Files annual report on Form 10-K for 2019
Announces decision to exit competitive EPC lump-sum bidding for Energy & Chemicals segment
Company expects to be current in financial reporting by year end
In-depth business evaluation underway, working with ad-hoc Board committee
IRVING, Texas (STL.News) Fluor Corporation (NYSE: FLR) today announced financial results for its year ended December 31, 2019. Results for 2019 were a net loss from continuing operations of $1.7 billion, or $11.97 per diluted share, compared to earnings from continuing operations of $9 million, or $0.07 per share for 2018. The net loss attributable to Fluor includes impairment, restructuring and other exit costs of $533 million, expenses of $138 million related to the settlement of the U.K. pension plan and $731 million related to establishing valuation allowances to reduce net deferred tax assets. Consolidated segment loss for the year was $386 million compared to a profit of $323 million in 2018. Revenue of $14.3 billion in 2019 from continuing operations compares to $15.2 billion in the prior year.
Full year new awards from continuing operations and government were $12.6 billion, and ending consolidated backlog was $31.9 billion. Corporate G&A expenses for 2019 were $159 million, up from $118 million a year ago primarily due to the effects of foreign transactional gains and losses. Fluor’s cash and marketable securities at the end of 2019 was $2.0 billion. During 2019, Fluor paid $118 million in dividends.
NOTE: this is NOT the complete release.