Why Fluor Stock Is Stumbling Today
Shares of Fluor (NYSE: FLR) tumbled more than 12% by 11:15 a.m. EST on Friday. Weighing on the engineering and construction services company was its disappointing fourth-quarter results and a weak outlook for 2021.
Last year was another challenging one for Fluor due to the impact the COVID-19 outbreak had on the global economy. The company reported a loss of $115 million, or $0.92 per share, during the fourth quarter. That pushed its full-year loss to $293 million, or $2.09 per share. While that was an improvement from 2019's $1.5 billion or $10.89-per-share loss, it missed the analysts' consensus estimate by $0.59 per share. The main issues were the impact of weak commodity prices and the COVID-19 outbreak on its businesses, which led it to record $358 million of non-cash impairment charges.
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Source Fool.com
