- Third Quarter EPS from Continuing Operations up 10 Percent to $1.15
- Third Quarter New Awards of $6.0 Billion; Backlog Rises to $42.3 Billion
- 2015 EPS Guidance Established at a Range of $4.50 to $5.00
Fluor Corporation (NYSE: FLR) today announced financial results for its
third quarter ended September 30, 2014. Net earnings attributable to
Fluor from continuing operations rose to $183 million, or $1.15 per
diluted share, from $173 million, or $1.05 per diluted share a year ago.
Consolidated segment profit for the quarter was $335 million, up 8
percent from $311 million in the third quarter of 2013. Improved segment
profit results were primarily driven by a 65 percent increase in Oil &
Gas, which was partly offset by a decline in the Industrial &
Infrastructure segment. Revenue for the third quarter was $5.4 billion,
down from $6.7 billion a year ago, mainly due to continued reductions in
the Industrial & Infrastructure segment’s mining and metals business
line.
New awards for the quarter were $6.0 billion, including $4.5 billion in
Oil & Gas, $700 million in Government, $460 million in Industrial &
Infrastructure and $382 million in Power. Consolidated backlog at the
end of the quarter rose to $42.3 billion, up 5 percent over last quarter
and up 16 percent from $36.5 billion a year ago.
"Despite recent volatility in oil prices, our energy industry clients
continue to invest in strategically important long-term initiatives,"
said Chairman and Chief Executive Officer David Seaton. "As we look
ahead to 2015, we continue to be encouraged by our growing Oil & Gas
business, augmented by modest improvements in prospects in mining and
metals, infrastructure, power and Government.”
Corporate G&A expense for the third quarter of 2014 was $35 million,
compared with $46 million a year ago. Reduced expenses in the quarter
were largely a result of lower stock-based compensation costs. During
the quarter, the Company committed $100 million to share repurchases,
and paid out $33 million in dividends to shareholders. Fluor’s cash and
marketable securities balance at the end of the third quarter was $2.4
billion, down from $2.7 billion last quarter, primarily due to increased
working capital balances at quarter end and the share repurchases
mentioned above.
Business Segments
Fluor’s Oil & Gas business reported segment profit of $179 million,
rising 65 percent from the third quarter of 2013. Strong segment profit
results reflect favorable project performance and increased
contributions from upstream and petrochemical projects. Revenue for the
quarter was $3.2 billion, a 12 percent increase over the third quarter
of 2013, reflecting rising contributions from major projects. Third
quarter new awards for the segment totaled $4.5 billion, including a
refinery project in Malaysia and an oil sands project in Canada. Ending
backlog for the Oil & Gas segment was a record $26.5 billion, up 41
percent from $18.7 billion a year ago.
The Industrial & Infrastructure group reported segment profit of $101
million, compared with $132 million in the third quarter of 2013.
Revenue for the quarter was $1.2 billion, down from $2.7 billion a year
ago. Revenue and segment profit results reflect a continued decline in
contributions from the mining and metals business line. The decline in
segment profit was partly offset by growth in the infrastructure
business line. New awards for the third quarter were $460 million,
including awards in the mining and metals and industrial services
business lines. Backlog for the quarter was $8.7 billion, down from
$13.8 billion a year ago, mainly due to substantially lower mining and
metals new awards over the past two years.
The Government group reported segment profit of $30 million, down from
$38 million a year ago as a result of a decline in task order volume on
the LOGCAP IV contract in Afghanistan. Revenue for the quarter declined
9 percent to $615 million, due to the lower LOGCAP IV task order volume.
New awards in the third quarter totaled $700 million, including a
multi-year award from the Department of Energy for the Paducah Gaseous
Diffusion Plant in Kentucky. Ending backlog was $5.2 billion, compared
with $1.8 billion a year ago and $5.2 billion last quarter.
