Fluor stock in biggest selloff ever, down 27% and headed to a 15-year low
Shares of Fluor Corp. FLR, -26.32% plummeted 27% toward a 15-year low, and is headed for the biggest one-day selloff since it went public in December 2000, after the engineering and construction company reported a large surprise loss and revenue that fell well below expectations, and pulled its full-year guidance. The company reported late Thursday it swung to a net loss of $554.8 million, or $3.96 a share, from a profit of $114.8 million, or 82 cents a share, in the year-earlier period.
Revenue fell 16% to $4.09 billion, missing the FactSet consensus of $4.71 billion. "We understand the implications of the magnitude of these results," said Chief Executive Carlos Hernandez, while Executive Chairman Alan Boeckmann said on the post-earnings conference call that he was "extremely disappointed" in the results.
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