Why Fluor Stock Is Tumbling Today
Shares of Fluor (NYSE: FLR) were down as much as 10.6% by 10:30 a.m. EDT on Friday. Weighing on the engineering company was an update on the status of its financial review, strategy, and outlook for 2020.
After completing an internal review, Fluor restated its previously issued financial results for 2016, 2017, 2018, and 2019. It made the restatement after determining that there were "material project-related errors resulting from the absence of timely recognition of changes in forecasted project costs, and from other errors in estimating the amount of variable consideration to be included in revenue for the Radford [Army Ammunition Plant] project." Overall, the company's adjustments reduced its cumulative pre-tax earnings through September of last year by $3.8 billion.
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Source Fool.com
