What's Going On With Fluor?
Fluor (FLR) announced it intends to offer 450,000 shares of convertible preferred stock, to be designated as Series A Cumulative Perpetual Convertible Preferred Stock. Fluor expects to grant the initial purchasers of the Preferred Stock a 30-day option to purchase up to an additional 67,500 shares of Preferred stock. Shares of the company were trading 12.45% lower to $20.82 a share on Thursday.
What Does This Mean For Fluor?
Cumulative cash dividends on the Preferred Stock will be payable quarterly in arrears. The Preferred Stock may not be redeemed by Fluor, but the company has the option to elect that all outstanding shares of Preferred Stock be automatically converted into shares of the Company’s common stock at the conversion rate on or after May 20, 2022. The company intends to use all net proceeds for general corporate purposes and to pay down debt.
Fluor's q1 2021 earnings beat most estimates but fell short on revenues.
Fluor Corporation provides engineering, procurement, construction, fabrication and modularization, operation, maintenance and asset integrity, and project management services worldwide. It operates through six segments: Energy & Chemicals; Mining & Industrial; Infrastructure & Power; Government; Diversified Services; and Other. The Energy & Chemicals segment offers a range of design, engineering, procurement, construction, fabrication, and project management services in the upstream, midstream, downstream, chemical, petrochemical, offshore and onshore oil and gas production, and liquefied natural gas and pipeline markets.
FLR has a Long-Term Technical Rank of 83. Find out what this means to you and get the rest of the rankings on FLR!
Fluor is one of the largest global providers of engineering, procurement, construction, fabrication, operations, and maintenance services. The firm serves a wide range of end markets including oil and gas, chemicals, mining, metals, and transportation. The company's business is organized into three core segments: urban solutions, mission solutions, and energy solutions. Fluor employs over 40,000 workers in more than 60 countries. The company generated $15.7 billion in revenue in 2020.
