Fluor Corporation (NYSE: FLR) announced today that the Executive
Committee of the Board of Directors has authorized an increase in the
Company’s existing share repurchase program by 10,000,000 shares,
bringing the Company’s authorization for share repurchases up to
approximately 17,400,000 shares, net of shares already repurchased. This
authorization is conditioned on closing of the public offering of senior
notes announced today.
The Company has repurchased $143 million of shares to date in the fourth
quarter of 2014, and plans to use a portion of the proceeds from the
public notes offering to increase the amount of shares repurchased in
the fourth quarter of 2014 to a total of $500 million. Using cash from
operations, the Company plans to repurchase an additional $500 million
in shares over the course of 2015, bringing total planned repurchases
over the five quarter period to $1 billion.
About Fluor Corporation
Fluor Corporation (NYSE: FLR) is a global engineering and construction
firm that designs and builds some of the world's most complex projects.
The company creates and delivers innovative solutions for its clients in
engineering, procurement, fabrication, construction, maintenance and
project management on a global basis. For more than a century, Fluor has
served clients in the energy, chemicals, government, industrial,
infrastructure, mining and power market sectors. Headquartered in
Irving, Texas, Fluor ranks 109 on the FORTUNE 500 list. With more than
40,000 employees worldwide, the company's revenue for 2013 was $27.4
billion. Visit Fluor at www.fluor.com
and follow on Twitter @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 share repurchases, 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, 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 Company's failure to receive anticipated new contract awards and the
related impacts on revenues, earnings, staffing levels and costs; 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; failure to obtain favorable results in
existing or future litigation or dispute resolution proceedings; current
economic conditions affecting our clients, partners, subcontractors and
suppliers, which may result in decreased capital investment or
expenditures by the Company’s clients or may increase costs or delay
project schedules; client cancellations of, or scope adjustments to,
existing contracts, and the related impacts on staffing levels and cost;
foreign economic and political uncertainties that could lead to project
disruptions, increased costs and potential losses; international
security risks; delays or defaults in client payments; failure to meet
timely completion or performance standards that could result in higher
costs, reduced profits or, in some cases, losses on projects;
liabilities arising from faulty services; the impact of anti-bribery and
international trade laws and regulations; 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; 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; the Company’s
ability to secure appropriate insurance; the availability of credit and
restrictions imposed by credit facilities, both for the Company and our
clients, suppliers, subcontractors or other partners; 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 18, 2014. 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 CorporationMedia Relations:Brian Mershon, 469-398-7621orEric Krantz, 281-263-6030orInvestor Relations:Ken Lockwood, 469-398-7220orJason Landkamer, 469-398-7222