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Fluor posts £574 million loss in third quarter amid company overhaul

Fluor is leaving the lump-sum EPC business in order to reduce risk, it has said, although it does not intend to leave the energy business.
Fluor CEO Carlos Hernandez

Dallas engineering, procurement and engineering company Fluor posted a nearly three-quarter billion dollar loss during the third quarter amid a company-wide overhaul.

In an early Wednesday morning statement, Fluor reported posting a $742 million (£574m) loss on nearly $3.9 billion of revenue during the third quarter. The figures were a steep drop compared to the $77.3 million profit on nearly $4.7 billion of revenue the company reported during the third quarter of 2018.

This year’s this quarter figures translated into a loss per share of $5.29 for stockholders, a sharp drop compared to the 55 cents per share during the same time period last year.

Fluor missed Wall Street expectations of $4.76 billion of revenue and earnings per share of 36 cents.

The earnings report comes at time when the company’s new CEO Carlos Hernandez is cleaning shop. The company recently completed a strategic review and has started restructuring efforts expected to restore profitability.

Among the plans are selling off $1 billion in assets as the company refocuses on energy sector projects. On the chopping block are the company’s  government services and construction equipment rental divisions as well as surplus real estate and non-core investments.

The company’s third quarter loss included a $249 million of impairments on a pair of joint ventures and $44 million of restructuring costs.

“We have the right people, the right structure, and the right global footprint to leverage our talent and capabilities going forward,” Hernandez said in a Thursday morning statement.

Founded in 1912, Fluor is a Fortune 500 company that has more than 53,000 employees around the world.

The company posted a $224.8 million profit on $19.2 billion of revenue in 2018.

This article first appeared on the Houston Chronicle – an Energy Voice content partner. For more from the Houston Chronicle click here.

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