Intrinsic value of Fluor - FLR

Previous Close

$46.79

  Intrinsic Value

$48.94

stock screener

  Rating & Target

hold

+5%

Previous close

$46.79

 
Intrinsic value

$48.94

 
Up/down potential

+5%

 
Rating

hold

We calculate the intrinsic value of FLR stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 0001), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 6.6

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  3.60
  3.74
  3.87
  3.98
  4.08
  4.17
  4.26
  4.33
  4.40
  4.46
  4.51
  4.56
  4.60
  4.64
  4.68
  4.71
  4.74
  4.77
  4.79
  4.81
  4.83
  4.85
  4.86
  4.88
  4.89
  4.90
  4.91
  4.92
  4.93
  4.93
Revenue, $m
  20,224
  20,980
  21,791
  22,658
  23,583
  24,567
  25,613
  26,722
  27,897
  29,141
  30,455
  31,844
  33,311
  34,858
  36,489
  38,208
  40,020
  41,927
  43,935
  46,049
  48,273
  50,613
  53,074
  55,661
  58,382
  61,243
  64,250
  67,410
  70,731
  74,221
Variable operating expenses, $m
  19,595
  20,325
  21,109
  21,947
  22,840
  23,791
  24,801
  25,873
  27,008
  28,209
  29,423
  30,765
  32,182
  33,676
  35,252
  36,913
  38,663
  40,506
  42,446
  44,488
  46,637
  48,897
  51,275
  53,775
  56,404
  59,167
  62,072
  65,125
  68,334
  71,705
Fixed operating expenses, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  19,595
  20,325
  21,109
  21,947
  22,840
  23,791
  24,801
  25,873
  27,008
  28,209
  29,423
  30,765
  32,182
  33,676
  35,252
  36,913
  38,663
  40,506
  42,446
  44,488
  46,637
  48,897
  51,275
  53,775
  56,404
  59,167
  62,072
  65,125
  68,334
  71,705
Operating income, $m
  629
  655
  682
  711
  743
  776
  812
  849
  889
  931
  1,032
  1,079
  1,129
  1,181
  1,237
  1,295
  1,356
  1,421
  1,489
  1,561
  1,636
  1,715
  1,799
  1,887
  1,979
  2,076
  2,178
  2,285
  2,397
  2,516
EBITDA, $m
  879
  912
  947
  985
  1,025
  1,068
  1,113
  1,162
  1,213
  1,267
  1,324
  1,384
  1,448
  1,515
  1,586
  1,661
  1,740
  1,823
  1,910
  2,002
  2,098
  2,200
  2,307
  2,420
  2,538
  2,662
  2,793
  2,930
  3,075
  3,226
Interest expense (income), $m
  72
  87
  99
  112
  125
  140
  155
  171
  188
  207
  226
  247
  269
  292
  316
  342
  369
  397
  427
  459
  492
  527
  564
  603
  643
  686
  731
  779
  828
  881
  936
Earnings before tax, $m
  542
  555
  570
  586
  603
  621
  640
  661
  682
  705
  785
  811
  837
  865
  895
  926
  959
  994
  1,030
  1,069
  1,109
  1,152
  1,196
  1,243
  1,293
  1,344
  1,399
  1,456
  1,516
  1,580
Tax expense, $m
  146
  150
  154
  158
  163
  168
  173
  178
  184
  190
  212
  219
  226
  234
  242
  250
  259
  268
  278
  289
  299
  311
  323
  336
  349
  363
  378
  393
  409
  427
Net income, $m
  395
  405
  416
  428
  440
  454
  468
  482
  498
  515
  573
  592
  611
  632
  653
  676
  700
  726
  752
  780
  810
  841
  873
  908
  944
  981
  1,021
  1,063
  1,107
  1,153

