Fluor's Adds To Share Buybacks To Bring Total To $1 Bln Over Five Years

Fluor Corp. said the latest increase to its share buyback program means it will have repurchased $1 billion worth of its own stock in the five-year period to end 2015. The engineering and construction company is adding another 10 million shares to its current program, bringing the total authorization to about 17.4 million shares. The company has repurchased $143 million of shares in the fourth quarter to date, and plans to use the proceeds of a debt sale to boost that number to $500 million. Shares are down about 21% in the year so far, while the S&P 500 has gained 10%.