Why Fluor Stock Got Crushed Today
Shares of Fluor (NYSE: FLR) got crushed today, down by 28% as of 2 p.m. EDT, after the engineering and construction company reported disappointing second-quarter earnings results. An ongoing strategic review of the business led to significant one-time pre-tax charges that impacted the bottom line.
Revenue in the second quarter came in at $4.1 billion, well below the $4.7 billion in sales that Wall Street was expecting. Fluor conducted its review during the quarter, which resulted in pre-tax charges of $714 million and contributed to a net loss attributable to Fluor of $555 million, or $3.96 per share. The consensus estimate called for earnings per share of $0.50.
Fluor headquarters. Image source: Fluor.
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