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Fluor Issues Weak Q3 Revenue Outlook, Shares Down 7%

Fluor Corp. (FLR) Wednesday said it expects third quarter revenue of about $4.6 billion and new awards of around $9 billion. Analysts polled by Thomson Reuters currently estimate revenues of $4.95 billion for the quarter. Shares of the company fell nearly 7% after the news.

The company expects pre-tax earnings to be about $125 million. The results include expected pre-tax charges of $46 million relating to close out efforts on a downstream project in Europe and $35 million for forecast revisions on a gas-fired power project in Citrus County, Florida.

The results also include a $124 million pre-tax benefit related to the company's sale of its Seagreen offshore investment.

Fluor said it will host its third quarter results on November 1, 2018.

FLR closed Wednesday's trading at $56.22, down $2.49 or 4.24% in the after-hours trade. The stock further dropped $3.68 or 6.55% in the after-hours trade.

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