Fluor Corporation (NYSE: FLR) today announced financial results for its
third quarter ended September 30, 2005. The company reported net
earnings of $131.2 million, or $1.51 per share, compared with net
earnings of $47.3 million, or 57 cents per share in the third quarter of
2004. The earnings growth was due to continued solid operating results
in Oil & Gas, Government and Global Services. In addition, the Caribbean
hotel jury verdict that negatively impacted the second quarter by $65
million was overturned by the judge in the case, and a no-liability
resolution was subsequently reached, which resulted in the reversal of
$32.9 million of that provision this quarter. Finally, as previously
announced, the longstanding claims on the Hamaca crude upgrader project
in Venezuela were resolved, contributing $30.5 million in pre-tax
earnings in the quarter. Both events had the added benefit of
contributing to a substantial reduction in the effective tax rate for
the quarter.
Consolidated operating profit was $180.9 million, compared with $104.7
million in the third quarter last year. Revenues for the quarter
increased 45 percent to $3.4 billion, including $294 million recognized
as a result of the Hamaca settlement, compared with revenues of $2.4
billion a year ago.
New project awards in the third quarter were $2.5 billion compared with
$3.2 billion a year ago, demonstrating the quarterly lumpiness that can
be caused by the timing of a single major project award. Shortly after
the third quarter was closed, Fluor was awarded a $1.0 billion project
to expand a major gas complex in Abu Dhabi, which will be booked in the
fourth quarter. Backlog at quarter end grew 7 percent to $14.7 billion,
compared with $13.7 billion a year ago, but was down sequentially from
$15.7 billion in the second quarter.
"I am very pleased with our solid operating results and that we have
fully resolved both the Hamaca crude upgrader and Caribbean hotel issues
this quarter, eliminating these major uncertainties," said Chairman and
Chief Executive Officer Alan Boeckmann. "We closed the quarter with $1
billion of cash on the balance sheet, up over $300 million from last
quarter, due to a very strong positive contribution from operations and
the Hamaca settlement."
Corporate G&A for the quarter was $25.1 million, including a pre-tax
gain of $10.4 million from the sale of real estate, compared with $32.9
million a year ago which included a pre-tax gain of $5.5 million related
to the disposal of a residual property interest. Fluor's financial
condition was substantially strengthened during the quarter, with cash
and securities rising to $1.0 billion, up from $689 million at the end
of the second quarter. The debt-to-capital ratio at the end of the
quarter was further reduced to 19 percent, with the full repayment of
$100 million of outstanding commercial paper.
Outlook
The outlook for the majority of Fluor's markets remains positive.
Opportunities across all business segments are expected to continue to
develop, with sizable prospects pending in the oil and gas, power,
mining, transportation and government markets. With the excellent start
on the fourth quarter, due to the award of the major gas complex in the
Middle East, the company expects fourth quarter awards to be
particularly strong.
Fluor's earnings guidance for 2005 is being increased to a range of
$2.40 to $2.60 per share, up materially from guidance provided last
quarter and essentially on par with guidance originally issued a year
ago.
Looking ahead to 2006, ongoing strength in new awards combined with a
strong backlog is expected to continue to drive growth in earnings.
Considering the variability associated with the timing of major new
project awards and the pace of project execution across the portfolio,
the company's initial guidance for 2006 is a range of $2.80 to $3.10 per
share.
Business Segments
Fluor's Oil & Gas segment reported very strong operating profit, up 65
percent to $84.1 million, compared with $51.0 million in the third
quarter last year. Revenues increased 45 percent to $1.4 billion, from
$1.0 billion last year. Operating margin in the quarter was 5.8 percent,
up from 5.1 percent a year ago. Continued strength in operations
including upstream, downstream, and chemicals were complemented by the
Hamaca settlement. This settlement contributed revenues of $294 million
and operating profit of $30.5 million in the third quarter, reimbursing
Fluor for its incurred costs and for its cost of capital in funding
those costs.
