- EARNINGS PER SHARE OF $0.98, UP FROM $0.95 PER SHARE A YEAR AGO
- NEW AWARDS OF $7.2 BILLION; ENDING BACKLOG OF $37 BILLION
Fluor Corporation (NYSE: FLR) today announced financial results for its
second quarter ended June 30, 2013. Net earnings attributable to Fluor
for the second quarter were $161 million, or $0.98 per diluted share,
compared with $161 million, or $0.95 per diluted share, in the second
quarter of 2012. Consolidated segment profit for the quarter was $288
million and revenue was $7.2 billion, comparable with results in the
second quarter of 2012. Current quarter segment profit reflects strong
growth in the Oil & Gas segment, which was largely offset by a decline
in the Government segment due primarily to the impact of a charge of $17
million, or approximately $0.07 per share, relating to the resolution of
the company’s final outstanding embassy claim. Revenue growth in the Oil
& Gas and Power segments was offset by lower revenue in Industrial &
Infrastructure and Government.
New awards for the second quarter were substantial at $7.2 billion,
including $3.6 billion in Industrial & Infrastructure and $3.3 billion
in Oil & Gas. Consolidated backlog at the end of the quarter was $37.0
billion, which compares with $37.5 billion at the end of last quarter.
“I am increasingly optimistic about the Company’s prospects,
particularly with the strength of future opportunities in oil and gas,”
said Chairman and Chief Executive Officer David Seaton. “We continue to
pursue and receive a number of important front-end engineering and
design awards, which we expect will translate into significant EPC
awards over the next few years.”
Corporate G&A expense for the second quarter of 2013 was $32 million,
which compares with $31 million in the second quarter of 2012. Fluor’s
financial condition remains strong, with cash plus current and
noncurrent marketable securities totaling $2.6 billion at the end of the
second quarter.
Outlook
While growth opportunities in Oil & Gas remain robust, the unexpected
charge relating to the final embassy claim and the slowdown in mining
and metals have put pressure on the upper end of the EPS guidance range
for 2013. As a result, the Company is tightening the EPS guidance range
for 2013 to $3.85 to $4.20 per diluted share, which compares to the
previous range of $3.85 to $4.35.
Business Segments
Fluor’s Oil & Gas business reported segment profit of $107 million,
which is a 27 percent increase over the second quarter of 2012. Revenue
grew 24 percent to $2.9 billion, which compares with $2.3 billion last
year. Strong financial results in the second quarter reflect growing
contributions from upstream and petrochemical projects. New awards in
the quarter totaled $3.3 billion, including significant new scope on a
large upstream project in Russia and a FEED award for Sasol’s ethane
cracker in Louisiana. Backlog at the end of the second quarter was
$18.7 billion, which compares with $19.5 billion a year ago.
The Industrial & Infrastructure group reported segment profit of $129
million, which compares with $131 million in the second quarter of 2012.
Revenue for the second quarter was $3.1 billion, which declined from
$3.6 billion a year ago due to lower contributions from the mining and
metals business line. Segment profit results reflect growth in the
industrial services and infrastructure business lines, which was offset
by a decline in mining and metals. Segment new awards were $3.6 billion
in the second quarter, including $2.9 billion for the expansion of the
Cerro Verde copper project in Peru for Freeport-McMoRan. Backlog at the
end of the quarter was $16.2 billion, down from $21.4 billion a year
ago, primarily due to lower mining and metals awards over the past year.
The Government group reported segment profit of $14 million, compared
with $40 million in the second quarter of 2012. Segment profit results
for the quarter reflect lower LOGCAP IV task order volume and the impact
of a $17 million charge relating to a court ruling on claims associated
with the embassy project in Haiti. With the resolution of this issue,
there are no further embassy claims pending. Revenue for the quarter
declined 23 percent from a year ago to $675 million, mainly due to lower
LOGCAP IV task order volume. New awards totaled $256 million in the
second quarter, compared with $769 million a year ago, primarily driven
by the timing and volume of LOGCAP IV task orders. Backlog at the end of
the quarter was $531 million, compared with $505 million a year ago.
