Fluor announces decision to exit competitive epc lump-sum bidding for energy & chemicals segment

Fluor reports full year 2019 results.fluor corp - announces decision to exit competitive epc lump-sum bidding for energy & chemicals segment.fluor corp - company expects to be current in financial reporting by year end.fluor corp - in-depth business evaluation underway, working with ad-hoc board committee.fluor corp - determined that its disclosure controls and procedures were not effective due to existence of material weaknesses.fluor corp - fluor has restated annual financial results for 2016, 2017, and 2018.fluor corp - for energy & chemicals segment determined that it will only pursue reimbursable or open-book lump-sum conversion engineering prospects.fluor corp - has restated each of interim previously issued quarterly periods for 2018 and 2019..fluor corp - adjustments reduced cumulative pretax earnings reported through september 30, 2019, by $3.8 million.fluor corp - co is suspending all previously issued 2020 guidance.fluor corp - continues to have adequate liquidity to meet its operational and project needs.fluor corp - has no amounts drawn on revolving loans under its committed credit facilities.fluor corp - expects to file q1 2020 results within next month.fluor corp - suspended dividend; on track to realize at least $100 million in annual savings by year-end.fluor corp - expects cash balance to be in the range of about $2.1 billion through end of year.
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