Performance in the Industrial & Infrastructure business segment was
materially improved by the Caribbean hotel project resolution and
resulting $32.9 million reversal in the third quarter. The segment
reported operating profit of $43.5 million, and operating margin of 5.1
percent, compared with $18.8 million and 3.6 percent respectively from a
year ago. Excluding the benefit of the $32.9 million reversal, operating
profits were significantly lower than last year primarily due to lower
profits on an international infrastructure project. Revenues were up
sharply to $857 million, an increase of 64 percent from $521 million
last year, reflecting substantial increases in the level of work
performed following very strong new awards in 2004. Revenues included a
higher level of material and equipment costs, which negatively impacted
margins in the quarter.
Fluor's Government segment reported quarterly operating profit of $20.9
million, up 14 percent from $18.3 million a year ago. Revenues increased
23 percent to $651 million compared with $530 million last year, mainly
due to a higher level of Iraq reconstruction work. Operating margin was
3.2 percent, down modestly from 3.5 percent in the third quarter of 2004.
Operating profit for Fluor's Global Services segment was $26.5 million,
about level with $26.7 million a year ago. Revenues increased 32 percent
to $368 million from $280 million in the third quarter last year,
reflecting growth in all sectors of the business. Operating margin
improved sequentially to 7.2 percent from 6.1 percent last quarter, but
declined from 9.6 percent a year ago. The decline in margins from a year
ago is mainly the result of a shift in the mix of business among the
segment's various service lines.
Fluor's Power segment reported quarterly operating profit of $5.9
million, versus a loss of $10.1 million a year ago which was driven by
costs associated with the startup and commissioning of a waste-coal
power plant. Revenues increased three-fold to $95 million from $32
million a year ago. Operating margin was 6.2 percent in the third
quarter.
Results for the Nine Months
Net earnings for the first nine months of 2005 were $162.2 million, or
$1.88 per share, an increase of 17 percent from $138.8 million, or $1.68
per share in 2004. Results for the first nine months of 2005 included a
net pre-tax charge of $32.1 million from the Caribbean hotel project
resolution and pre-tax earnings of $30.5 million from the Hamaca
settlement. Revenues for the 2005 nine-month period grew 39% to $9.2
billion, compared with $6.6 billion in 2004.
Third Quarter Conference Call Information
Fluor will host a conference call at 7 a.m. Pacific Time on Friday,
November 4, which will be webcast live on the Internet and can be
accessed by logging onto http://investor.fluor.com.
The webcast will be archived for 30 days following the call.
About Fluor Corporation
Fluor Corporation (NYSE: FLR) provides services on a global basis in the
fields of engineering, procurement, construction, operations,
maintenance and project management. Headquartered in Aliso Viejo,
California, Fluor is a FORTUNE 500 company with revenues of $9.4 billion
in 2004. For more information, visit www.fluor.com.
Forward-Looking Statements: This release contains forward-looking
statements, including, without limitation, statements relating to the
expected performance of the Company's business and growth in the markets
and industries that the Company serves, the Company's future backlog,
revenue and earnings growth opportunities, the expansion of markets
which the Company serves, business prospects in markets which the
Company serves, ongoing spending by clients, and ongoing investment and
spending in markets and industries that the company serves. The
forward-looking statements are based on current management expectations
and involve risks and uncertainties. Actual results may differ
materially as a result of several factors, including, among other
things: failure to achieve projected backlog, revenue and/or earnings
levels; customer cancellations of, or scope adjustments to, existing
contracts; difficulties or delays incurred in the execution of
contracts; customer delays or defaults in making payments; decreased
capital investment or expenditures, or a failure to make anticipated
increased capital investment or expenditures, by the Company's clients
including our oil, gas, power, transportation, industrial,
infrastructure and government clients; the Company's failure to receive
anticipated new contract awards; increased liability risks in any of the
markets the Company serves; the potential impact of certain tax matters;
the outcome of events in dispute with clients and others; the Company's
inability to successfully convert front-end engineering services into
future project awards; the cyclical nature of many of the markets the
Company serves; and, changes in global business, economic, political and
social conditions. Caution must be exercised in relying on these and
other forward-looking statements. Due to known and unknown risks, the
Company's results may differ materially from its expectations and
projections.