Segment profit for Global Services was $28 million in the second
quarter, which compares with $38 million a year ago, on relatively flat
revenue of $154 million. The decline in segment profit from a year ago
was primarily due to reduced contributions from the equipment business
line.
Fluor’s Power group reported segment profit of $11 million, which
includes expenses of $13 million for the research and development
expenses associated with the company’s investment in NuScale. This
compares with a segment loss of $7 million a year ago, which included
$15 million of NuScale expenses. Revenue for the quarter increased
substantially to $423 million, compared with $206 million a year ago,
due to progress on gas-fired and solar projects. New awards in the
second quarter were $59 million, and segment backlog was $1.6 billion
which compares with $1.7 billion in the second quarter of 2012.
Results for the Six Months
Net earnings attributable to Fluor for the six months ended June 30,
2013 were $328 million, or $2.00 per diluted share. This compares with
$316 million, or $1.86 per diluted share, for the first six months of
2012. Revenue rose 7 percent to $14.4 billion, compared with $13.4
billion in the first half of last year.
Second Quarter Conference Call
Fluor will host a conference call at 9:00 a.m. Eastern time on Thursday,
August 1, which will be webcast live on the Internet and can be accessed
by logging onto http://investor.fluor.com.
A supplemental slide presentation will be available shortly before the
call begins. The webcast and presentation will be archived for 30 days
following the call. Certain non-GAAP financial measures, as defined
under SEC rules, are included in this press release and may be discussed
during the conference call. A reconciliation of these measures is
included in this press release which will be posted in the investor
relations section of the Company’s website.
About Fluor Corporation
For more than 100 years, Fluor Corporation (NYSE: FLR) has partnered
with its clients to design, build and maintain many of the world's most
challenging and complex capital projects. Through its global network of
offices on six continents, more than 41,000 employees provide
comprehensive capabilities and world-class expertise in the fields of
engineering, procurement, construction, commissioning, fabrication,
operations, maintenance and project management. Today, the company
serves a global client base in the energy, chemicals, government,
industrial, infrastructure, operations & maintenance, manufacturing &
life sciences, mining, power and transportation sectors. Headquartered
in Irving, Texas, Fluor ranks 110 on the FORTUNE 500 list and had
revenue of $27.6 billion in 2012. For more information, visit www.fluor.com
and follow us on Twitter at @FluorCorp.
Forward-Looking Statements: This
release may contain forward-looking statements (including without
limitation statements to the effect that the Company or its management
"believes," "expects," "anticipates," "plans" or other similar
expressions). These forward-looking statements, including
statements relating to future backlog, revenue and earnings, expected
performance of the Company's business and the outlook of the markets
which the Company serves 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, failure to achieve projected backlog, revenue and/or earnings
levels; difficulties or delays incurred in the execution of contracts,
resulting in cost overruns or liabilities, including those caused by the
performance of the Company’s clients, subcontractors, suppliers and
joint venture or teaming partners; intense competition in the global
engineering, procurement and construction industry, which can place
downward pressure on the Company’s contract prices and profit margins;
the cyclical nature of many of the markets the Company serves, including
the Company’s commodity-based business lines, and the Company’s
vulnerability to downturns; delays or defaults in client payments;
current economic conditions affecting our clients, partners,
subcontractors and suppliers; decreased capital investment or
expenditures, or a failure to make anticipated increased capital
investment or expenditures, by the Company’s clients; the Company's
failure to receive anticipated new contract awards and the related
impacts on revenues, earnings, staffing levels and costs; client
cancellations of, or scope adjustments to, existing contracts, including
the Company’s government contracts that may be terminated at any time,
and the related impacts on staffing levels and cost; failure to obtain
favorable results in existing or future litigation or dispute resolution
proceedings; foreign economic and political uncertainties that could
lead to project disruptions, increased costs and potential losses;
international security risks; failure to meet timely completion or
performance standards that could result in higher costs, reduced profits
or, in some cases, losses on projects; risks or uncertainties associated
with events outside of our control, such as the effects of severe
weather, which may result in project delays, increased costs,
liabilities or losses on projects; the potential impact of certain tax
matters including, but not limited to, those from foreign operations and
ongoing audits by tax authorities; possible information technology
interruptions or inability to protect intellectual property; liabilities
arising for faulty services; the impact of anti-bribery and
international trade laws and regulations; the availability of credit and
restrictions imposed by credit facilities, both for the Company and our
clients, suppliers, subcontractors or other partners; foreign exchange
risks; failure to maintain safe worksites; the impact of environmental,
health and safety regulations or other laws; possible limitations on
bonding or letter of credit capacity; and risks or uncertainties
associated with acquisitions, dispositions and investments. 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 1A. Risk Factors" in the Company's Form 10-K
filed on February 20, 2013. Such filings are available either publicly
or upon request from Fluor's Investor Relations Department: (469)
398-7220. The Company disclaims any intent or obligation other than as
required by law to update its forward-looking statements in light of new
information or future events.
