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.