending 2020 guidance, a stable cash balance of around $2 billion is expected through year-end.

Fluor Corporation (NYSE: FLR) announced that its subsidiary, Stork, won a framework agreement for inspection quality assurance services from Sellafield Limited in the UK. The contract will be recorded in the fourth quarter of 2020 and spans three years. Stork will provide essential independent inspection services to ensure compliance with regulatory standards. This agreement enhances Stork’s role in the UK nuclear sector and leverages remote inspection technologies for efficiency and safety. The project is managed from Stork's Aberdeen office, with operations commencing in November 2020.

Fluor Corporation (NYSE: FLR) will host a conference call on December 10 at 8:30 a.m. Eastern to discuss its third-quarter results for the period ending September 30, 2020. The company received a notice from the NYSE regarding non-compliance due to a delayed filing of its Form 10-Q. However, Fluor plans to regain compliance by submitting the report before the earnings call.

The call will be accessible via webcast and telephone, with a replay available for 30 days.

Fluor Corporation (NYSE: FLR) has announced a partnership with Sargent & Lundy to provide joint marketing and design services for new NuScale Power small modular nuclear reactor plants in North America. This collaboration leverages Fluor's 70+ years in the nuclear sector and Sargent & Lundy's extensive design experience. The NuScale reactor is the first small modular reactor to receive U.S. Nuclear Regulatory Commission design certification, emphasizing its potential to supply carbon-free energy. Both companies are poised to engage with various stakeholders for upcoming development efforts.

Fluor Corporation (NYSE: FLR) reported Q2 2020 results with revenue of $4.1 billion and a net loss of $27 million, or $0.19 per share. Segment profit improved to $61 million, a significant recovery from a loss of $393 million a year ago, despite the operational impact of COVID-19. New awards totaled $2.2 billion, while the ending backlog stood at $29 billion. The Energy & Chemicals segment saw a profit rise, while the Diversified Services segment reported a loss. Fluor has suspended its 2020 guidance but plans to share third-quarter results in four weeks.

Fluor Corporation (NYSE: FLR) has appointed David E. Constable as Chief Executive Officer, effective January 1, 2021. The Board's compensation committee approved an employment inducement award for Constable valued at $5 million, split between restricted stock units and stock options. These awards will vest annually over five years, contingent on Constable's continued employment. The stock options require a 25% increase in Fluor’s stock price over 20 consecutive trading days for exercise eligibility. This award will be made outside of Fluor's existing performance incentive plan.

Fluor Corporation (NYSE: FLR) has been awarded a five-year position on the U.S. GSA's One Acquisition Solution for Integrated Services Contract (OASIS), enabling the company to compete for task orders in various professional service disciplines including program management, engineering, and logistics. This strategic contract aims to enhance efficiency and reduce costs for federal agencies. Fluor's president expressed pride in supporting the GSA and expanding their services across multiple government agencies.

Fluor Corporation (NYSE: FLR) reported financial results for Q1 2020, revealing a revenue of $4.1 billion and a net loss of $171 million or $1.22 per diluted share. Consolidated segment profit rose to $52 million from $39 million year-over-year.

The quarter was affected by $353 million in non-cash impairments due to COVID-19 and commodity price drops, including $298 million in impairments in continuing operations. New awards totaled $4.2 billion with an ending backlog of $31.4 billion.

Fluor Corporation (NYSE: FLR) has been recognized as a finalist for the Construction Project of the Year at the 2020 S&P Global Platts Global Energy Awards for its BookraMEG project. This facility, located in Oyster Creek, Texas, produces 750,000 metric tons of monoethylene glycol annually and was completed ahead of schedule and under budget. Additionally, Rocky Plemons, vice president of construction, is a finalist for the Lifetime Achievement award. The winners will be announced on December 10 during a virtual gala.