Fluor Corporation (NYSE: FLR) today announced financial results for its
second quarter ended June 30, 2015. Net earnings attributable to Fluor
from continuing operations were $149 million, or $1.00 per diluted
share, compared with $163 million, or $1.02 per diluted share a year
ago. Consolidated segment profit for the quarter was $282 million, down
from $313 million in the second quarter of 2014. Segment profit results
reflect a 21 percent increase in Oil & Gas, which was offset by a
decline in the Industrial & Infrastructure, Power and Global Services
segments. Revenue for the second quarter was $4.8 billion, down from
$5.3 billion a year ago, mainly due to reductions in project execution
activities in the Industrial & Infrastructure segment.
New awards for the quarter were $4.3 billion, including $2.7 billion in
Oil & Gas, $726 million in Government and $607 million in Industrial &
Infrastructure. Consolidated backlog at the end of the quarter rose to
$41.6 billion, up modestly over last quarter and up from $40.3 billion a
year ago.
"Although our backlog remains at a high level, the continued volatility
of oil prices and mined commodities clearly has slowed the pace of new
awards and tempered our expectations for the year. However, the fact
that we have maintained a healthy backlog in a softer economic
environment demonstrates that our clients are reacting positively to our
integrated solutions strategy," said David Seaton, chairman and chief
executive officer. "We continue to focus on execution excellence for our
current projects and transforming our business to increase the value we
provide to our clients around the globe."
Corporate G&A expense for the second quarter of 2015 was $48 million,
compared with $57 million a year ago. Expenses in the quarter decreased
primarily due to lower stock-based compensation expense. During the
quarter, the Company repurchased approximately $103 million worth of
Fluor shares, and paid out $31 million in dividends to shareholders.
Fluor’s cash and marketable securities balance at quarter-end was $2.1
billion.
Outlook
The company continues to win and execute on numerous front-end
engineering awards, particularly in oil and gas, and is encouraged by
the positive comments from clients in regards to our strategy. However,
relatively low new awards this year and delays in the full release of
major projects due to the volatility mentioned above are placing
pressure on expected results for 2015. Taking into consideration these
factors and their impact on all of our business segments, the company is
reducing its 2015 guidance range of $4.40 to $5.00 per diluted share to
$4.05 to $4.35 per diluted share. This guidance excludes the effects of
the previously announced termination and settlement of Fluor’s U.S.
defined benefit pension plan which is expected in the latter part of
2015.
Business Segments
Fluor’s Oil & Gas business reported segment profit of $202 million,
rising 21 percent from the second quarter of 2014. Strong segment profit
results reflect favorable performance on projects progressing towards
completion and an increase in higher margin engineering and design
activities. Revenue of $2.8 billion was down modestly from $2.9 billion
in the second quarter of 2014, as lower revenue on large upstream
projects that progressed towards completion were largely offset by an
increase in contributions from various petrochemical and downstream
projects. Second quarter new awards for the segment totaled $2.7
billion, including additional refining projects in Europe. Ending
backlog for the Oil & Gas segment was $28.7 billion, up 18 percent from
$24.3 billion a year ago.
The Industrial & Infrastructure group reported segment profit of $58
million, compared with $96 million in the second quarter of 2014.
Revenue for the quarter was $1.1 billion, down from $1.4 billion a year
ago. Revenue and segment profit results reflect a continued decline in
contributions from the mining and metals and infrastructure business
lines. New awards for the second quarter were $607 million, primarily
for industrial services customers. Backlog for the quarter was $6.7
billion, down from $9.1 billion a year ago, mainly due to substantially
lower mining and metals new awards over the past two years.
Segment profit for the Government group was $17 million, up from $14
million a year ago. Revenue of $603 million compares to $599 million
last year. Revenue for the quarter reflects increased execution
activities on projects awarded in 2014, offset by a continued reduction
in activities associated with LOGCAP IV task order awards in
Afghanistan. New awards for the quarter were $726 million, and ending
backlog was $4.3 billion, down from $5.2 billion a year ago.
Segment profit for Global Services was $14 million in the second
quarter, which compares to $22 million a year ago. Revenue declined to
$125 million from $144 million last year. Lower results in the quarter
were mainly driven by reductions in the equipment business line’s
activities in Afghanistan and in support of the mining and metals
industry.
Fluor’s Power group reported a segment loss of $10 million, compared to
a segment profit of $15 million a year ago. Excluding NuScale expenses
of $19 million in the second quarter and $4 million a year ago, segment
profit was $9 million and $19 million respectively. Segment profit
results for the quarter reflect reduced contributions from renewable and
gas-fired facilities. Revenue for the quarter increased 23 percent to
$250 million, compared with $204 million a year ago, due to increased
execution activities on gas-fired projects. New awards for the quarter
were $253 million, compared with $38 million in the second quarter of
2014. Ending backlog was $1.9 billion, which was comparable with $1.7
billion a year ago.
