Fluor Corporation (NYSE: FLR) today announced financial results for its
fourth quarter and year ended December 31, 2005. Revenues for 2005
increased 40 percent to $13.2 billion, from $9.4 billion in 2004,
reflecting double-digit growth in all five business segments. Net
earnings were a record $227.3 million, or $2.62 per share, compared with
$186.7 million, or $2.25 per share in 2004. Full year earnings results
reflect substantial growth in the Oil & Gas and Global Services
businesses, which were partly offset by a loss in Industrial &
Infrastructure and a provision related to foreign employment taxes for
expatriates. Consolidated operating profit for the year was $436.0
million, up 4 percent from $420.0 million a year ago. While revenues
were up substantially, operating margins decreased to 3.3 percent from
4.5 percent in 2004, due to the items mentioned above. Earnings
benefited from a lower tax rate of 24 percent, versus a historical rate
of about 33 percent, primarily due to the impact of favorable audit
settlements with the IRS and utilization of certain tax credits.
New awards for 2005 were very strong at $12.5 billion, just under the
company record of $13.0 billion reported in 2004. Fourth quarter awards
of $3.4 billion were on par with a year ago, and continued at the
elevated pace that began eight quarters ago. Consolidated backlog rose
to $14.9 billion, compared with $14.8 billion at the end of last year.
"I am pleased with our overall performance in 2005," said Chairman and
Chief Executive Officer Alan Boeckmann. "Earnings per share grew for the
fifth consecutive year, and the company posted record earnings on a
substantial increase in revenues. The performance of our Industrial &
Infrastructure group resulted in a loss in that unit for the year, and
as a result we have strengthened the management team and refined the
business model, which we believe will substantially improve their
results going forward."
"I am particularly encouraged by the strength of our markets, and our
success in winning new projects. With an abundance of opportunity, and
an unprecedented level of capital investment in many of the industries
that we serve," added Boeckmann, "the prospects for continuing growth
look very good."
Corporate G&A expense for the year was $143.7 million compared with
$142.4 million a year ago. Fluor's cash and securities grew to $789
million at year-end versus $605 million a year ago. The debt-to-total
capital ratio was reduced to 21 percent, down from 26 percent a year ago.
Outlook
Looking ahead to 2006, Fluor continues to see a favorable outlook for
new project prospects. With few exceptions, the major markets that Fluor
serves are in a positive part of their business cycle, and the company
is well positioned to capitalize on broad-based, strengthening capital
spending trends. Opportunities across all business segments continue to
develop, with sizable prospects pending in the oil and gas, power,
mining, transportation and government markets. Ongoing strength in new
awards combined with strong backlog is expected to drive earnings growth
in 2006. Guidance for 2006 remains in the range of $2.80 to $3.10 per
share, including the cost of moving the corporate headquarters to
Dallas, Texas and the impact of the adoption of FASB-123(R) related to
accounting for stock-based compensation.
Business Segments
Fluor's Oil & Gas segment reported very strong operating profit for the
year of $242.0 million, an increase of 50 percent compared with $161.0
million in 2004. Revenues increased 54 percent to $5.3 billion, and
operating margins of 4.6 percent were maintained at essentially the same
level as a year ago. These outstanding results reflect the significant
ramp-up in new awards driven by escalating demand for energy,
substantial progress on major upstream, downstream and petrochemical
projects, and the resolution of longstanding claims on the Hamaca crude
upgrader project in Venezuela. These positive results were partly offset
by the provision for the employment tax costs associated with
expatriates, the majority of which related to employees in Oil & Gas.
Fluor's Industrial & Infrastructure segment reported an operating loss
of $16.7 million, compared to an operating profit of $62.4 million last
year. Results from the majority of the I&I operation were profitable,
but were more than offset by loss provisions on several projects,
including a $24 million charge on a transportation project, and a loss
of $32 million from the settlement of a Caribbean hotel project dispute.
Revenues rose 54 percent to $3.2 billion, mainly due to the substantial
work performed on mining projects booked last year.
The Government segment had another very strong year, with operating
profit of $83.7 million, on par with a year ago. Increased profit
contributions from DOE projects and reconstruction work in Iraq, along
with the incremental contribution from disaster relief work for FEMA,
were partially offset by loss provisions totaling $56 million on four
fixed price embassy projects. Revenues increased 17 percent to $2.7
billion, from $2.3 billion last year, mainly due to disaster relief work
following hurricanes in the Gulf region. Operating margins declined to
3.1 percent, from 3.7 percent a year ago, as a result of loss provisions
on the embassy contracts.