Segment profit for Global Services was $19 million in the third quarter,
which compares to $25 million a year ago. Revenue declined modestly to
$141 million from $150 million a year ago. Lower results in the quarter
were mainly driven by reductions in the equipment business line’s
mining-related activities in Latin America and reduced equipment demand
in Afghanistan.
Segment profit for the Power business was $6 million, which compares to
$8 million a year ago. NuScale expenses in the current quarter, net of
the U.S. Department of Energy cost sharing award, were $17 million which
compares with $13 million a year ago. Power revenue for the quarter
declined to $237 million, from $302 million a year ago, as two solar
projects and a gas-fired power plant neared completion. New awards for
the quarter were $382 million, including a new gas-fired power plant in
the United States, and compares with $846 million in the third quarter
of 2013. Ending backlog was $1.8 billion, compared with $2.1 billion a
year ago.
Results for the Nine Months
Net earnings attributable to Fluor from continuing operations for the
nine months ended September 30, 2014 were $495 million, or $3.08 per
diluted share. This compares with $501 million, or $3.05 per diluted
share, for the first nine months of 2013. Revenue declined to $16.1
billion, compared with $21.1 billion for the first nine months of 2013,
mainly due to a decline in contributions from the mining and metals
business line.
Other Matters
Discontinued Operations
In October 2014, the Company entered into a settlement agreement with
counsel for a number of plaintiffs who had filed lawsuits against the
Company relating to the Doe Run lead business, which the Company sold in
1994. As a result, the Company updated its assessment of its loss
contingency and has recorded an additional after-tax charge in the third
quarter of approximately $114 million, or $0.71 per diluted share from
discontinued operations. For the nine months ended September 30, 2014,
the after-tax charge from discontinued operations is approximately $199
million, or $1.24 per diluted share. This charge is expected to result
in cash outflows upon the receipt of releases from the plaintiffs. The
Company continues to seek to enforce its rights to indemnification from
the buyer pursuant to the terms of the 1994 sale agreement.
U.S. Defined Benefit Pension Plan
On October 29, 2014, the Company’s Board of Directors approved the
termination of the U.S. defined benefit pension plan effective December
31, 2014. The settlement of the plan, subject to regulatory approval, is
expected to be complete in 2015.
Outlook
The Company is narrowing its 2014 guidance for EPS from continuing
operations to a range of $4.10 to $4.30 per diluted share, from the
previous range of $4.10 to $4.45 per diluted share. For 2015, the
