The ongoing stock market dive triggered by the COVID-19 pandemic marks the latest bad news for Fluor, which still has not filed its annual report for 2019.
Fluor shares were worth $5.93 at market close Monday, down from $13.78 one month earlier on Feb. 24 – prior to the New York Stock Exchange decline caused by the global spread of novel coronavirus 2019.
Six months ago, on Sept. 23, 2019, Fluor stock was at $20.70. The share price stood at $35.49 one year ago. Major stock indexes are down roughly 20% since their February highs, with unemployment claims skyrocketing while the federal, state and local governments tell people to stay home and avoid spreading the virus.
During the past year, Fluor has changed CEOs and also put its government contracting business up for sale – only to pull them off the market last month.
While there is never a good time for a stock market nosedive, Fluor was already hitting rough waters. The New York Stock Exchange (NYSE) said last week the company was in violation of its guidelines for failing to file a 10-K annual report for 2019.
In a press release Thursday, Texas-based Fluor said the notification has no impact on its NYSE listing, and it can regain compliance with stock exchange rules by filing the 10-K within six months of March 19. However, the NYSE could commence “delisting” any time it believes circumstances warrant.
Fluor spokesman Brian Mershon declined further comment Monday.
Fluor released only partial earnings for the first quarter Is this its fiscal 2020 first quarter last month, as it is under investigation by the Securities and Exchange Commission (SEC) for questions over its second-quarter 2019 financial results.
Fluor-led Savannah River Nuclear Solutions is operations and management contractor for the Savannah River Site in South Carolina. The company also manages cleanup at the Idaho National Laboratory.
Fluor is far from the only Energy Department contractor to feel the pain on the stock market. Here is a rundown of the Monday closing share price for several publicly trade vendors, compared to the price one month earlier.
- BWX Technologies: $43.25; down from $69.38.
- Centrus Energy: $4.60/share; was $8.47.
- Huntington Ingalls Industries: $153.37, was $234.84.
- Jacobs: $63.01; $101.95 a month ago.
- Leidos: $70.83; was $113.83.
- Parsons: $27.15; was $42.24.