|
|
|
FLUOR CORPORATION
|
|
CONSOLIDATED FINANCIAL RESULTS
|
|
(in millions, except per share amounts)
|
|
Unaudited
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED OPERATING RESULTS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
THREE MONTHS ENDED JUNE 30
|
|
|
|
2013
|
|
|
|
2012
|
|
Revenue
|
|
|
|
$
|
7,190.3
|
|
|
|
$
|
7,128.3
|
|
|
Cost and expenses:
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue
|
|
|
|
|
6,857.5
|
|
|
|
|
6,809.8
|
|
|
Corporate general and administrative expense
|
|
|
|
|
31.9
|
|
|
|
|
31.2
|
|
|
Interest expense (income), net
|
|
|
|
|
2.2
|
|
|
|
|
(0.9
|
)
|
|
Total cost and expenses
|
|
|
|
|
6,891.6
|
|
|
|
|
6,840.1
|
|
|
Earnings before income taxes
|
|
|
|
|
298.7
|
|
|
|
|
288.2
|
|
|
Income tax expense
|
|
|
|
|
91.4
|
|
|
|
|
95.7
|
|
|
Net earnings
|
|
|
|
|
207.3
|
|
|
|
|
192.5
|
|
|
Less: Net earnings attributable to noncontrolling interests
|
|
|
|
|
45.9
|
|
|
|
|
31.3
|
|
|
Net earnings attributable to Fluor Corporation
|
|
|
|
$
|
161.4
|
|
|
|
$
|
161.2
|
|
|
Basic earnings per share
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings
|
|
|
|
$
|
0.99
|
|
|
|
$
|
0.96
|
|
|
Weighted average shares
|
|
|
|
|
162.8
|
|
|
|
|
168.3
|
|
|
Diluted earnings per share
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings
|
|
|
|
$
|
0.98
|
|
|
|
$
|
0.95
|
|
|
Weighted average shares
|
|
|
|
|
164.1
|
|
|
|
|
169.4
|
|
|
New awards
|
|
|
|
$
|
7,194.0
|
|
|
|
$
|
7,301.7
|
|
|
Backlog
|
|
|
|
$
|
37,048.9
|
|
|
|
$
|
43,001.5
|
|
|
Work performed
|
|
|
|
$
|
7,035.9
|
|
|
|
$
|
6,970.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SIX MONTHS ENDED JUNE 30
|
|
|
|
2013
|
|
|
|
2012
|
|
|
Revenue
|
|
|
|
$
|
14,376.0
|
|
|
|
$
|
13,418.4
|
|
|
Cost and expenses:
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue
|
|
|
|
|
13,701.3
|
|
|
|
|
12,824.0
|
|
|
Corporate general and administrative expense
|
|
|
|
|
64.5
|
|
|
|
|
69.0
|
|
|
Interest expense (income), net
|
|
|
|
|
5.2
|
|
|
|
|
(3.6
|
)
|
|
Total cost and expenses
|
|
|
|
|
13,771.0
|
|
|
|
|
12,889.4
|
|
|
Earnings before income taxes
|
|
|
|
|
605.0
|
|
|
|
|
529.0
|
|
|
Income tax expense
|
|
|
|
|
184.4
|
|
|
|
|
159.3
|
|
|
Net earnings
|
|
|
|
|
420.6
|
|
|
|
|
369.7
|
|
|