Operating profit for the Global Services segment grew by 14 percent in
2005 to $113.7 million, from last year's $99.5 million, reflecting solid
performance by all units within the segment. Revenues rose 23 percent to
$1.6 billion, from $1.3 billion a year ago, mainly driven by growth in
operations and maintenance work and the equipment services unit.
Operating margins declined modestly from 7.8 percent to 7.2 percent in
2005, reflecting a shift in the mix of business among the segment's
various service lines.
Fluor's Power segment reported $13.3 million in operating profit, about
level with profits of $13.6 million in 2004. Unit revenues increased 18
percent, to $384 million, as new awards and backlog have begun to
recover from their very low levels last year. Operating margins declined
to 3.5 percent, from 4.2 percent a year ago, reflecting the impact of a
loss on one project.
Fourth Quarter Results
Net earnings for the fourth quarter were $65.1 million, or 74 cents per
share, compared with $47.9 million, or 57 cents per share in 2004. The
quarter was substantially improved by the favorable tax audit
settlement, which resulted in a $9 million benefit on the income tax
line compared with a $23 million income tax expense a year ago.
Operating profits for the fourth quarter declined by 10 percent to
$104.6 million, from $116.8 million a year ago, including a $20 million
loss provision on a transportation project and a $19 million provision
for expatriate taxes in foreign jurisdictions. Strong growth in Oil &
Gas, Global Services and Government was offset by an operating loss in
Industrial & Infrastructure and the expatriate cost issue. Revenues for
the quarter rose 45 percent to $4.0 billion, compared with $2.7 billion
a year ago, reflecting substantial growth in all business segments.
Fourth Quarter and Year-End Conference Call
Fluor will host a conference call at 10:00 a.m. Eastern Standard Time on
Thursday, March 2, 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 $13.2
billion in 2005. For more information, visit www.fluor.com.
Forward-Looking Statements: This release contains forward-looking
statements, including, without limitation, statements relating to the
preliminary financial results of the Company pending completion of the
Company's audit, future backlog, revenue and earnings growth
opportunities, expected performance of the Company's business and the
expansion of the markets which 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 a number of factors, including, among other things: differing
financial results upon completion of the Company's audit; failure to
achieve projected backlog, revenue and/or earnings levels; the timely
and successful implementation of strategic initiatives; customer
cancellations of, or scope adjustments to, existing contracts;
difficulties or delays incurred in the execution of contracts; 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, 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 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 1, 2006. 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.
