Fluor Announces Preliminary Fourth Quarter Results
February 10 2017 - 6:50AM
Business Wire
- Provides Update for Adverse Tax
Related Expenses
- Reiterates 2017 Guidance
Fluor Corporation announced today that it expects fourth quarter
results, scheduled to be released on February 17, to include
non-cash adverse tax effects of $45 million, or $0.32 per diluted
share, as a result of the inability to deduct or otherwise benefit
certain foreign losses. The primary reason for these adverse
effects is new IRS regulations (under section 987 of the code)
issued on December 7, 2016, which will limit the deductibility of
foreign currency translation losses in certain foreign
subsidiaries. These foreign subsidiaries are those which operate in
a currency other than the U.S. dollar, for tax purposes are
branches of United States entities and, accordingly, whose profits
and losses are otherwise fully taxable in the United States.
Also significantly contributing to the adverse tax effects are
losses of other foreign subsidiaries for which tax benefit cannot
be provided in the current period. These losses are primarily
related to organizational realignment activities.
Including the adverse tax effects, the Company expects to report
fourth quarter net profit from continuing operations of $70
million, or $0.50 per fully diluted share. Excluding the adverse
tax effects, the company expects to report a net profit from
continuing operations of $115 million, or $0.82 per diluted share
for the fourth quarter of 2016.
2017 Outlook
The Company is maintaining its EPS guidance for 2017 at the
previously announced range of $2.75 to $3.25 per diluted share.
Fourth Quarter and Year-End Conference
Call
Fluor will provide additional detail on its financial and
operational results on a conference call at 9:00 a.m. Eastern time
on Friday, February 17, which will be webcast live on the Internet
and can be accessed by logging onto http://investor.fluor.com. A
supplemental slide presentation will be available shortly before
the call begins. The webcast and presentation will be archived for
30 days following the call.
Non-GAAP Financial Measure
This press release contains a discussion of earnings from
continuing operations (and net earnings per diluted share),
excluding the adverse tax effects on certain foreign losses that
would be deemed a non-GAAP financial measure. The company believes
the exclusion of the impact from these tax effects is appropriate
because it allows investors to better evaluate the company's
earnings from operations and make meaningful period-over-period
comparisons.
About Fluor Corporation
Fluor Corporation (NYSE: FLR) is a global engineering,
procurement, fabrication, construction and maintenance company that
designs, builds and maintains capital-efficient facilities for its
clients on six continents. For more than a century, Fluor has
served our clients by delivering innovative and integrated
solutions across the globe. With headquarters in Irving, Texas,
Fluor ranks 155 on the FORTUNE 500 list with revenue of $18.1
billion in 2015 and has more than 60,000 employees worldwide. For
more information, please visit www.fluor.com or follow us on
Twitter @FluorCorp.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170210005277/en/
Fluor CorporationMedia Relations:Brian Mershon,
469-398-7621orBrett Turner, 864-281-6976orInvestor Relations:Geoff
Telfer, 469-398-7070orJason Landkamer, 469-398-7222
Fluor (NYSE:FLR)
Historical Stock Chart
From Mar 2024 to Apr 2024
Fluor (NYSE:FLR)
Historical Stock Chart
From Apr 2023 to Apr 2024