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  9,663
  10,024
  10,411
  10,826
  11,268
  11,738
  12,237
  12,767
  13,329
  13,923
  14,551
  15,215
  15,915
  16,654
  17,434
  18,255
  19,121
  20,032
  20,992
  22,001
  23,064
  24,182
  25,358
  26,594
  27,894
  29,261
  30,697
  32,207
  33,794
  35,461
Adjusted assets (=assets-cash), $m
  9,663
  10,024
  10,411
  10,826
  11,268
  11,738
  12,237
  12,767
  13,329
  13,923
  14,551
  15,215
  15,915
  16,654
  17,434
  18,255
  19,121
  20,032
  20,992
  22,001
  23,064
  24,182
  25,358
  26,594
  27,894
  29,261
  30,697
  32,207
  33,794
  35,461
Revenue / Adjusted assets
  2.093
  2.093
  2.093
  2.093
  2.093
  2.093
  2.093
  2.093
  2.093
  2.093
  2.093
  2.093
  2.093
  2.093
  2.093
  2.093
  2.093
  2.093
  2.093
  2.093
  2.093
  2.093
  2.093
  2.093
  2.093
  2.093
  2.093
  2.093
  2.093
  2.093
Average production assets, $m
  1,375
  1,427
  1,482
  1,541
  1,604
  1,671
  1,742
  1,817
  1,897
  1,982
  2,071
  2,165
  2,265
  2,370
  2,481
  2,598
  2,721
  2,851
  2,988
  3,131
  3,283
  3,442
  3,609
  3,785
  3,970
  4,165
  4,369
  4,584
  4,810
  5,047
Working capital, $m
  101
  105
  109
  113
  118
  123
  128
  134
  139
  146
  152
  159
  167
  174
  182
  191
  200
  210
  220
  230
  241
  253
  265
  278
  292
  306
  321
  337
  354
  371
Total debt, $m
  1,837
  2,069
  2,318
  2,584
  2,867
  3,169
  3,490
  3,830
  4,191
  4,572
  4,975
  5,401
  5,851
  6,326
  6,826
  7,353
  7,909
  8,494
  9,110
  9,758
  10,441
  11,158
  11,913
  12,707
  13,542
  14,419
  15,341
  16,311
  17,329
  18,400
Total liabilities, $m
  6,203
  6,435
  6,684
  6,950
  7,234
  7,536
  7,856
  8,197
  8,557
  8,939
  9,342
  9,768
  10,218
  10,692
  11,193
  11,720
  12,275
  12,861
  13,477
  14,125
  14,807
  15,525
  16,280
  17,073
  17,908
  18,785
  19,708
  20,677
  21,696
  22,766
Total equity, $m
  3,459
  3,589
  3,727
  3,876
  4,034
  4,202
  4,381
  4,571
  4,772
  4,984
  5,209
  5,447
  5,698
  5,962
  6,241
  6,535
  6,845
  7,171
  7,515
  7,877
  8,257
  8,657
  9,078
  9,521
  9,986
  10,475
  10,990
  11,530
  12,098
  12,695
Total liabilities and equity, $m
  9,662
  10,024
  10,411
  10,826
  11,268
  11,738
  12,237
  12,768
  13,329
  13,923
  14,551
  15,215
  15,916
  16,654
  17,434
  18,255
  19,120
  20,032
  20,992
  22,002
  23,064
  24,182
  25,358
  26,594
  27,894
  29,260
  30,698
  32,207
  33,794
  35,461
Debt-to-equity ratio
  0.530
  0.580
  0.620
  0.670
  0.710
  0.750
  0.800
  0.840
  0.880
  0.920
  0.960
  0.990
  1.030
  1.060
  1.090
  1.130
  1.160
  1.180
  1.210
  1.240
  1.260
  1.290
  1.310
  1.330
  1.360
  1.380
  1.400
  1.410
  1.430
  1.450
Adjusted equity ratio
  0.358
  0.358
  0.358
  0.358
  0.358
  0.358
  0.358
  0.358
  0.358
  0.358
  0.358
  0.358
  0.358
  0.358
  0.358
  0.358
  0.358
  0.358
  0.358
  0.358
  0.358
  0.358
  0.358
  0.358
  0.358
  0.358
  0.358
  0.358
  0.358
  0.358