Lisa Boyette/Leann Vandergrift
Media Relations
949.349.3652/7420
Ken Lockwood
Investor Relations
949.349.3815 tel
949.349.5375
fax
(FLRF)
|
FLUOR CORPORATION
|
|
CONSOLIDATED FINANCIAL RESULTS
|
|
(in millions, except per share amounts)
|
|
|
|
|
|
|
|
THREE MONTHS ENDED DECEMBER 31
|
|
2005
|
|
2004
|
|
Revenues
|
|
$
|
3,962.8
|
|
|
$
|
2,739.9
|
|
|
Costs and Expenses:
|
|
|
|
|
|
Cost of Revenues
|
|
|
3,858.2
|
|
|
|
2,623.1
|
|
|
Corporate G&A
|
|
|
52.9
|
|
|
|
48.7
|
|
|
Net Interest Income
|
|
|
(4.2
|
)
|
|
|
(2.5
|
)
|
|
Total Costs and Expenses
|
|
|
3,906.9
|
|
|
|
2,669.3
|
|
|
Earnings before Income Taxes
|
|
|
55.9
|
|
|
|
70.6
|
|
|
Income Tax (Credit) Expense
|
|
|
(9.2
|
)
|
|
|
22.7
|
|
|
Net Earnings
|
|
$
|
65.1
|
|
|
$
|
47.9
|
|
|
Basic Earnings per Share
|
|
|
|
|
|
Net Earnings
|
|
$
|
0.76
|
|
|
$
|
0.58
|
|
|
Weighted Average Shares
|
|
|
85.4
|
|
|
|
82.3
|
|
|
Diluted Earnings per Share
|
|
|
|
|
|
Net Earnings
|
|
$
|
0.74
|
|
|
$
|
0.57
|
|
|
Weighted Average Shares
|
|
|
88.3
|
|
|
|
83.4
|
|
|
New Awards
|
|
$
|
3,403.1
|
|
|
$
|
3,369.0
|
|
|
Backlog
|
|
$
|
14,926.6
|
|
|
$
|
14,765.8
|
|
|
Work Performed
|
|
$
|
3,882.6
|
|
|
$
|
2,686.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
YEAR ENDED DECEMBER 31
|
|
2005
|
|
2004
|
|
Revenues
|
|
$
|
13,161.1
|
|
|
$
|
9,380.3
|
|
|
Costs and Expenses:
|
|
|
|
|
|
Cost of Revenues
|
|
|
12,725.1
|
|
|
|
8,960.2
|
|
|
Corporate G&A
|
|
|
143.7
|
|
|
|
142.4
|
|
|
Net Interest Income
|
|
|
(7.3
|
)
|
|
|
(3.5
|
)
|
|
Total Costs and Expenses
|
|
|
12,861.5
|
|
|
|
9,099.1
|
|
|
Earnings before Income Taxes
|
|
|
299.6
|
|
|
|
281.2
|
|
|
Income Tax Expense
|
|
|
72.3
|
|
|
|
94.5
|
|
|
Net Earnings
|
|
$
|
227.3
|
|
|
$
|
186.7
|
|
|
Basic Earnings per Share
|
|
|
|
|
|
Net Earnings
|
|
$
|
2.68
|
|
|
$
|
2.29
|
|
|
Weighted Average Shares
|
|
|
84.8
|
|
|
|
81.6
|
|
|
Diluted Earnings per Share
|
|
|
|
|
|
Net Earnings
|
|
$
|
2.62
|
|
|
$
|
2.25
|
|
|
Weighted Average Shares
|
|
|
86.7
|
|
|
|
82.8
|
|
|
New Awards
|
|
$
|
12,517.4
|
|
|
$
|
13,028.6
|
|
|
Backlog
|
|
$
|
14,926.6
|
|
|
$
|
14,765.8
|
|
|
Work Performed
|
|
$
|
12,888.7
|
|
|
$
|
9,185.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FLUOR CORPORATION
|
|
|
|
|
|
|
|
|
|
|
|
BUSINESS SEGMENT FINANCIAL REVIEW
|
|
($ in millions)
|
|
|
|
|
|
|
|
|
|
|
|
THREE MONTHS ENDED DECEMBER 31
|
|
2005
|
|
|
|
2004
|
|
|
|
Revenues
|
|
|
|
|
|
|
|
|
|
Oil & Gas
|
|
$
|
1,446.8
|
|
|
|
|
$
|
1,068.2
|
|
|
|
|
Industrial & Infrastructure
|
|
|
1,114.9
|
|
|
|
|
|
641.7
|
|
|
|
|
Government
|
|
|
848.6
|
|
|
|
|
|
571.8
|
|
|
|
|
Global Services
|
|
|
461.6
|
|
|
|
|
|
383.3
|
|
|
|
|
Power
|
|
|
90.9
|
|
|
|
|
|
74.9
|
|
|
|
|
Total revenues
|
|
$
|
3,962.8
|
|
|
|
|
$
|
2,739.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Profit (Loss)
|
|
|
|
|
|
|
|
|
|
Margin $ and %
|
|
$
|
|
%
|
|
$
|
|
%
|
|
Oil & Gas
|
|
$
|
54.0
|
|
|
3.7
|
|
|
$
|
49.3
|
|
|
4.6
|
|
|
Industrial & Infrastructure
|
|
|
(17.2
|
)
|
|
(1.6
|
)
|
|
|
21.3
|
|
|
3.3
|
|
|
Government
|
|
|
34.3
|
|
|
4.0
|
|
|
|
20.0
|
|
|
3.5
|