Additional information concerning these and other factors can be found
in press releases as well as the Company's public periodic filings with
the Securities and Exchange Commission, including the discussion under
the heading "Item 1. Business -- Company Risk Factors" in the Company's
Form 10-K filed on March 4, 2005. Such filings are available either
publicly or upon request from Fluor's Investor Relations Department:
(949) 349-3815. The Company disclaims any intent or obligation to update
its forward-looking statements in light of new information or future
events.
Leann Vandergrift/Lisa Boyette
Media Relations
949.349.7420/3652
Ken Lockwood
Investor Relations
949.349.3815 tel
949.349.5375
fax
|
|
|
FLUOR CORPORATION
|
|
CONSOLIDATED FINANCIAL RESULTS
|
|
(in millions, except per share amounts)
|
|
Unaudited
|
|
|
|
|
|
|
|
|
|
|
|
|
|
THREE MONTHS ENDED SEPTEMBER 30
|
|
2005
|
|
2004
|
|
|
|
|
|
|
|
Revenues
|
|
$
|
3,418.5
|
|
|
$
|
2,362.7
|
|
|
Costs and Expenses:
|
|
|
|
|
|
Cost of Revenues
|
|
|
3,237.6
|
|
|
|
2,258.0
|
|
|
Corporate G&A
|
|
|
25.1
|
|
|
|
32.9
|
|
|
Net Interest Income
|
|
|
(1.7
|
)
|
|
|
(1.1
|
)
|
|
Total Costs and Expenses
|
|
|
3,261.0
|
|
|
|
2,289.8
|
|
|
Earnings before Income Taxes
|
|
|
157.5
|
|
|
|
72.9
|
|
|
Income Tax Expense
|
|
|
26.3
|
|
|
|
25.6
|
|
|
Net Earnings
|
|
$
|
131.2
|
|
|
$
|
47.3
|
|
|
Basic Earnings per Share
|
|
|
|
|
|
Net Earnings
|
|
|
1.54
|
|
|
|
.58
|
|
|
Weighted Average Shares
|
|
|
85.2
|
|
|
|
81.8
|
|
|
Diluted Earnings per Share
|
|
|
|
|
|
Net Earnings
|
|
|
1.51
|
|
|
|
.57
|
|
|
Weighted Average Shares
|
|
|
87.1
|
|
|
|
83.1
|
|
|
New Awards
|
|
$
|
2,533.3
|
|
|
$
|
3,225.4
|
|
|
Backlog
|
|
$
|
14,662.5
|
|
|
$
|
13,745.9
|
|
|
Work Performed
|
|
$
|
3,342.2
|
|
|
$
|
2,312.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NINE MONTHS ENDED SEPTEMBER 30
|
|
2005
|
|
2004
|
|
|
|
|
|
|
|
Revenues
|
|
$
|
9,198.2
|
|
|
$
|
6,640.4
|
|
|
Costs and Expenses:
|
|
|
|
|
|
Cost of Revenues
|
|
|
8,866.9
|
|
|
|
6,337.2
|
|
|
Corporate G&A
|
|
|
90.9
|
|
|
|
93.7
|
|
|
Net Interest Income
|
|
|
(3.2
|
)
|
|
|
(1.0
|
)
|
|
Total Costs and Expenses
|
|
|
8,954.6
|
|
|
|
6,429.9
|
|
|
Earnings before Income Taxes
|
|
|
243.6
|
|
|
|
210.5
|
|
|
Income Tax Expense
|
|
|
81.4
|
|
|
|
71.7
|
|
|
Net Earnings
|
|
|
162.2
|
|
|
|
138.8
|
|
|
Basic Earnings per Share
|
|
|
|
|
|
Net Earnings
|
|
$
|
1.92
|
|
|
$
|
1.71
|
|
|
Weighted Average Shares
|
|
|
84.6
|
|
|
|
81.3
|
|
|
Diluted Earnings per Share
|
|
|
|
|
|
Net Earnings
|
|
$
|
1.88
|
|
|
$
|