Company is establishing its initial EPS guidance at a range of $4.50 to
$5.00 per diluted share, excluding any pension settlement-related
charges which are not fully estimable at this time. EPS guidance for
2015 reflects a rising backlog and solid growth opportunities in Oil &
Gas and stable to moderate improvement in the Company’s other end
markets.
Third Quarter Conference Call
Fluor will host a conference call at 5:30 p.m. Eastern time on Thursday,
October 30, 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
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 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, 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 CORPORATION
|
|
CONSOLIDATED FINANCIAL RESULTS
|
|
(in millions, except per share amounts)
|
|
Unaudited
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED OPERATING RESULTS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
THREE MONTHS ENDED SEPTEMBER 30
|
|
|
2014
|
|
|
2013
|
|
Revenue
|
|
|
$
|
5,440.1
|
|
|
|
$
|
6,684.2
|
|
Cost and expenses:
|
|
|
|
|
|
|
|
Cost of revenue
|
|
|
|
5,060.0
|
|
|
|
|
6,329.7
|
|
Corporate general and administrative expense
|
|
|
|
35.1
|
|
|
|
|
46.1
|
|
Interest expense, net
|
|
|
|
1.6
|
|
|
|
|
3.7
|
|
Total cost and expenses
|
|
|
|
5,096.7
|
|
|
|
|
6,379.5
|
|
Earnings from continuing operations before taxes
|
|
|
|
343.4
|
|
|
|
|
304.7
|
|
Income tax expense
|
|
|
|
114.6
|
|
|
|
|
87.4
|
|
Earnings from continuing operations
|
|
|
|
228.8
|
|
|
|
|
217.3
|
|
Loss from discontinued operations, net of taxes
|
|
|
|
(113.9
|
)
|
|
|
|
-
|
|
Net earnings
|
|
|
|
114.9
|
|
|
|
|
217.3
|
|
Less: Net earnings attributable to noncontrolling interests
|
|
|
|
45.4
|
|
|
|
|
44.3
|
|
Net earnings attributable to Fluor Corporation
|
|
|
$
|
69.5
|
|
|
|
$
|
173.0
|
|
Amounts attributable to Fluor Corporation:
|
|
|
|
|
|
|
|
Earnings from continuing operations
|
|
|
$
|
183.4
|
|
|
|
$
|
173.0
|
|
Loss from discontinued operations, net of taxes
|
|
|
|
(113.9
|
)
|
|
|
|
-
|
|
Net earnings
|
|
|
$
|
69.5
|
|
|
|
$
|
173.0
|
|
Basic earnings (loss) per share attributable to Fluor Corporation:
|
|
|
|
|
|
|
|
Earnings from continuing operations
|
|
|
$
|
1.17
|
|
|
|
$
|
1.06
|
|
Loss from discontinued operations, net of taxes
|
|
|
|
(0.73
|
)
|
|
|
|
-
|
|
Net earnings
|
|
|
$
|
0.44
|
|
|
|
$
|
1.06
|
|
Weighted average shares
|
|
|
|
157.3
|
|
|
|
|
162.9
|
|
Diluted earnings (loss) per share attributable to Fluor Corporation:
|
|
|
|
|
|
|
|
Earnings from continuing operations
|
|
|
$
|
1.15
|
|
|
|
$
|
1.05
|
|
Loss from discontinued operations, net of taxes
|
|
|
|
(0.71
|
)
|
|
|
|
-
|
|
Net earnings
|
|
|
$
|
0.44
|
|
|
|
$
|
1.05
|
|
Weighted average shares
|
|
|
|
159.5
|
|
|
|
|
164.8
|
|
New awards
|
|
|
$
|
6,011.4
|
|
|
|
$
|
5,605.7
