Fluor (NYSE:FLR) restated its earnings for fiscal year 2019 following a review of the company’s accounting practices, and the results have FLR stock falling hard on Friday morning. This is due to revenue of $14.35 billion being way below Wall Street’s estimate of $16.39 billion. Also, the company’s adjusted losses per share of $10.87 was worse than analysts’ expectation for a loss of $10.29.
Additionally, the company reported GAAP per-share losses of $10.87 for the period.
Here is what else is worth mentioning from the restated Fluor FY2019 report:
- Adjusted losses per share were much lower from earnings per share of $1.23 during FY2018.
- Revenue comes in 6.1% lower compared to $15.17 billion during the same time last year.
- Net loss from continuing operations of $1.68 billion is a major drop year-over-year from net income of $9.19 million.
- The Fluor earnings report also included net loss of $1.55 billion.
- That is a way worse than net income of $232.85 million during FY2018.
“Today’s filing marks the culmination of a thorough review of the financial reporting on a significant number of our lump-sum projects. We agree with the findings of the special committee and are moving forward with our remediation plan. Fluor continues to have substantial liquidity and dedicated employees who are ready to tackle current and future challenges.”
The company also stated that is is now suspending any previous guidance for FY2020. That said, we know what Wall Street is looking for. Analysts are calling for EPS of $1.16 on revenue of $16.16 billion.
FLR stock was down 6.4% on Friday.
On the date of publication, Nick Clarkson did not have (either directly or indirectly) any positions in the securities mentioned in this article.
Nick is a web editor at InvestorPlace.