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Fluor Shares Plunged: What You Need to Know

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Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of engineering company Fluor (NYSE: FLR  ) dropped 10% in a wild day of trading after the company released earnings.

So what: Earnings per share of $0.65 is not only down dramatically from $0.82 last year, but it also missed expectations of $0.75 per share. Revenue of $5.48 billion was also below the $5.69 billion analysts had expected, although the company did reiterate previous 2011 guidance.

Now what: Shares have been on a wild ride today, starting the day down about 3% and falling 10% before recovering most of the losses near the end of trading. Investors are trying to decipher what to think of the $180 million charge Fluor took for the Greater Gabbard Offshore Wind Farm in the quarter and how it will affect the company going forward. With a lot of uncertainty swirling around the company, I am going to leave today’s discount alone and wait for some clarity on the wind project before jumping in.

Interested in more info on Fluor? Add it to your watchlist.

Fool contributor Travis Hoium does not have a position in any company mentioned. You can follow Travis on Twitter at @FlushDrawFool, check out his personal stock holdings or follow his CAPS picks at TMFFlushDraw.

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Related Tickers

10/28/2016 1:38 PM
FLR $51.97 Up +1.30 +2.57%
Fluor CAPS Rating: ****