Fluor Corporation - FLR STOCK NEWS

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.

Fluor Corporation (NYSE: FLR) reported second-quarter 2021 revenue of $3.2 billion with a net loss of $14 million or $0.08 per share. The results were impacted by $49 million in foreign currency effects and charges from a legacy project. Excluding these, adjusted EPS was $0.32. New awards totaled $1.4 billion, and backlog decreased to $21.1 billion. The company raised its full-year adjusted EPS guidance to $0.60-$0.80 and adjusted net income to $94-$128 million. Cash and marketable securities rose to $2.7 billion.

Fluor Corporation (NYSE: FLR) has been awarded a contract by the Texas Department of Transportation (TxDOT) in a joint venture with Austin Bridge & Road for the design, construction, and maintenance of Phase 2 of the I-35E project. The contract is valued at approximately $640 million and will be booked in Q3 2021. This 6.3-mile project includes expanding existing lanes and reconstructing frontage roads. Construction is set to start in late 2021, with expected completion in late 2025.

Fluor Corporation (NYSE: FLR) announced that Khoemacau Copper Mining achieved its first copper and silver concentrate production for its Starter Project in Botswana. Located in the Kalahari Copper Belt, the project is expected to yield an annual average of 62,000 metric tons of copper and 1.9 million ounces of silver over more than 20 years. Fluor managed the engineering, procurement, and construction, including upgrades to the Boseto Processing Plant. The project surpassed safety records with 6 million hours worked without injury and was completed on time and within budget.

Fluor Corporation (NYSE: FLR) will hold a conference call on August 6, 2021, at 8:30 A.M. Eastern time to discuss its second-quarter results for the period ending June 30, 2021. CEO David Constable and CFO Joe Brennan will lead the call, with financial results released beforehand. The conference can be accessed via a live webcast and telephone. A replay will be available for 30 days. Fluor reported a revenue of $14.2 billion in 2020 and is recognized among the Fortune 500 companies.

Fluor Corporation (NYSE: FLR) and Balfour Beatty's joint venture has commenced work on the Oak Hill Parkway infrastructure project in Austin, Texas. Awarded by TxDOT in April 2020, this project aims to enhance U.S. 290 and State Highway 71, facilitating improved mobility and safety. Spanning 7 miles, it will include up to three main lanes in both directions, overpass construction, and pedestrian-friendly infrastructure. The project is expected to engage around 600 workers and be completed by late 2025.

Fluor Corporation (NYSE: FLR) and the Fluor Foundation have launched a $1 million funding program over three years to support STEM initiatives at North Carolina A&T, Prairie View A&M, and Tuskegee University. The program focuses on merit-based scholarships for engineering students, innovative learning strategies, and faculty development. Fluor will contribute $860,000, with an additional $140,000 available through matching donations. This initiative aims to enhance educational opportunities and strengthen Fluor's talent development pipeline for the engineering industry.