Fluor Corporation

Fluor Corporation (FLR) Accused of Misleading Investors About Its Gas-Fired Projects

According to the complaint, on August 14, 2013, Fluor Corporation (FLR) announced that it was starting a natural gas-fueled power station in Virginia and subsequently reported encouraging prospects for other gas projects around the country. On May 1, 2014, in announcing its first quarter results for 2014, Fluor stated that its Oil & Gas group was performing “extremely well,” posting nearly $9 billion in new awards and growing profitability by 32%.  On August 3, 2017, Fluor began to reveal that it was encountering challenges with its gas-fired power projects, including that the projects did not meet the original baseline assumptions due to improper estimating, craft productivity, and equipment issues.  On May 3, 2018, Fluor reported a net loss of $18 million and slashed its guidance for earnings per share from $3.10 to $3.50 per diluted share to $2.10 to $2.50 per diluted share. Fluor also announced that it would stop pursuing lump-sum gas-fired power market from the end of the first quarter.  On this news, Fluor’s stock fell over 22% to close at $45.76 per share on May 4, 2018.

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