1.68
|
|
|
Weighted Average Shares
|
|
|
86.1
|
|
|
|
82.6
|
|
|
New Awards
|
|
$
|
9,114.3
|
|
|
$
|
9,659.6
|
|
|
Backlog
|
|
$
|
14,662.5
|
|
|
$
|
13,745.9
|
|
|
Work Performed
|
|
$
|
9,006.1
|
|
|
$
|
6,498.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FLUOR CORPORATION
|
|
Unaudited
|
|
|
|
|
|
|
|
|
|
|
|
BUSINESS SEGMENT FINANCIAL REVIEW
|
|
|
|
|
|
|
|
|
|
($ in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
THREE MONTHS ENDED SEPTEMBER 30
|
|
2005
|
|
|
|
2004
|
|
|
|
Revenues
|
|
|
|
|
|
|
|
|
|
Oil & Gas
|
|
$
|
1,447.5
|
|
|
|
$
|
1,000.4
|
|
|
|
|
Industrial & Infrastructure
|
|
|
857.3
|
|
|
|
|
521.4
|
|
|
|
|
Government
|
|
|
651.3
|
|
|
|
|
529.7
|
|
|
|
|
Global Services
|
|
|
367.8
|
|
|
|
|
279.5
|
|
|
|
|
Power
|
|
|
94.6
|
|
|
|
|
31.7
|
|
|
|
|
Total revenues
|
|
$
|
3,418.5
|
|
|
|
$
|
2,362.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Profit (Loss) Margin %
|
|
$
|
|
%
|
|
$
|
|
%
|
|
Oil & Gas
|
|
$
|
84.1
|
|
5.8
|
|
$
|
51.0
|
|
|
5.1
|
|
|
Industrial & Infrastructure
|
|
|
43.5
|
|
5.1
|
|
|
18.8
|
|
|
3.6
|
|
|
Government
|
|
|
20.9
|
|
3.2
|
|
|
18.3
|
|
|
3.5
|
|
|
Global Services
|
|
|
26.5
|
|
7.2
|
|
|
26.7
|
|
|
9.6
|
|
|
Power
|
|
|
5.9
|
|
6.2
|
|
|
(10.1
|
)
|
|
(32.0
|
)
|
|
Total operating profit margin %
|
|
$
|
180.9
|
|
5.3
|
|
$
|
104.7
|
|
|
4.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NINE MONTHS ENDED SEPTEMBER 30
|
|
2005
|
|
|
|
2004
|
|
|
|
Revenues
|
|
|
|
|
|
|
|
|
|
Oil & Gas
|
|
$
|
3,844.4
|
|
|
|
$
|
2,360.7
|
|
|
|
|
Industrial & Infrastructure
|
|
|
2,085.5
|
|
|
|
|
1,432.6
|
|
|
|
|
Government
|
|
|
1,859.6
|
|
|
|
|
1,698.7
|
|
|
|
|
Global Services
|
|
|
1,116.0
|
|
|
|
|
896.9
|
|
|
|
|
Power
|
|
|
292.7
|
|
|
|
|
251.5
|
|
|
|
|
Total revenues
|
|
$
|
9,198.2
|
|
|
|
$
|
6,640.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Profit Margin %
|
|
$
|
|
%
|
|
$
|
|
%
|
|
Oil & Gas
|
|
$
|
188.0
|
|
4.9
|
|
$
|
111.7
|
|
|
4.7
|
|
|
Industrial & Infrastructure
|
|
|
0.5
|
|
0.0
|
|
|
41.1
|
|
|
2.9
|
|
|
Government
|
|
|
49.5
|
|
2.7
|
|
|
63.5
|
|
|
3.7
|
|
|
Global Services
|
|
|
81.3
|
|
7.3
|
|
|
70.1
|
|
|
7.8
|
|
|
Power
|
|
|
12.0
|
|
4.1
|
|
|
16.8
|
|
|
6.7
|
|
|
Total operating profit margin %
|
|
$
|
331.3
|
|
3.6
|
|
$
|
303.2
|
|
|
4.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FLUOR CORPORATION
|
|
Unaudited
|
|
|
|
|
|
|
|
SELECTED BALANCE SHEET ITEMS
|
|
|
|
|
|
($ in millions, except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SEPTEMBER 30, 2005
|
|
DECEMBER 31, 2004
|
|
|
|
|
|
|
|