|
|
Global Services
|
|
|
32.3
|
|
|
7.0
|
|
|
|
29.4
|
|
|
7.7
|
|
|
Power
|
|
|
1.2
|
|
|
1.3
|
|
|
|
(3.2
|
)
|
|
(4.2
|
)
|
|
Total Operating Profit (Loss)
|
|
|
|
|
|
|
|
|
|
Margin $ and %
|
|
$
|
104.6
|
|
|
2.6
|
|
|
$
|
116.8
|
|
|
4.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
YEAR ENDED DECEMBER 31
|
|
2005
|
|
|
|
2004
|
|
|
|
Revenues
|
|
|
|
|
|
|
|
|
|
Oil & Gas
|
|
$
|
5,291.2
|
|
|
|
|
$
|
3,428.9
|
|
|
|
|
Industrial & Infrastructure
|
|
|
3,200.4
|
|
|
|
|
|
2,074.3
|
|
|
|
|
Government
|
|
|
2,708.2
|
|
|
|
|
|
2,270.5
|
|
|
|
|
Global Services
|
|
|
1,577.7
|
|
|
|
|
|
1,280.2
|
|
|
|
|
Power
|
|
|
383.6
|
|
|
|
|
|
326.4
|
|
|
|
|
Total revenues
|
|
$
|
13,161.1
|
|
|
|
|
$
|
9,380.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Profit (Loss)
|
|
|
|
|
|
|
|
|
|
Margin $ and %
|
|
$
|
|
%
|
|
$
|
|
%
|
|
Oil & Gas
|
|
$
|
242.0
|
|
|
4.6
|
|
|
$
|
161.0
|
|
|
4.7
|
|
|
Industrial & Infrastructure
|
|
|
(16.7
|
)
|
|
(0.5
|
)
|
|
|
62.4
|
|
|
3.0
|
|
|
Government
|
|
|
83.7
|
|
|
3.1
|
|
|
|
83.5
|
|
|
3.7
|
|
|
Global Services
|
|
|
113.7
|
|
|
7.2
|
|
|
|
99.5
|
|
|
7.8
|
|
|
Power
|
|
|
13.3
|
|
|
3.5
|
|
|
|
13.6
|
|
|
4.2
|
|
|
Total Operating Profit (Loss)
|
|
|
|
|
|
|
|
|
|
Margin $ and %
|
|
$
|
436.0
|
|
|
3.3
|
|
|
$
|
420.0
|
|
|
4.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FLUOR CORPORATION
|
|
|
|
|
|
|
|
SELECTED BALANCE SHEET ITEMS
|
|
|
|
|
|
($ in millions, except per share amounts)
|
|
|
|
|
|
|
|
DECEMBER 31,
|
|
DECEMBER 31,
|
|
|
|
2005
|
|
2004
|
|
|
|
|
|
|
|
Cash and Cash Equivalents
|
|
$
|
789.0
|
|
|
$
|
604.5
|
|
|
Total Current Assets
|
|
|
3,108.2
|
|
|
|
2,723.3
|
|
|
Total Assets
|
|
|
4,574.4
|
|
|
|
3,969.6
|
|
|
Total Short-Term Debt
|
|
|
330.0
|
|
|
|
129.9
|
|
|
Total Current Liabilities
|
|
|
2,339.3
|
|
|
|
1,764.0
|
|
|
Long-term Debt
|
|
|
92.0
|
|
|
|
347.6
|
|
|
Shareholders' Equity
|
|
|
1,630.6
|
|
|
|
1,335.8
|
|
|
|
|
|
|
|
|
Total Debt to Capitalization %
|
|
|
20.6
|
%
|
|
|
26.3
|
%
|
|
Shareholders' Equity Per Share
|
|
$
|
18.72
|
|
|
$
|
15.81
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SELECTED CASH FLOW ITEMS
|
|
|
|
|
|
($ in millions)
|
|
|
|
|
|
|
|
YEAR ENDED DECEMBER 31
|
|
|
|
2005
|
|
2004
|
|
|
|
|
|
|
|
Cash Provided (Utilized) by
|
|
|
|
|
|
Operating Activities
|
|
$
|
408.7
|
|
|
$
|
(84.2
|
)
|
|
|
|
|
|
|
|
Investing Activities
|
|
|
|
|
|
Capital Expenditures
|
|
|
(213.2
|
)
|
|
|
(104.4
|
)
|
|
Other, Net
|
|
|
54.1
|
|
|
|
46.6
|
|
|
Cash Utilized by Investing Activities
|
|
|
(159.1
|
)
|
|
|
(57.8
|
)
|
|
|
|
|
|
|
|
Financing Activities
|
|
|
|
|
|
Proceeds from Issuance of Debt, Net
|
|
|
--
|
|
|
|
322.5
|
|
|
Repayments of Debt
|
|
|
(129.9
|
)
|
|
|
(128.6
|
)
|
|
Project Financing
|
|
|
74.4
|
|
|
|
--
|
|
|
Issuance of Common Stock
|
|
|
41.8
|
|
|
|
--
|
|
|
Cash Dividends
|
|
|
(68.7
|
)
|
|
|
(53.5
|
)
|
|
Other, Net
|
|
|
50.3
|
|
|
|
69.6
|
|
|
Cash Provided (Utilized) by
|
|
|
|
|
|
Financing Activities
|
|
|
(32.1
|
)
|
|
|
210.0
|
|
|
|
|
|
|
|
|
Effect of Exchange Rate Changes on Cash
|
|
|
(33.0
|
)
|
|
|