Less: Net earnings attributable to noncontrolling interests
|
|
|
|
|
92.7
|
|
|
|
|
53.6
|
|
|
Net earnings attributable to Fluor Corporation
|
|
|
|
$
|
327.9
|
|
|
|
$
|
316.1
|
|
|
Basic earnings per share
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings
|
|
|
|
$
|
2.02
|
|
|
|
$
|
1.88
|
|
|
Weighted average shares
|
|
|
|
|
162.6
|
|
|
|
|
168.6
|
|
|
Diluted earnings per share
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings
|
|
|
|
$
|
2.00
|
|
|
|
$
|
1.86
|
|
|
Weighted average shares
|
|
|
|
|
164.1
|
|
|
|
|
169.9
|
|
|
New awards
|
|
|
|
$
|
13,705.7
|
|
|
|
$
|
15,695.9
|
|
|
Backlog
|
|
|
|
$
|
37,048.9
|
|
|
|
$
|
43,001.5
|
|
|
Work performed
|
|
|
|
$
|
14,071.6
|
|
|
|
$
|
13,077.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FLUOR CORPORATION
|
|
Unaudited
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BUSINESS SEGMENT FINANCIAL REVIEW
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
($ in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
THREE MONTHS ENDED JUNE 30
|
|
|
|
|
2013
|
|
|
|
|
|
|
2012(1)
|
|
|
|
|
|
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil & Gas
|
|
|
|
|
$
|
2,856.5
|
|
|
|
|
|
|
|
$
|
2,295.0
|
|
|
|
|
|
Industrial & Infrastructure
|
|
|
|
|
|
3,082.3
|
|
|
|
|
|
|
|
|
3,595.2
|
|
|
|
|
|
Government
|
|
|
|
|
|
674.5
|
|
|
|
|
|
|
|
|
871.4
|
|
|
|
|
|
Global Services
|
|
|
|
|
|
154.4
|
|
|
|
|
|
|
|
|
161.0
|
|
|
|
|
|
Power
|
|
|
|
|
|
422.6
|
|
|
|
|
|
|
|
|
205.7
|
|
|
|
|
|
Total revenue
|
|
|
|
|
$
|
7,190.3
|
|
|
|
|
|
|
|
$
|
7,128.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment profit (loss) $ and margin %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil & Gas
|
|
|
|
|
$
|
106.8
|
|
|
|
3.7
|
%
|
|
|
|
$
|
84.1
|
|
|
|
3.7
|
%
|
|
Industrial & Infrastructure
|
|
|
|
|
|
129.4
|
|
|
|
4.2
|
%
|
|
|
|
|
131.1
|
|
|
|
3.6
|
%
|
|
Government
|
|
|
|
|
|
13.6
|
|
|
|
2.0
|
%
|
|
|
|
|
39.9
|
|
|
|
4.6
|
%
|
|
Global Services
|
|
|
|
|
|
27.6
|
|
|
|
17.9
|
%
|
|
|
|
|
38.2
|
|
|
|
23.7
|
%
|
|
Power
|
|
|
|
|
|
10.6
|
|
|
|
2.5
|
%
|
|
|
|
|
(6.6
|
)
|
|
|
(3.2
|
)%
|
|
Total segment profit $ and margin %
|
|
|
|
|
$
|
288.0
|
|
|
|
4.0
|
%
|
|
|
|
$
|
286.7
|
|
|
|
4.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate general and administrative expense
