Texas-based Fluor on Friday released its financial results for 2019, which shows a net loss from continuing operations of $1.7 billion, or $11.97 per diluted share, compared with earnings from continuing operations of $9 million, or $0.07 per share for 2018.
Fluor loss includes impairment, restructuring and other exit costs of $533 million, expenses of $138 million related to the settlement of the United Kingdom pension plan and $731 million related to establishing valuation allowances to reduce net deferred tax assets.
The Securities and Exchange Commission and the Department of Justice have been investigating problems with quarterly data the Department of Energy contractor filed during 2019, and effectively prevented Fluor from filing reports for 2020 until the problems are cleared up.
The company formed its own internal audit team to clean up its 2019 financial reporting, and as recently as this month disclosed additional errors from past filings. Fluor said Friday that it restated its annual financial results for 2016, 2017, and 2018, and for each of the interim previously issued quarterly periods for 2018 and 2019.
Various adjustments to the financial statements amount to $3.8 million, as of Sept. 30, 2019. A quick scan of Fluor’s Friday filing does not show any adjustments to its Department of Energy business, although there was a previously reported record-keeping change connected to a Department of Defense project in Radford, Va.
Importantly, Fluor expects to be current in its financial filings by the end of the year.
