We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Fluor Sells AMECO Business in Jamaica, Focuses on Core Areas
Read MoreHide Full Article
Fluor Corporation (FLR - Free Report) has divested all the assets of AMECO Caribbean, Inc. to Stewart’s Automotive Group in Jamaica, which marks its initial breakthrough of accomplishing the ongoing strategy to focus on the company’s core markets. It sold the business for $22 million.
This engineering, construction and maintenance company initially announced the plan in September 2019 to offload construction equipment rental company AMECO and the government business, as part of efforts to revamp its flagging performance. It also intends to monetize surplus real estate and non-core investments, as part of the strategic review that began in second-quarter 2019.
These actions will likely help the company make a return to consistent profitable growth, and enable it to refocus on engineering, construction and maintenance services in core markets.
Meanwhile, Fluor recently highlighted that it is unable to file its 10-Q report for second-quarter 2020 on time. Notably, it has still not filed its Form 10-K for 2019 and Form 10-Q for the first quarter of 2020. The company is reviewing its prior reporting and related control environment. It has been subpoenaed by the U.S. Department of Justice for documents related to second-quarter 2019 charges and projects.
Resultantly, the company’s share price has dipped 41.8% so far this year, underperforming the Zacks Engineering - R And D Services industry’s 21.4% decline. Nonetheless, the stock has gained 8.6% in the past three months compared with the industry’s 22.1% rally. Continuous contract wins, strong end-market prospects, solid backlog level and a good business portfolio mix are expected to benefit the company in the future.
Zacks Rank
Fluor — which shares space with Gates Industrial Corporation plc (GTES - Free Report) , Quanta Services, Inc. (PWR - Free Report) and AECOM (ACM - Free Report) in the same industry — currently carries a Zacks Rank #4 (Sell).
Zacks has just released a Special Report on the booming investment opportunities of legal marijuana.
Ignited by new referendums and legislation, this industry is expected to blast from an already robust $6.7 billion to $20.2 billion in 2021. Early investors stand to make a killing, but you have to be ready to act and know just where to look.
Image: Bigstock
Fluor Sells AMECO Business in Jamaica, Focuses on Core Areas
Fluor Corporation (FLR - Free Report) has divested all the assets of AMECO Caribbean, Inc. to Stewart’s Automotive Group in Jamaica, which marks its initial breakthrough of accomplishing the ongoing strategy to focus on the company’s core markets. It sold the business for $22 million.
This engineering, construction and maintenance company initially announced the plan in September 2019 to offload construction equipment rental company AMECO and the government business, as part of efforts to revamp its flagging performance. It also intends to monetize surplus real estate and non-core investments, as part of the strategic review that began in second-quarter 2019.
These actions will likely help the company make a return to consistent profitable growth, and enable it to refocus on engineering, construction and maintenance services in core markets.
Meanwhile, Fluor recently highlighted that it is unable to file its 10-Q report for second-quarter 2020 on time. Notably, it has still not filed its Form 10-K for 2019 and Form 10-Q for the first quarter of 2020. The company is reviewing its prior reporting and related control environment. It has been subpoenaed by the U.S. Department of Justice for documents related to second-quarter 2019 charges and projects.
Resultantly, the company’s share price has dipped 41.8% so far this year, underperforming the Zacks Engineering - R And D Services industry’s 21.4% decline. Nonetheless, the stock has gained 8.6% in the past three months compared with the industry’s 22.1% rally. Continuous contract wins, strong end-market prospects, solid backlog level and a good business portfolio mix are expected to benefit the company in the future.
Zacks Rank
Fluor — which shares space with Gates Industrial Corporation plc (GTES - Free Report) , Quanta Services, Inc. (PWR - Free Report) and AECOM (ACM - Free Report) in the same industry — currently carries a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Looking for Stocks with Skyrocketing Upside?
Zacks has just released a Special Report on the booming investment opportunities of legal marijuana.
Ignited by new referendums and legislation, this industry is expected to blast from an already robust $6.7 billion to $20.2 billion in 2021. Early investors stand to make a killing, but you have to be ready to act and know just where to look.
See the pot trades we're targeting>>