Cash and Cash Equivalents
|
|
$
|
1,047.3
|
|
|
$
|
604.5
|
|
|
Total Current Assets
|
|
|
2,909.4
|
|
|
|
2,723.3
|
|
|
Total Assets
|
|
|
4,223.7
|
|
|
|
3,969.6
|
|
|
Total Short-Term Debt
|
|
|
--
|
|
|
|
129.9
|
|
|
Total Current Liabilities
|
|
|
1,849.5
|
|
|
|
1,764.0
|
|
|
Long-term Debt
|
|
|
347.7
|
|
|
|
347.6
|
|
|
Shareholders' Equity
|
|
|
1,535.7
|
|
|
|
1,335.8
|
|
|
|
|
|
|
|
|
Total Debt to Capitalization %
|
|
|
18.5
|
%
|
|
|
26.3
|
%
|
|
Shareholders' Equity Per Share
|
|
$
|
17.69
|
|
|
$
|
15.81
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SELECTED CASH FLOW ITEMS
|
|
|
|
|
|
($ in millions)
|
|
|
|
|
|
|
|
NINE MONTHS ENDED SEPTEMBER 30
|
|
|
|
2005
|
|
2004
|
|
Operating Activities
|
|
|
|
|
|
Net Income
|
|
$
|
162.2
|
|
|
$
|
138.8
|
|
|
Depreciation
|
|
|
74.7
|
|
|
|
63.5
|
|
|
Changes in Operating Assets and
|
|
|
|
|
|
Liabilities
|
|
|
476.5
|
|
|
|
(196.0
|
)
|
|
Other, net
|
|
|
(53.9
|
)
|
|
|
11.0
|
|
|
Total Operating Cash Flow
|
|
|
659.5
|
|
|
|
17.3
|
|
|
Investing Activities
|
|
|
|
|
|
Capital Expenditures
|
|
|
(145.3
|
)
|
|
|
(68.8
|
)
|
|
Business Acquisition
|
|
|
--
|
|
|
|
(33.0
|
)
|
|
Proceeds from sale of real estate
|
|
|
45.0
|
|
|
|
59.7
|
|
|
Proceeds from disposal of PP&E
|
|
|
17.0
|
|
|
|
16.7
|
|
|
Other, net
|
|
|
(15.5
|
)
|
|
|
(0.4
|
)
|
|
Total Investing Cash Flow
|
|
|
(98.8
|
)
|
|
|
(25.8
|
)
|
|
Financing Activities
|
|
|
|
|
|
Proceeds for Issuance of Debt, Net
|
|
|
--
|
|
|
|
322.5
|
|
|
Repayment of Facilities Financing
|
|
|
--
|
|
|
|
(128.6
|
)
|
|
Decrease in Short-term Borrowings
|
|
|
(129.9
|
)
|
|
|
(121.5
|
)
|
|
Net Proceeds From Issuance of
|
|
|
|
|
|
Common Stock
|
|
|
41.8
|
|
|
|
--
|
|
|
Stock Options Exercised
|
|
|
40.2
|
|
|
|
33.7
|
|
|
Cash Dividends
|
|
|
(41.5
|
)
|
|
|
(40.0
|
)
|
|
Other, net
|
|
|
(1.3
|
)
|
|
|
(0.4
|
)
|
|
Total Financing Cash Flow
|
|
|
(90.7
|
)
|
|
|
65.7
|
|
|
Effect of Exchange Rate Changes on Cash
|
|
|
(27.2
|
)
|
|
|
7.8
|
|
|
Increase in Cash and Cash Equivalents
|
|
$
|
442.8
|
|
|
$
|
65.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FLUOR CORPORATION
|
|
Supplemental Fact Sheet
|
|
Unaudited
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NEW AWARDS
|
|
|
|
|
|
|
|
|
|
|
|
($ in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
THREE MONTHS ENDED SEPTEMBER 30
|
|
2005
|
|
2004
|
|
% Chg
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil & Gas
|
|
$
|
179
|
|
7
|
%
|
|
$
|
905
|
|
28
|
%
|
|
(80
|
)%
|
|
Industrial & Infrastructure
|
|
|
690
|
|
27
|
%
|
|
|
840
|
|
26
|