|
|
|
|
|
|
(31.9
|
)
|
|
|
|
|
|
|
|
(31.2
|
)
|
|
|
|
|
Interest (expense) income, net
|
|
|
|
|
|
(2.2
|
)
|
|
|
|
|
|
|
|
0.9
|
|
|
|
|
|
Earnings attributable to noncontrolling interests
|
|
|
|
|
|
44.8
|
|
|
|
|
|
|
|
|
31.8
|
|
|
|
|
|
Earnings before taxes
|
|
|
|
|
$
|
298.7
|
|
|
|
|
|
|
|
$
|
288.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SIX MONTHS ENDED JUNE 30
|
|
|
|
|
2013
|
|
|
|
|
|
|
2012(1)
|
|
|
|
|
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil & Gas
|
|
|
|
|
$
|
5,625.8
|
|
|
|
|
|
|
|
$
|
4,335.8
|
|
|
|
|
|
Industrial & Infrastructure
|
|
|
|
|
|
6,214.5
|
|
|
|
|
|
|
|
|
6,636.9
|
|
|
|
|
|
Government
|
|
|
|
|
|
1,425.8
|
|
|
|
|
|
|
|
|
1,721.5
|
|
|
|
|
|
Global Services
|
|
|
|
|
|
304.3
|
|
|
|
|
|
|
|
|
343.6
|
|
|
|
|
|
Power
|
|
|
|
|
|
805.6
|
|
|
|
|
|
|
|
|
380.6
|
|
|
|
|
|
Total revenue
|
|
|
|
|
$
|
14,376.0
|
|
|
|
|
|
|
|
$
|
13,418.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment profit (loss) $ and margin %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil & Gas
|
|
|
|
|
$
|
211.3
|
|
|
|
3.8
|
%
|
|
|
|
$
|
157.5
|
|
|
|
3.6
|
%
|
|
Industrial & Infrastructure
|
|
|
|
|
|
256.3
|
|
|
|
4.1
|
%
|
|
|
|
|
244.6
|
|
|
|
3.7
|
%
|
|
Government
|
|
|
|
|
|
54.9
|
|
|
|
3.9
|
%
|
|
|
|
|
75.2
|
|
|
|
4.4
|
%
|
|
Global Services
|
|
|
|
|
|
55.3
|
|
|
|
18.2
|
%
|
|
|
|
|
71.2
|
|
|
|
20.7
|
%
|
|
Power
|
|
|
|
|
|
3.8
|
|
|
|
0.5
|
%
|
|
|
|
|
(8.5
|
)
|
|
|
(2.2
|
)%
|
|
Total segment profit $ and margin %
|
|
|
|
|
$
|
581.6
|
|
|
|
4.0
|
%
|
|
|
|
$
|
540.0
|
|
|
|
4.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate general and administrative expense
|
|
|
|
|
|
(64.5
|
)
|
|
|
|
|
|
|
|
(69.0
|
)
|
|
|
|
|
Interest (expense) income, net
|
|
|
|
|
|
(5.2
|
)
|
|
|
|
|
|
|
|
3.6
|
|
|
|
|
|
Earnings attributable to noncontrolling interests
|
|
|
|
|
|
93.1
|
|
|
|
|
|
|
|
|
54.4
|
|
|
|
|
|
Earnings before taxes
|
|
|
|
|
$
|
605.0
|
|
|
|
|
|
|
|
$
|
529.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) The company’s operations and maintenance activities, previously
included in the Global Services segment, have been integrated into the
Industrial & Infrastructure segment. Revenue and segment profit for 2012
have been recast accordingly.
