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Flour Corp Tanks 4% As National Nuclear Security Administration Cancels $28 Bln Contract

Shares of engineering and construction firm Fluor Corp. (FLR) are down 4 percent on Tuesday's trading after the National Nuclear Security Administration canceled a proposed 10-year, $28 billion contract for the company's joint venture with Amentum to manage the agency's main nuclear weapons production sites.

Commenting on the developments, the NNSA said, "Protests filed after the contract was awarded in November 2021 led them to take voluntary corrective action to assess alleged organizational conflicts of interest and alleged proprieties, and contracts for operating each facility will now be awarded separately.

The company recently turned to profit in the first quarter reporting net income of $48 million or $0.28 per share, compared to net loss of $86 million or $0.61 per share in the same period last year.

Currently at $25.64, the stock has traded between $14.41 and $31.32 during the past 52 weeks.

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