%
|
|
(18
|
)%
|
|
Government
|
|
|
1,141
|
|
45
|
%
|
|
|
1,197
|
|
37
|
%
|
|
(5
|
)%
|
|
Global Services
|
|
|
510
|
|
20
|
%
|
|
|
274
|
|
9
|
%
|
|
86
|
%
|
|
Power
|
|
|
13
|
|
1
|
%
|
|
|
9
|
|
0
|
%
|
|
44
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL NEW AWARDS
|
|
$
|
2,533
|
|
100
|
%
|
|
$
|
3,225
|
|
100
|
%
|
|
(21
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NINE MONTHS ENDED SEPTEMBER 30
|
|
2005
|
|
2004
|
|
% Chg
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil & Gas
|
|
$
|
2,880
|
|
32
|
%
|
|
$
|
3,253
|
|
34
|
%
|
|
(11
|
)%
|
|
Industrial & Infrastructure
|
|
|
1,629
|
|
18
|
%
|
|
|
3,524
|
|
36
|
%
|
|
(54
|
)%
|
|
Government
|
|
|
1,934
|
|
21
|
%
|
|
|
1,848
|
|
19
|
%
|
|
5
|
%
|
|
Global Services
|
|
|
2,012
|
|
22
|
%
|
|
|
920
|
|
10
|
%
|
|
119
|
%
|
|
Power
|
|
|
659
|
|
7
|
%
|
|
|
115
|
|
1
|
%
|
|
NM
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL NEW AWARDS
|
|
$
|
9,114
|
|
100
|
%
|
|
$
|
9,660
|
|
100
|
%
|
|
(6
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BACKLOG TRENDS
|
|
|
|
|
|
|
|
|
|
|
|
($ in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AS OF SEPTEMBER 30
|
|
2005
|
|
2004
|
|
% Chg
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil & Gas
|
|
$
|
5,271
|
|
36
|
%
|
|
$
|
5,477
|
|
40
|
%
|
|
(4
|
)%
|
|
Industrial & Infrastructure
|
|
|
3,996
|
|
27
|
%
|
|
|
4,566
|
|
33
|
%
|
|
(12
|
)%
|
|
Government
|
|
|
1,710
|
|
12
|
%
|
|
|
1,687
|
|
12
|
%
|
|
1
|
%
|
|
Global Services
|
|
|
2,816
|
|
19
|
%
|
|
|
1,938
|
|
14
|
%
|
|
45
|
%
|
|
Power
|
|
|
869
|
|
6
|
%
|
|
|
78
|
|
1
|
%
|
|
NM
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL BACKLOG
|
|
$
|
14,662
|
|
100
|
%
|
|
$
|
13,746
|
|
100
|
%
|
|
7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United States
|
|
$
|
5,538
|
|
38
|
%
|
|
$
|
5,567
|
|
40
|
%
|
|
(1
|
)%
|
|
The Americas
|
|
|
2,926
|
|
20
|
%
|
|
|
2,695
|
|
20
|
%
|
|
9
|
%
|
|
Europe, Africa and the Middle East
|
|
|
5,393
|
|
37
|
%
|
|
|
4,503
|
|
33
|
%
|
|
20
|
%
|
|
Asia Pacific
|
|
|
805
|
|
5
|
%
|
|
|
981
|
|
7
|
%
|
|
(18
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL BACKLOG
|
|
$
|
14,662
|
|
100
|
%
|
|
$
|
13,746
|
|
100
|
%
|
|
7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NM - Not meaningful
|
|
|
|
|
|
|
|
|
|
|
Media Relations, Leann Vandergrift, +1-949-349-7420, or LisaBoyette, +1-949-349-3652, or Investor Relations, Ken Lockwood,+1-949-349-3815, or fax, +1-949-349-5375, all of Fluor Corporation//Web site: http://www.fluor.comhttp://investor.fluor.com /