Fluor Corp. [FLR], the financially troubled, Dallas-based Department of Energy contractor, continued to narrow its losses from continuing operations in the second quarter and first six months of 2020, the company said in a long-delayed second-quarter earnings report.
Fluor’s second-quarter loss from continuing operations was about $20 million, an improvement from a loss of more than $435 million in the year-ago quarter. Quarterly revenue was a little lower, though about flat, at about $4.1 billion. For the half, loses were about $181 million, an improvement compared with a lost of more than $353 million in the 2019 first half. Revenue in the half was about flat, slightly down, at roughly $8.2 billion.
The ongoing COVID-19 pandemic hit operations hard, Fluor wrote in a press release.
Also on Tuesday, Fluor affirmed it will be late filing its third-quarter earnings report. “While there are no assurances as to timing, the Company expects to file the [third-quarter] Form 10-Q before December 31, 2020,” according to this week’s Form 12b-25 filing.
Since late 2019, the Securities and Exchange Commission and the Department of Justice have been investigating problems with Fluor quarterly data filed during 2019, which prevented the company filing reports for 2020 until the issues are fixed.
Fluor is a partner on several major DoE and National Nuclear Security Administration (NNSA) contracts. The company is the lead partner on Savannah River Nuclear Solutions, the site operations contractor for the Savannah River Site where both DoE and NNSA have major missions, and on the Fluor-Idaho LLC that runs cleanup operations at the Idaho National Laboratory.
Fluor is also the integrated subcontractor on Triad National Security, management and operations contractor for NNSA’s Los Alamos National Laboratory since November 2018.
Despite its financial struggles, sources have said Fluor is exploring a teaming arrangement with Amentum to bid on the potentially 10-year, $28-billion NNSA contract to manage the Pantex Plant and the Y-12 National Security Complex. The NNSA released its final solicitation for that deal on Tuesday.