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Fluor Corp (FLR) SEC Filing 10-Q Quarterly report for the period ending Sunday, June 30, 2019

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Fluor Corp

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CIK: 1124198 Ticker: FLR
Exhibit 99.1

Fluor Corporation
Brian Mershon
 
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Jason Landkamer
 
 
Investor Relations
 
 
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News Release
 
 
 
 


FLUOR REPORTS SECOND QUARTER 2019 RESULTS

IRVING, Texas (August 1, 2019)
- Fluor Corporation (NYSE: FLR) today announced financial results for its second quarter ended June 30, 2019. The second quarter was a net loss attributable to Fluor of $555 million, or $3.96 per diluted share, compared to net earnings of $115 million, or $0.81 per diluted share a year ago. Consolidated segment loss for the quarter was $573 million compared to a profit of $194 million a year ago. Second quarter revenue was $4.1 billion compared to $4.9 billion last year.
Earnings attributable to Fluor were negatively impacted by pre-tax charges of $714 million. These charges were the result of an operational and strategic review of Fluor’s businesses, as well as project developments during the quarter. This review included meetings with clients, subcontractors and suppliers, and settlements of outstanding claims. Results for the second quarter also include $46 million, related to restructuring charges for Fluor’s Stork and equipment business operations.
New awards for the quarter were $2.4 billion, including $732 million in Energy & Chemicals, $574 million in Diversified Services, $544 million in Government and $510 million in Mining, Industrial, Infrastructure & Power. Consolidated ending backlog of $35.5 billion compares to $29.3 billion a year ago.
"We understand the implications of the magnitude of these results,” said Carlos Hernandez, Fluor’s chief executive officer. “During the quarter, we commenced a comprehensive operational and strategic

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The following information was filed by Fluor Corp (FLR) on Thursday, August 1, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Fluor Corp's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover
Condensed Consolidated Balance Sheet
Condensed Consolidated Balance Sheet (Parenthetical)
Condensed Consolidated Statement Of Cash Flows
Condensed Consolidated Statement Of Comprehensive Income
Condensed Consolidated Statement Of Earnings
Consolidated Statement Of Changes In Equity
Consolidated Statement Of Changes In Equity (Parenthetical)
Cash Paid For Interest And Taxes
Cash Paid For Interest And Taxes - Narrative (Details)
Contingencies And Commitments
Contingencies And Commitments - Narrative (Details)
Contract Assets And Liabilities
Contract Assets And Liabilities - Narrative (Details)
Derivatives And Hedging
Derivatives And Hedging - (Tables)
Derivatives And Hedging - Derivative Contracts Not Designated As Hedging Instruments (Details)
Derivatives And Hedging - Gains (Losses) Associated With Fair Value And Cash Flow Hedges (Details)
Derivatives And Hedging - Notional Amounts And Fair Values (Details)
Earnings Per Share
Earnings Per Share - (Tables)
Earnings Per Share - Narrative (Details)
Fair Value Measurements
Fair Value Measurements - Financial Instruments Not Required To Be Measured At Fair Value (Details)
Fair Value Measurements - Recurring Basis (Details)
Fair Value Measurements - (Tables)
Financing Arrangements
Financing Arrangements - Credit Facilities (Details)
Financing Arrangements - Senior Notes And Debt Related To Stork (Details)
Guarantees
Guarantees - Narrative (Details)
Income Taxes
Income Taxes - Narrative (Details)
Leases
Leases - (Tables)
Leases - Lease Expense (Details)
Leases - Narrative (Details)
Leases - Remaining Lease Payments (Details)
Leases - Right Of Use Assets And Lease Liabilities (Details)
Leases - Supplemental Lease Information (Details)
Noncontrolling Interests
Noncontrolling Interests - Narrative (Details)
Operating Information By Segment And Geographic Area
Operating Information By Segment And Geographic Area - (Tables)
Operating Information By Segment And Geographic Area - Additional Operating Information (Details)
Operating Information By Segment And Geographic Area - External Revenue And Segment Profit (Loss) (Details)
Operating Information By Segment And Geographic Area - External Revenue And Total Assets By Geographic Area (Details)
Operating Information By Segment And Geographic Area - Reconciliation To Consolidated Amounts (Details)
Operating Information By Segment And Geographic Area - Reportable Segments (Details)
Operating Information By Segment And Geographic Area - Subcontracts (Details)
Operating Information By Segment And Geographic Area - Total Assets (Details)
Other Comprehensive Income (Loss)
Other Comprehensive Income (Loss) - (Tables)
Other Comprehensive Income (Loss) - Changes In Aoci Balances By Component (Details)
Other Comprehensive Income (Loss) - Significant Items Reclassified Out Of Aoci (Details)
Other Comprehensive Income (Loss) - Tax Effects Of Components Of Other Comprehensive Income (Loss) (Details)
Partnerships And Joint Ventures
Partnerships And Joint Ventures - Joint Venture Investment Agreement (Details)
Partnerships And Joint Ventures - Ownership And Receivables (Details)
Partnerships And Joint Ventures - Variable Interest Entities (Details)
Principles Of Consolidation
Recent Accounting Pronouncements
Recent Accounting Pronouncements - (Policies)
Remaining Unsatisfied Performance Obligations
Remaining Unsatisfied Performance Obligations - (Tables)
Remaining Unsatisfied Performance Obligations - Schedule Of Remaining Performance Obligation (Details)
Restructuring And Other Exit Costs
Restructuring And Other Exit Costs - (Tables)
Restructuring And Other Exit Costs - Narrative (Details)
Restructuring And Other Exit Costs - Restructuring Liability (Details)
Retirement Benefits
Retirement Benefits - (Tables)
Retirement Benefits - Narrative (Details)
Stock-Based Plans
Stock-Based Plans - Narrative (Details)
Ticker: FLR
CIK: 1124198
Form Type: 10-Q Quarterly Report
Accession Number: 0001628280-19-009786
Submitted to the SEC: Thu Aug 01 2019 12:29:06 PM EST
Accepted by the SEC: Thu Aug 01 2019
Period: Sunday, June 30, 2019
Industry: Heavy Construction Other Than Bldg Const Contractors

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