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Fluor Corporation (NYSE: FLR) today provided an update on certain corporate matters. For the first four months of 2020, the companys cash balance has ranged between $ 1.7 to $ 2.0 billion. The company continues to have adequate liquidity to meet all operational and project needs and its revolving credit facilities remain undrawn. However, with the preservation of liquidity as a top consideration, and in light of the current economic disruption as a result of the COVID-19 pandemic and weak commodity prices, Fluor has made the decision to suspend its dividend as of April 29, 2020. Furthermore, the company is continuing its cost reduction efforts.
The company continues to pursue the divestiture of its equipment rental company (AMECO) business, P3 assets and excess real estate. Although the timing of these transactions has slowed as a result of the pandemic, the company continues to believe that it will realize the full value of these divestitures.
About Fluor Corporation
Founded in 1912, Fluor Corporation (NYSE: FLR) is a global engineering, procurement, fabrication, construction and maintenance company that transforms the world by building prosperity and empowering progress. Fluor serves its clients by designing, building and maintaining safe, well executed, capital-efficient projects around the world. With headquarters in Irving, Texas, Fluor ranks 164 on the Fortune 500 list with revenue of $ 19.2 billion in 2018 and has more than 47,000 employees worldwide. For more information, please visit www.fluor.com or follow Fluor on Facebook, Twitter, LinkedIn and YouTube.
Forward-looking statements: This release contains forward-looking statements (including without limitation statements to the effect that the Company or its management “believes,” “expects,” “plans,” “intends,” is “positioned” or other similar expressions). These forward-looking statements, including statements relating to cost reduction activities and divestitures, are based on current management expectations and involve risks and uncertainties. Actual results may differ materially as a result of a number of factors, including, among other things, the severity and duration of the COVID-19 pandemic and actions by governments, business and individuals in response to the pandemic, including the duration and severity of economic disruptions. Additional information concerning other factors can be found in the Company’s public periodic filings with the Securities and Exchange Commission, including the discussion under the heading “Item 1A. Risk Factors” in the Company’s Form 10-K filed on February 21, 2019. Additional or unforeseen effects from the COVID-19 pandemic may give rise to or amplify these risks. Such filings are available either publicly or upon request from Fluor’s Investor Relations Department: (469) 398-7222. The Company disclaims any intent or obligation other than as required by law to update its forward-looking statements in light of new information or future events.