Fluor Corporation - FLR STOCK NEWS

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.

Fluor Corporation (NYSE: FLR) announced a five-year contract awarded to its subsidiary, Stork, by Compañía Operadora de Gas, S.A.C (COGA) in Peru. This contract, booked in Q3 2020, involves pipeline maintenance services for over 1,500 kilometers of pipeline crucial for the country's energy distribution. Execution is set to start in Q1 2021, with completion expected by mid-2026. Stork aims to enhance service quality while fostering local employment in the region.

Fluor Corporation (NYSE: FLR) announced that UAMPS has been awarded up to $1.355 billion in funding from the U.S. Department of Energy for NuScale Power’s small modular nuclear reactor project. Fluor aims to assist in the development of the Carbon Free Power Project, a 720-megawatt plant in Idaho using 12 NuScale SMRs, set to deliver reliable, carbon-free electricity. With a global footprint, Fluor seeks opportunities in various regions to deploy these technologies, leveraging over 70 years of experience in the nuclear sector.

Fluor Corporation (NYSE: FLR) announced that its subsidiary Stork secured a three-year maintenance contract with NAM, a Shell and Esso joint venture, in the Netherlands. The contract, which began in August 2020, covers maintenance and engineering services across three onshore production areas. The value of the contract was recorded in Fluor's Q3 2020 financials. Stork has over 20 years of experience with NAM and aims to enhance operational efficiency while prioritizing safety and cost-effectiveness.

Fluor Corporation (NYSE: FLR) announced that the Loop 202 South Mountain Freeway project in Phoenix has been chosen as a finalist in America’s Transportation Awards. The $1.7 billion project was recognized for its innovative approach and technology, previously winning first place for the western region. Completed in December 2019, the freeway boasts 42 bridges and improved traffic flow with features like wildlife crossings and a shared-use path. The public can vote for the People's Choice Award until October 25, 2020, with winners announced in November.