|
|
|
|
|
|
|
|
|
|
|
|
|
FLUOR CORPORATION
|
|
Unaudited
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SELECTED BALANCE SHEET ITEMS
|
|
|
|
|
|
|
|
|
|
|
|
($ in millions, except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
JUNE 30,
|
|
|
|
DECEMBER 31,
|
|
|
|
|
|
2013
|
|
|
|
2012
|
|
Cash and marketable securities, including noncurrent
|
|
|
|
$
|
2,596.1
|
|
|
|
|
$
|
2,610.0
|
|
|
Total current assets
|
|
|
|
|
6,186.5
|
|
|
|
|
|
6,094.1
|
|
|
Total assets
|
|
|
|
|
8,367.6
|
|
|
|
|
|
8,276.0
|
|
|
Total short-term debt
|
|
|
|
|
18.5
|
|
|
|
|
|
20.8
|
|
|
Total current liabilities
|
|
|
|
|
3,692.5
|
|
|
|
|
|
3,887.1
|
|
|
Long-term debt
|
|
|
|
|
496.4
|
|
|
|
|
|
520.2
|
|
|
Shareholders' equity
|
|
|
|
|
3,599.7
|
|
|
|
|
|
3,341.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total debt to capitalization % (based on shareholders' equity)
|
|
|
|
|
12.5
|
%
|
|
|
|
|
13.9
|
%
|
|
Shareholders' equity per share
|
|
|
|
$
|
22.08
|
|
|
|
|
$
|
20.58
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SELECTED CASH FLOW ITEMS
|
|
|
|
|
|
|
|
|
|
|
|
($ in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SIX MONTHS ENDED JUNE 30
|
|
|
|
2013
|
|
|
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash provided by operating activities
|
|
|
|
$
|
242.3
|
|
|
|
|
$
|
81.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investing activities
|
|
|
|
|
|
|
|
|
|
|
|
Net (purchases) sales and maturities of marketable securities
|
|
|
|
|
(38.9
|
)
|
|
|
|
|
(152.3
|
)
|
|
Capital expenditures
|
|
|
|
|
(121.8
|
)
|
|
|
|
|
(120.4
|
)
|
|
Proceeds from disposal of property, plant and equipment
|
|
|
|
|
25.7
|
|
|
|
|
|
50.6
|
|
|
Investments in partnerships and joint ventures
|
|
|
|
|
(32.8
|
)
|
|
|
|
|
(3.2
|
)
|
|
Consolidation of a variable interest entity
|
|
|
|
|
24.7
|
|
|
|
|
|
-
|
|
|
Acquisitions
|
|
|
|
|
(7.7
|
)
|
|
|
|
|
-
|
|
|
Other items
|
|
|
|
|
5.5
|
|
|
|
|
|
(4.6
|
)
|
|
Cash utilized by investing activities
|
|
|
|
|
(145.3
|
)
|
|
|
|
|
(229.9
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financing activities
|
|
|
|
|
|
|
|
|
|
|
|
Repurchase of common stock
|
|
|
|
|
-
|
|
|
|
|
|
(132.9
|
)
|
|
Dividends paid
|
|
|
|
|
(26.2
|
)
|
|
|
|
|
(48.6
|
)
|
|
Repayment of 5.625% Municipal Bonds
|
|
|
|
|
(17.8
|
)
|
|
|
|
|
-
|
|
|
Repayment of convertible debt and notes payable
|
|
|
|
|
(8.6
|
)
|
|
|
|
|
(0.3
|
)
|
|
Distributions paid to noncontrolling interests, net of capital
contributions
|
|
|
|
(44.3
|
)
|
|
|
|
|
(36.8
|
)
|
|
Other Items
|
|
|
|
|
3.4
|
|
|
|
|
|
3.9
|
|
|
Cash utilized by financing activities
|
|
|
|
|
(93.5
|
)
|
|
|
|
|
(214.7
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash
|
|
|
|
|
(53.0
|
)
|
|
|
|
|
5.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Decrease in cash and cash equivalents
|
|
|
|
$
|
(49.5
|
)
|
|
|
|
$
|
(357.8
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation
|
|
|
|
$
|
108.8
|
|
|
|
|
$
|
103.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FLUOR CORPORATION
|
|
Supplemental Fact Sheet
|
|
Unaudited
