Fluor Corporation (FLR) will lower its quarterly dividend by 52.4 percent to 10 cents per share in 2019. The dividend cut is a result of the company’s strategic and operational review announced today.

Fluor will divest select businesses to improve the financial stability of the company and allow the remaining businesses to refocus on engineering, construction and maintenance services in core markets.

The company plans to reduce its quarterly dividend to $0.10 per share beginning with the next quarterly dividend declaration. A new annualized dividend rate of 40 cents per share yields 1.9% at a stock price of $20.70.

Fluor Corporation is a global engineering, procurement, fabrication, construction and maintenance company.  The company is an integrated solutions provider for our clients in a diverse set of industries worldwide including oil and gas, chemicals and petrochemicals, mining and metals, transportation, power, life sciences and advanced manufacturing. Fluor was originally incorporated in California in 1924 as Fluor Construction Company. As a result of the reverse spin-off from Massey Energy, the “new” Fluor Corporation was relisted on the NYSE and began regular way trading on December 22, 2000.