|
|
Backlog
|
|
|
$
|
42,269.8
|
|
|
|
$
|
36,481.1
|
|
Work performed
|
|
|
$
|
5,299.5
|
|
|
|
$
|
6,534.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NINE MONTHS ENDED SEPTEMBER 30
|
|
|
2014
|
|
|
2013
|
|
Revenue
|
|
|
$
|
16,076.4
|
|
|
|
$
|
21,060.2
|
|
Cost and expenses:
|
|
|
|
|
|
|
|
Cost of revenue
|
|
|
|
15,038.7
|
|
|
|
|
20,030.9
|
|
Corporate general and administrative expense
|
|
|
|
129.6
|
|
|
|
|
110.6
|
|
Interest expense, net
|
|
|
|
8.0
|
|
|
|
|
8.9
|
|
Total cost and expenses
|
|
|
|
15,176.3
|
|
|
|
|
20,150.4
|
|
Earnings from continuing operations before taxes
|
|
|
|
900.1
|
|
|
|
|
909.8
|
|
Income tax expense
|
|
|
|
282.9
|
|
|
|
|
271.8
|
|
Earnings from continuing operations
|
|
|
|
617.2
|
|
|
|
|
638.0
|
|
Loss from discontinued operations, net of taxes
|
|
|
|
(199.0
|
)
|
|
|
|
-
|
|
Net earnings
|
|
|
|
418.2
|
|
|
|
|
638.0
|
|
Less: Net earnings attributable to noncontrolling interests
|
|
|
|
121.8
|
|
|
|
|
137.0
|
|
Net earnings attributable to Fluor Corporation
|
|
|
$
|
296.4
|
|
|
|
$
|
501.0
|
|
Amounts attributable to Fluor Corporation:
|
|
|
|
|
|
|
|
Earnings from continuing operations
|
|
|
$
|
495.4
|
|
|
|
$
|
501.0
|
|
Loss from discontinued operations, net of taxes
|
|
|
|
(199.0
|
)
|
|
|
|
-
|
|
Net earnings
|
|
|
$
|
296.4
|
|
|
|
$
|
501.0
|
|
Basic earnings (loss) per share attributable to Fluor Corporation:
|
|
|
|
|
|
|
|
Earnings from continuing operations
|
|
|
$
|
3.12
|
|
|
|
$
|
3.08
|
|
Loss from discontinued operations, net of taxes
|
|
|
|
(1.25
|
)
|
|
|
|
-
|
|
Net earnings
|
|
|
$
|
1.87
|
|
|
|
$
|
3.08
|
|
Weighted average shares
|
|
|
|
158.7
|
|
|
|
|
162.7
|
|
Diluted earnings (loss) per share attributable to Fluor Corporation:
|
|
|
|
|
|
|
|
Earnings from continuing operations
|
|
|
$
|
3.08
|
|
|
|
$
|
3.05
|
|
Loss from discontinued operations, net of taxes
|
|
|
|
(1.24
|
)
|
|
|
|
-
|
|
Net earnings
|
|
|
$
|
1.84
|
|
|
|
$
|
3.05
|
|
Weighted average shares
|
|
|
|
160.8
|
|
|
|
|
164.3
|
|
New awards
|
|
|
$
|
22,543.0
|
|
|
|
$
|
19,311.3
|
|
Backlog
|
|
|
$
|
42,269.8
|
|
|
|
$
|
36,481.1
|
|
Work performed
|
|
|
$
|
15,648.1
|
|
|
|
$
|
20,606.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FLUOR CORPORATION
|
|
Unaudited
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BUSINESS SEGMENT FINANCIAL REVIEW
|
|
|
|
|
|
|
|
|
|
|
($ in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
THREE MONTHS ENDED SEPTEMBER 30
|
|
|
2014
|
|
|
|
|
|
2013
|
|
|
|
|
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil & Gas
|
|
|
$
|
3,231.6
|
|
|
|
|
|
|
$
|
2,892.7
|
|
|
|
|
|
Industrial & Infrastructure
|
|
|
|
1,216.0
|
|
|
|
|
|
|
|
2,665.0
|
|
|
|
|
|
Government
|
|
|
|
615.1
|
|
|
|
|
|
|
|
675.2
|
|
|
|
|
|
Global Services
|
|
|
|
140.5
|
|
|
|
|
|
|
|
149.7
|
|
|
|
|
|
