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Fluor reports lower revenues and backlog, but sees opportunity ahead

The results came as Fluor looks to regain its footing after a restructuring to put accounting mishaps behind it. The company is now pursuing higher-quality contracts, even as it continues to work through older, “zero margin” jobs. The firm didn’t mention the SEC investigation on its call, but disclosed that it was still ongoing in a required regulatory filing.

Hernandez said the decline in backlog wasn’t solely tied to the pandemic. Instead, he said that the firm was being more selective about the jobs it was taking on, while pruning contracts where risk is higher and outcomes aren’t as favorable.

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