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  395
  405
  416
  428
  440
  454
  468
  482
  498
  515
  573
  592
  611
  632
  653
  676
  700
  726
  752
  780
  810
  841
  873
  908
  944
  981
  1,021
  1,063
  1,107
  1,153
Depreciation, amort., depletion, $m
  250
  257
  265
  273
  282
  292
  302
  312
  324
  336
  292
  305
  319
  334
  349
  366
  383
  402
  421
  441
  462
  485
  508
  533
  559
  587
  615
  646
  677
  711
Funds from operations, $m
  645
  663
  682
  701
  723
  745
  769
  795
  822
  850
  865
  897
  930
  966
  1,003
  1,042
  1,084
  1,127
  1,173
  1,221
  1,272
  1,325
  1,382
  1,441
  1,503
  1,568
  1,637
  1,709
  1,784
  1,864
Change in working capital, $m
  4
  4
  4
  4
  5
  5
  5
  6
  6
  6
  7
  7
  7
  8
  8
  9
  9
  10
  10
  11
  11
  12
  12
  13
  14
  14
  15
  16
  17
  17
Cash from operations, $m
  642
  659
  677
  697
  718
  740
  764
  789
  816
  844
  858
  890
  923
  958
  995
  1,034
  1,075
  1,118
  1,163
  1,211
  1,261
  1,314
  1,369
  1,428
  1,489
  1,554
  1,622
  1,693
  1,768
  1,847
Maintenance CAPEX, $m
  -187
  -194
  -201
  -209
  -217
  -226
  -235
  -245
  -256
  -267
  -279
  -292
  -305
  -319
  -334
  -349
  -366
  -383
  -402
  -421
  -441
  -462
  -485
  -508
  -533
  -559
  -587
  -615
  -646
  -677
New CAPEX, $m
  -46
  -51
  -55
  -59
  -63
  -67
  -71
  -75
  -80
  -85
  -89
  -94
  -100
  -105
  -111
  -117
  -123
  -130
  -137
  -144
  -151
  -159
  -167
  -176
  -185
  -195
  -204
  -215
  -226
  -237
Cash from investing activities, $m
  -233
  -245
  -256
  -268
  -280
  -293
  -306
  -320
  -336
  -352
  -368
  -386
  -405
  -424
  -445
  -466
  -489
  -513
  -539
  -565
  -592
  -621
  -652
  -684
  -718
  -754
  -791
  -830
  -872
  -914
Free cash flow, $m
  409
  414
  421
  429
  438
  448
  458
  468
  480
  492
  490
  504
  518
  534
  550
  567
  585
  605
  625
  646
  669
  692
  717
  743
  771
  800
  831
  863
  896
  932
Issuance/(repayment) of debt, $m
  218
  232
  249
  266
  284
  302
  321
  340
  360
  381
  403
  426
  450
  475
  500
  527
  556
  585
  616
  648
  682
  718
  755
  794
  835
  877
  922
  969
  1,019
  1,070
Issuance/(repurchase) of shares, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  218
  232
  249
  266
  284
  302
  321
  340
  360
  381
  403
  426
  450
  475
  500
  527
  556
  585
  616
  648
  682
  718
  755
  794
  835
  877
  922
  969
  1,019
  1,070
Total cash flow (excl. dividends), $m
  627
  646
  670
  695
  722
  750
  778
  809
  840
  874
  893
  930
  968
  1,008
  1,050
  1,095
  1,141
  1,190
  1,241
  1,294
  1,351
  1,410
  1,472
  1,537
  1,606
  1,677
  1,753
  1,832
  1,915
  2,002
Retained Cash Flow (-), $m
  -117
  -129
  -139
  -148
  -158
  -168
  -179
  -190
  -201
  -213
  -225
  -238
  -251
  -265
  -279
  -294
  -310
  -326
  -344
  -362
  -380
  -400
  -421
  -443
  -465
  -489
  -514
  -541
  -568
  -597
Prev. year cash balance distribution, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
  510
  517
  531
  547
  564
  581
  600
  619
  639
  661
  668
  692
  717
  744
  771
  800
  831
  863
  897
  933
  970
  1,010
  1,051
  1,095
  1,140
  1,188
  1,239
  1,291
  1,347
  1,405
Discount rate, %
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
  489
  473
  463
  451
  437
  422
  405
  387
  367
  346
  317
  295
  273
  250
  226
  203
  181
  159
  138
  119
  100
  84
  69
  56
  44
  35
  27
  20
  15
  11
Current shareholders' claim on cash, %
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Fluor Corporation (Fluor) is a holding company. The Company operates its business in four segments: Energy, Chemicals & Mining; Industrial, Infrastructure & Power; Government, and Maintenance, Modification & Asset Integrity (MMAI). The Company, through its subsidiaries, offers professional services providing engineering, procurement, construction, fabrication and modularization, commissioning and maintenance, as well as project management services on a global basis. The Company is an integrated solutions provider for various industries, including oil and gas, chemicals and petrochemicals, mining and metals, transportation, power, life sciences and advanced manufacturing. It is also a service provider to the United States federal Government and governments abroad. It offers services in various categories, including engineering and design, procurement, construction, fabrication, maintenance, modification and asset integrity and project management.

