Fluor Reports Full Year 2019 Results

Fluor Reports Full Year 2019 Results

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.

CLICK to VIEW COMPLETE RELEASE

About Marty Smith 10908 Articles
Marty Smith is the Editor in Chief and a founder of STL.News, DirectSourceNews.org, and St. Louis Restaurant Review. As Editor in Chief, Smith is responsible for the content posted on the network with the help of the publishing team, which is located around the globe. Additionally, Smith is responsible for building a network of aggregator sites to manage the content involving thousands of sources.