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NEW AWARDS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
($ in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
THREE MONTHS ENDED JUNE 30
|
|
|
|
|
|
2013
|
|
|
|
2012(1)
|
|
|
|
% Chg
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil & Gas
|
|
|
|
|
|
$
|
3,311
|
|
46
|
%
|
|
|
|
$
|
5,046
|
|
69
|
%
|
|
|
|
(34
|
)%
|
|
Industrial & Infrastructure
|
|
|
|
|
|
|
3,568
|
|
50
|
%
|
|
|
|
|
1,369
|
|
19
|
%
|
|
|
|
161
|
%
|
|
Government
|
|
|
|
|
|
|
256
|
|
3
|
%
|
|
|
|
|
769
|
|
10
|
%
|
|
|
|
(67
|
)%
|
|
Power
|
|
|
|
|
|
|
59
|
|
1
|
%
|
|
|
|
|
118
|
|
2
|
%
|
|
|
|
(50
|
)%
|
|
Total new awards
|
|
|
|
|
|
$
|
7,194
|
|
100
|
%
|
|
|
|
$
|
7,302
|
|
100
|
%
|
|
|
|
(1
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SIX MONTHS ENDED JUNE 30
|
|
|
|
|
|
2013
|
|
|
|
2012(1)
|
|
|
|
% Chg
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil & Gas
|
|
|
|
|
|
$
|
6,375
|
|
47
|
%
|
|
|
|
$
|
8,966
|
|
57
|
%
|
|
|
|
(29
|
)%
|
|
Industrial & Infrastructure
|
|
|
|
|
|
|
5,812
|
|
42
|
%
|
|
|
|
|
5,361
|
|
34
|
%
|
|
|
|
8
|
%
|
|
Government
|
|
|
|
|
|
|
1,012
|
|
7
|
%
|
|
|
|
|
1,158
|
|
8
|
%
|
|
|
|
(13
|
)%
|
|
Power
|
|
|
|
|
|
|
507
|
|
4
|
%
|
|
|
|
|
211
|
|
1
|
%
|
|
|
|
140
|
%
|
|
Total new awards
|
|
|
|
|
|
$
|
13,706
|
|
100
|
%
|
|
|
|
$
|
15,696
|
|
100
|
%
|
|
|
|
(13
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BACKLOG TRENDS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
($ in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AS OF JUNE 30
|
|
|
|
|
|
2013
|
|
|
|
2012(1)
|
|
|
|
% Chg
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil & Gas
|
|
|
|
|
|
$
|
18,700
|
|
51
|
%
|
|
|
|
$
|
19,463
|
|
45
|
%
|
|
|
|
(4
|
)%
|
|
Industrial & Infrastructure
|
|
|
|
|
|
|
16,231
|
|
44
|
%
|
|
|
|
|
21,372
|
|
50
|
%
|
|
|
|
(24
|
)%
|
|
Government
|
|
|
|
|
|
|
531
|
|
1
|
%
|
|
|
|
|
505
|
|
1
|
%
|
|
|
|
5
|
%
|
|
Power
|
|
|
|
|
|
|
1,587
|
|
4
|
%
|
|
|
|
|
1,662
|
|
4
|
%
|
|
|
|
(5
|
)%
|
|
Total backlog
|
|
|
|
|
|
$
|
37,049
|
|
100
|
%
|
|
|
|
$
|
43,002
|
|
100
|
%
|
|
|
|
(14
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United States
|
|
|
|
|
|
$
|
11,014
|
|
30
|
%
|
|
|
|
$
|
7,636
|
|
18
|
%
|
|
|
|
44
|
%
|
|
The Americas (excluding the United States)
|
|
|
|
|
12,168
|
|
33
|
%
|
|
|
|
|
15,421
|
|
36
|
%
|
|
|
|
(21
|
)%
|
|
Europe, Africa and the Middle East
|
|
|
|
|
|
|
11,053
|
|
30
|
%
|
|
|
|
|
10,585
|
|
24
|
%
|
|
|
|
4
|
%
|
|
Asia Pacific (including Australia)
|
|
|
|
|
|
|
2,814
|
|
7
|
%
|
|
|
|
|
9,360
|
|
22
|
%
|
|
|
|
(70
|
)%
|
|
Total backlog
|
|
|
|
|
|
$
|
37,049
|
|
100
|
%
|
|
|
|
$
|
43,002
|
|
100
|
%
|
|
|
|
(14
|
)%
|
|
|
|
|
|
(1) The company’s operations and maintenance activities, previously
included in the Global Services segment, have been integrated into the
Industrial & Infrastructure segment. New awards and backlog for 2012
have been recast accordingly.
Fluor CorporationMedia RelationsKeith Stephens, 469-398-7624orBrian Mershon, 469-398-7621orInvestor RelationsKen Lockwood, 469-398-7220orJason Landkamer, 469-398-7222