FINANCIAL RATIOS  of  Fluor (FLR)

Valuation Ratios
P/E Ratio 23.2
Price to Sales 0.3
Price to Book 2.1
Price to Tangible Book
Price to Cash Flow 9.2
Price to Free Cash Flow 13.9
Growth Rates
Sales Growth Rate 5.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -1.7%
Cap. Spend. - 3 Yr. Gr. Rate -3.9%
Financial Strength
Quick Ratio 24
Current Ratio 0.1
LT Debt to Equity 48.6%
Total Debt to Equity 51.2%
Interest Coverage 9
Management Effectiveness
Return On Assets 3.8%
Ret/ On Assets - 3 Yr. Avg. 5.3%
Return On Total Capital 6.5%
Ret/ On T. Cap. - 3 Yr. Avg. 9.6%
Return On Equity 9.2%
Return On Equity - 3 Yr. Avg. 12.5%
Asset Turnover 2.3
Profitability Ratios
Gross Margin 4.1%
Gross Margin - 3 Yr. Avg. 5.6%
EBITDA Margin 4.4%
EBITDA Margin - 3 Yr. Avg. 5.4%
Operating Margin 2.9%
Oper. Margin - 3 Yr. Avg. 4.2%
Pre-Tax Margin 2.9%
Pre-Tax Margin - 3 Yr. Avg. 4.2%
Net Profit Margin 1.5%
Net Profit Margin - 3 Yr. Avg. 2%
Effective Tax Rate 40.2%
Eff/ Tax Rate - 3 Yr. Avg. 34.5%
Payout Ratio 42%

FLR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the FLR stock intrinsic value calculation we used $19520.97 million for the last fiscal year's total revenue generated by Fluor. The default revenue input number comes from 0001 income statement of Fluor. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our FLR stock valuation model: a) initial revenue growth rate of 3.6% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for FLR is calculated based on our internal credit rating of Fluor, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Fluor.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of FLR stock the variable cost ratio is equal to 96.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for FLR stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for Fluor.

Corporate tax rate of 27% is the nominal tax rate for Fluor. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the FLR stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for FLR are equal to 6.8%.

Life of production assets of 7.1 years is the average useful life of capital assets used in Fluor operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for FLR is equal to 0.5%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $3342.31 million for Fluor - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 140.619 million for Fluor is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Fluor at the current share price and the inputted number of shares is $6.6 billion.

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COMPANY NEWS

▶ Who Are Fluor Corporations (NYSE:FLR) Major Shareholders?   [Oct-17-18 09:29AM  Simply Wall St.]
▶ BUZZ- U.S. stocks weekly: Standing 8 count   [Oct-15-18 07:09AM  Reuters]
▶ BUZZ- U.S. stocks weekly: Standing 8 count   [Oct-12-18 04:20PM  Reuters]
▶ Why CVS Health, Fluor, and Square Slumped Today   [Oct-11-18 04:35PM  Motley Fool]
▶ World Capital Markets Post Losses   [04:14PM  GuruFocus.com]
▶ After-hours buzz: SQ, FLR & more   [Oct-10-18 05:11PM  CNBC]
▶ [$$] Fluor Sues Westinghouse Over Scrapped Nuclear Plant   [Sep-24-18 01:40PM  The Wall Street Journal]
▶ Why Fluor Corporation Soared in August   [Sep-06-18 04:49PM  Motley Fool]
▶ 3 Breakout Stocks to Trade This Week   [03:20PM  InvestorPlace]
▶ The Top 5 Buys of T. Boone Pickens' BP Capital   [Aug-17-18 01:13PM  GuruFocus.com]
▶ Regulator seeks more than $1B in sanctions against utility in V.C. Summer nuclear case   [Aug-10-18 03:00PM  American City Business Journals]
▶ Fluor to Design and Build Quellaveco Copper Project in Peru   [Aug-08-18 06:28AM  Business Wire]
▶ Fluor: 2Q Earnings Snapshot   [04:30PM  Associated Press]
▶ Fluor Reports Second Quarter Results   [04:15PM  Business Wire]
▶ Fluor Corporation Announces Quarterly Dividend   [Aug-01-18 04:54PM  Business Wire]
▶ Fluor Celebrates 40 Years of Operations in China   [Jul-25-18 09:50AM  Business Wire]

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