Power
|
|
|
|
236.9
|
|
|
|
|
|
|
|
301.6
|
|
|
|
|
|
Total revenue
|
|
|
$
|
5,440.1
|
|
|
|
|
|
|
$
|
6,684.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment profit $ and margin %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil & Gas
|
|
|
$
|
178.6
|
|
|
|
5.5
|
%
|
|
|
$
|
108.3
|
|
|
|
3.7
|
%
|
|
Industrial & Infrastructure
|
|
|
|
101.4
|
|
|
|
8.3
|
%
|
|
|
|
132.4
|
|
|
|
5.0
|
%
|
|
Government
|
|
|
|
29.6
|
|
|
|
4.8
|
%
|
|
|
|
37.8
|
|
|
|
5.6
|
%
|
|
Global Services
|
|
|
|
19.4
|
|
|
|
13.8
|
%
|
|
|
|
24.5
|
|
|
|
16.4
|
%
|
|
Power
|
|
|
|
5.7
|
|
|
|
2.4
|
%
|
|
|
|
7.6
|
|
|
|
2.5
|
%
|
|
Total segment profit $ and margin %
|
|
|
$
|
334.7
|
|
|
|
6.2
|
%
|
|
|
$
|
310.6
|
|
|
|
4.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate general and administrative expense
|
|
|
|
(35.1
|
)
|
|
|
|
|
|
|
(46.1
|
)
|
|
|
|
|
Interest expense, net
|
|
|
|
(1.6
|
)
|
|
|
|
|
|
|
(3.7
|
)
|
|
|
|
|
Earnings attributable to noncontrolling interests
|
|
|
|
45.4
|
|
|
|
|
|
|
|
43.9
|
|
|
|
|
|
Earnings from continuing operations before taxes
|
|
|
$
|
343.4
|
|
|
|
|
|
|
$
|
304.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NINE MONTHS ENDED SEPTEMBER 30
|
|
|
2014
|
|
|
|
|
|
2013
|
|
|
|
|
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil & Gas
|
|
|
$
|
8,778.8
|
|
|
|
|
|
|
$
|
8,518.5
|
|
|
|
|
|
Industrial & Infrastructure
|
|
|
|
4,370.6
|
|
|
|
|
|
|
|
8,879.5
|
|
|
|
|
|
Government
|
|
|
|
1,806.9
|
|
|
|
|
|
|
|
2,101.0
|
|
|
|
|
|
Global Services
|
|
|
|
428.3
|
|
|
|
|
|
|
|
454.0
|
|
|
|
|
|
Power
|
|
|
|
691.8
|
|
|
|
|
|
|
|
1,107.2
|
|
|
|
|
|
Total revenue
|
|
|
$
|
16,076.4
|
|
|
|
|
|
|
$
|
21,060.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment profit $ and margin %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil & Gas
|
|
|
$
|
483.9
|
|
|
|
5.5
|
%
|
|
|
$
|
319.6
|
|
|
|
3.8
|
%
|
|
Industrial & Infrastructure
|
|
|
|
298.8
|
|
|
|
6.8
|
%
|
|
|
|
388.7
|
|
|
|
4.4
|
%
|
|
Government
|
|
|
|
56.0
|
|
|
|
3.1
|
%
|
|
|
|
92.7
|
|
|
|
4.4
|
%
|
|
Global Services
|
|
|
|
58.0
|
|
|
|
13.5
|
%
|
|
|
|
79.8
|
|
|
|
17.6
|
%
|
|
Power
|
|
|
|
19.2
|
|
|
|
2.8
|
%
|
|
|
|
11.4
|
|
|
|
1.0
|
%
|
|
Total segment profit $ and margin %
|
|
|
$
|
915.9
|
|
|
|
5.7
|
%
|
|
|
$
|
892.2
|
|
|
|
4.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate general and administrative expense
|
|
|
|
(129.6
|
)
|
|
|
|
|
|
|
(110.6
|
)
|
|
|
|
|
Interest expense, net
|
|
|
|
(8.0
|
)
|
|
|
|
|
|
|
(8.9
|
)
|
|
|
|
|
Earnings attributable to noncontrolling interests
|
|
|
|
121.8
|
|
|
|
|
|
|
|
137.1
|
|
|
|
|
|
Earnings from continuing operations before taxes
|
|
|
$
|
900.1
|
|
|
|
|
|
|
$
|
909.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FLUOR CORPORATION
|
|
Unaudited
|
|
|
|
|
|
|
|
|
|
SELECTED BALANCE SHEET ITEMS