40.0
|
|
|
|
|
|
|
|
|
Increase in Cash and Cash Equivalents
|
|
$
|
184.5
|
|
|
$
|
108.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation
|
|
$
|
102.0
|
|
|
$
|
87.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FLUOR CORPORATION
|
|
Supplemental Fact Sheet
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NEW AWARDS
|
|
|
|
|
|
|
|
|
|
|
|
|
($ in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
THREE MONTHS ENDED DECEMBER 31
|
|
2005
|
|
2004
|
|
% Chg
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil & Gas
|
|
$
|
1,551
|
|
45
|
%
|
|
$
|
772
|
|
23
|
%
|
|
101
|
%
|
|
|
Industrial & Infrastructure
|
|
|
720
|
|
21
|
%
|
|
|
1,077
|
|
32
|
%
|
|
(33
|
)%
|
|
|
Government
|
|
|
601
|
|
18
|
%
|
|
|
406
|
|
12
|
%
|
|
48
|
%
|
|
|
Global Services
|
|
|
165
|
|
5
|
%
|
|
|
617
|
|
18
|
%
|
|
(73
|
)%
|
|
|
Power
|
|
|
366
|
|
11
|
%
|
|
|
497
|
|
15
|
%
|
|
(26
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL NEW AWARDS
|
|
$
|
3,403
|
|
100
|
%
|
|
$
|
3,369
|
|
100
|
%
|
|
1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
YEAR ENDED DECEMBER 31
|
|
2005
|
|
2004
|
|
% Chg
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil & Gas
|
|
$
|
4,430
|
|
36
|
%
|
|
$
|
4,025
|
|
31
|
%
|
|
10
|
%
|
|
|
Industrial & Infrastructure
|
|
|
2,350
|
|
19
|
%
|
|
|
4,600
|
|
35
|
%
|
|
(49
|
)%
|
|
|
Government
|
|
|
2,535
|
|
20
|
%
|
|
|
2,254
|
|
17
|
%
|
|
12
|
%
|
|
|
Global Services
|
|
|
2,177
|
|
17
|
%
|
|
|
1,538
|
|
12
|
%
|
|
42
|
%
|
|
|
Power
|
|
|
1,025
|
|
8
|
%
|
|
|
612
|
|
5
|
%
|
|
67
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL NEW AWARDS
|
|
$
|
12,517
|
|
100
|
%
|
|
$
|
13,029
|
|
100
|
%
|
|
(4
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BACKLOG TRENDS
|
|
|
|
|
|
|
|
|
|
|
|
|
($ in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AS OF DECEMBER 31
|
|
2005
|
|
2004
|
|
% Chg
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil & Gas
|
|
$
|
6,044
|
|
40
|
%
|
|
$
|
5,353
|
|
36
|
%
|
|
13
|
%
|
|
|
Industrial & Infrastructure
|
|
|
3,886
|
|
26
|
%
|
|
|
5,083
|
|
35
|
%
|
|
(24
|
)%
|
|
|
Government
|
|
|
1,422
|
|
10
|
%
|
|
|
1,520
|
|
10
|
%
|
|
(6
|
)%
|
|
|
Global Services
|
|
|
2,463
|
|
17
|
%
|
|
|
2,258
|
|
15
|
%
|
|
9
|
%
|
|
|
Power
|
|
|
1,112
|
|
7
|
%
|
|
|
552
|
|
4
|
%
|
|
101
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL BACKLOG
|
|
$
|
14,927
|
|
100
|
%
|
|
$
|
14,766
|
|
100
|
%
|
|
1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United States
|
|
$
|
5,290
|
|
35
|
%
|
|
$
|
5,418
|
|
37
|
%
|
|
(2
|
)%
|
|
|
The Americas
|
|
|
2,518
|
|
17
|
%
|
|
|
3,781
|
|
25
|
%
|
|
(33
|
)%
|
|
|
Europe, Africa and
|
|
|
|
|
|
|
|
|
|
|
|
|
the Middle East
|
|
|
5,890
|
|
40
|
%
|
|
|
4,708
|
|
32
|
%
|
|
25
|
%
|
|
|
Asia Pacific
|
|
|
1,229
|
|
8
|
%
|
|
|
859
|
|
6
|
%
|
|
43
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL BACKLOG
|
|
$
|
14,927
|
|
100
|
%
|
|
$
|
14,766
|
|
100
|
%
|
|
1
|
%
|
|
Media Relations, Lisa Boyette, +1-949-349-3652, or LeannVandergrift, +1-949-349-7420, 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 /