|
|
|
|
|
|
|
|
($ in millions, except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
SEPTEMBER 30,
|
|
|
DECEMBER 31,
|
|
|
|
|
2014
|
|
|
2013
|
|
Cash and marketable securities, including noncurrent
|
|
|
$
|
2,401.5
|
|
|
|
$
|
2,745.0
|
|
|
Total current assets
|
|
|
|
5,659.5
|
|
|
|
|
6,003.7
|
|
|
Total assets
|
|
|
|
8,048.7
|
|
|
|
|
8,323.9
|
|
|
Total short-term debt
|
|
|
|
29.8
|
|
|
|
|
29.8
|
|
|
Total current liabilities
|
|
|
|
3,303.3
|
|
|
|
|
3,407.2
|
|
|
Long-term debt
|
|
|
|
496.9
|
|
|
|
|
496.6
|
|
|
Shareholders' equity
|
|
|
|
3,558.9
|
|
|
|
|
3,757.0
|
|
|
|
|
|
|
|
|
|
|
Total debt to capitalization % (based on shareholders' equity)
|
|
|
|
12.9
|
%
|
|
|
|
12.3
|
%
|
|
Shareholders' equity per share
|
|
|
$
|
22.74
|
|
|
|
$
|
23.29
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SELECTED CASH FLOW ITEMS
|
|
|
|
|
|
|
|
($ in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NINE MONTHS ENDED SEPTEMBER 30
|
|
|
2014
|
|
|
2013
|
|
|
|
|
|
|
|
|
|
Cash provided by operating activities
|
|
|
$
|
407.3
|
|
|
|
$
|
702.5
|
|
|
|
|
|
|
|
|
|
|
Investing activities
|
|
|
|
|
|
|
|
Net (purchases) sales and maturities of marketable securities
|
|
|
|
(42.4
|
)
|
|
|
|
12.1
|
|
|
Capital expenditures
|
|
|
|
(222.6
|
)
|
|
|
|
(181.1
|
)
|
|
Proceeds from disposal of property, plant and equipment
|
|
|
|
72.5
|
|
|
|
|
43.7
|
|
|
Proceeds from sales of equity method investments
|
|
|
|
44.0
|
|
|
|
|
3.0
|
|
|
Investments in partnerships and joint ventures
|
|
|
|
(34.2
|
)
|
|
|
|
(37.5
|
)
|
|
Consolidation of a variable interest entity
|
|
|
|
-
|
|
|
|
|
24.7
|
|
|
Acquisitions
|
|
|
|
-
|
|
|
|
|
(7.7
|
)
|
|
Other items
|
|
|
|
2.0
|
|
|
|
|
9.1
|
|
|
Cash utilized by investing activities
|
|
|
|
(180.7
|
)
|
|
|
|
(133.7
|
)
|
|
|
|
|
|
|
|
|
|
Financing activities
|
|
|
|
|
|
|
|
Repurchase of common stock
|
|
|
|
(410.6
|
)
|
|
|
|
-
|
|
|
Dividends paid
|
|
|
|
(93.0
|
)
|
|
|
|
(52.5
|
)
|
|
Repayment of 5.625% Municipal Bonds
|
|
|
|
-
|
|
|
|
|
(17.8
|
)
|
|
Repayment of convertible debt and notes payable
|
|
|
|
(0.1
|
)
|
|
|
|
(8.6
|
)
|
|
Distributions paid to noncontrolling interests, net of capital
contributions
|
|
|
|
(73.3
|
)
|
|
|
|
(78.0
|
)
|
|
Other Items
|
|
|
|
14.7
|
|
|
|
|
21.2
|
|
|
Cash utilized by financing activities
|
|
|
|
(562.3
|
)
|
|
|
|
(135.7
|
)
|
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash
|
|
|
|
(47.7
|
)
|
|
|
|
(50.1
|
)
|
|
|
|
|
|
|
|
|
|
Increase (decrease) in cash and cash equivalents
|
|
|
$
|
(383.4
|
)
|
|
|
$
|
383.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation
|
|
|
$
|
143.8
|
|
|
|
$
|
162.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FLUOR CORPORATION
|
|
Supplemental Fact Sheet
|
|
Unaudited
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NEW AWARDS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
($ in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
THREE MONTHS ENDED SEPTEMBER 30
|
|
|
2014
|
|
|
2013
|
|
|
% Chg
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil & Gas
|
|
|
$
|
4,469
|
|
|
74
|
%
|
|
|
$
|
2,355
|
|
|
42
|
%
|
|
|
90
|
%
|
|
Industrial & Infrastructure
|
|
|
|
460
|
|
|
8
|
%
|
|
|
|
472
|
|
|
8
|
%
|
|
|
(3
|
)%
|
|
Government
|
|
|
|
700
|
|
|
12
|
%
|
|
|
|
1,933
|
|
|
35
|
%
|
|
|
(64
|
)%
|
|
Power
|
|
|
|
382
|
|
|
6
|
%
|
|
|
|
846
|
|
|
15
|
%
|
|
|
(55
|
)%
|
|
Total new awards
|
|
|
$
|
6,011
|
|
|
100
|
%
|
|
|
$
|
5,606
|
|
|
100
|
%
|
|
|
7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NINE MONTHS ENDED SEPTEMBER 30
|
|
|
2014
|
|
|
2013
|
|
|
% Chg
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil & Gas
|
|
|
$
|
14,788
|
|
|
66
|
%
|
|
|
$
|
8,729
|
|
|
45
|
%
|
|
|
69
|
%
|
|
Industrial & Infrastructure
|
|
|
|
2,633
|
|
|
12
|
%
|
|
|
|
6,284
|
|
|
33
|
%
|
|
|
(58
|
)%
|
|
Government
|
|
|
|
4,536
|
|
|
20
|
%
|
|
|
|
2,945
|
|
|
15
|
%
|
|
|
54
|
%
|
|
Power
|
|
|
|
586
|
|
|
2
|
%
|
|
|
|
1,353
|
|
|
7
|
%
|
|
|
(57
|
)%
|
|
Total new awards
|
|
|
$
|
22,543
|
|
|
100
|
%
|
|
|
$
|
19,311
|
|
|
100
|
%
|
|
|
17
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BACKLOG TRENDS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
($ in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AS OF SEPTEMBER 30
|
|
|
2014
|
|
|
2013
|
|
|
% Chg
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil & Gas
|
|
|
$
|
26,503
|
|
|
63
|
%
|
|
|
$
|
18,740
|
|
|
51
|
%
|
|
|
41
|
%
|
|
Industrial & Infrastructure
|
|
|
|
8,715
|
|
|
21
|
%
|
|
|
|
13,806
|
|
|
38
|
%
|
|
|
(37
|
)%
|
|
Government
|
|
|
|
5,218
|
|
|
12
|
%
|
|
|
|
1,796
|
|
|
5
|
%
|
|
|
NM
|
|
|
Power
|
|
|
|
1,834
|
|
|
4
|
%
|
|
|
|
2,139
|
|
|
6
|
%
|
|
|
(14
|
)%
|
|
Total backlog
|
|
|
$
|
42,270
|
|
|
100
|
%
|
|
|
$
|
36,481
|
|
|
100
|
%
|
|
|
16
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United States
|
|
|
$
|
11,887
|
|
|
28
|
%
|
|
|
$
|
12,551
|
|
|
34
|
%
|
|
|
(5
|
)%
|
|
The Americas (excluding the United States)
|
|
|
|
14,029
|
|
|
33
|
%
|
|
|
|
10,442
|
|
|
29
|
%
|
|
|
34
|
%
|
|
Europe, Africa and the Middle East
|
|
|
|
12,776
|
|
|
30
|
%
|
|
|
|
10,916
|
|
|
30
|
%
|
|
|
17
|
%
|
|
Asia Pacific (including Australia)
|
|
|
|
3,578
|
|
|
9
|
%
|
|
|
|
2,572
|
|
|
7
|
%
|
|
|
39
|
%
|
|
Total backlog
|
|
|
$
|
42,270
|
|
|
100
|
%
|
|
|
$
|
36,481
|
|
|
100
|
%
|
|
|
16
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NM - Not meaningful
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fluor CorporationMedia RelationsBrian Mershon, 469-398-7621orEric Krantz, 281-263-6030orInvestor RelationsKen Lockwood, 469-398-7220orJason Landkamer, 469-398-7222