Results for the Six Months
Net earnings attributable to Fluor from continuing operations for the
six months ended June 30, 2015 were $293 million, or $1.96 per diluted
share. This compares with $312 million, or $1.93 per diluted share, for
the first six months of 2014. Revenue declined to $9.4 billion, compared
with $10.6 billion in the first half of last year, mainly due to a
decline in contributions from the mining and metals business line.
Second Quarter Conference Call
Fluor will host a conference call at 5:30 p.m. Eastern time on Thursday,
July 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 and integrated 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 136 on the FORTUNE 500 list.
With 40,000 employees worldwide, the company's revenue for 2014 was
$21.5 billion. For more information, visit www.fluor.com
or follow us 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, 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; the Company's failure to receive
anticipated new contract awards and the related impact on revenue,
earnings, staffing levels and costs; 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; client
cancellations of, or scope adjustments to, existing contracts, and the
related impacts on staffing levels and cost; intense competition in the
global engineering, procurement and construction industry, which can
place downward pressure on the Company’s contract prices and profit
margins; 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 other financial
difficulties by our partners, subcontractors or suppliers that may
increase costs or delay project schedules; foreign economic and
political uncertainties or changes that could lead to project
disruptions, increased costs and potential losses; failure of our joint
venture partners to perform their venture obligations; failure to obtain
favorable results in existing or future litigation or dispute resolution
proceedings or claims; client delays or defaults in making 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; 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 Company’s failure, or the
failure of our agents or partners, to comply with laws, including
anti-bribery laws, international trade laws or environmental, health and
safety laws or regulations; 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, security breaches or inability to protect intellectual
property; foreign exchange risks; the inability to hire and retain
qualified personnel; failure to maintain safe worksites and
international security risks; the availability of credit and
restrictions imposed by credit facilities, both for the Company and our
clients, suppliers, subcontractors or other partners; possible
limitations on bonding or letter of credit capacity; risks or
uncertainties associated with acquisitions, dispositions and
investments; the Company’s ability to secure appropriate insurance; and
restrictions on possible transactions imposed by the Company’s charter
documents and Delaware law. 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, 2015. Such filings are available either publicly
or upon request from Fluor's Investor Relations Department: (469)
398-7070. 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.
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FLUOR CORPORATION
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CONSOLIDATED FINANCIAL RESULTS
|
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(in millions, except per share amounts)
|
|
Unaudited
|
|
|
|
|
|
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CONSOLIDATED OPERATING RESULTS
|
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|
|
|
|
|
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|
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|
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|
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THREE MONTHS ENDED JUNE 30
|
|
|
2015
|
|
|
2014
|
|
Revenue
|
|
|
$
|
4,810.1
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|
|
$
|
5,251.7
|
|
|
Cost and expenses:
|
|
|
|
|
|
|
|
Cost of revenue
|
|
|
|
4,516.1
|
|
|
|
4,906.4
|
|
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Corporate general and administrative expense
|
|
|
|
47.8
|
|
|
|
56.7
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|
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Interest expense, net
|
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|
|
7.4
|
|
|
|
3.3
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|
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Total cost and expenses
|
|
|
|
4,571.3
|
|
|
|
4,966.4
|
|
|
Earnings from continuing operations before taxes
|
|
|
|
238.8
|
|
|
|
285.3
|
|
|
Income tax expense
|
|
|
|
78.1
|
|
|
|
90.1
|
|
|
Earnings from continuing operations
|
|
|
|
160.7
|
|
|
|
195.2
|
|
|
Loss from discontinued operations, net of taxes
|
|
|
|
-
|
|
|
|
(85.2
|
)
|
|
Net earnings
|
|
|
|
160.7
|
|
|
|
110.0
|
|
|
Less: Net earnings attributable to noncontrolling interests
|
|
|
|
12.2
|
|
|
|
32.2
|
|
|
Net earnings attributable to Fluor Corporation
|
|
|
$
|
148.5
|
|
|
$
|
77.8
|
|
|
Amounts attributable to Fluor Corporation:
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|
|
|
|
|
|
Earnings from continuing operations
|
|
|
$
|
148.5
|
|
|
$
|
163.0
|
|
|
Loss from discontinued operations, net of taxes
|
|
|
|
-
|
|
|
|
(85.2
|
)
|
|
Net earnings
|
|
|
$
|
148.5
|
|
|
$
|
77.8
|
|
|
Basic earnings (loss) per share attributable to Fluor Corporation:
|
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|
|
|
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|
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Earnings from continuing operations
|
|
|
$
|
1.02
|
|
|
$
|
1.03
|
|
|
Loss from discontinued operations, net of taxes
|
|
|
|
-
|
|
|
|
(0.54
|
)
|
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Net earnings
|
|
|
$
|
1.02
|
|
|
$
|
0.49
|
|
|
Weighted average shares
|
|
|
|
146.3
|
|
|
|
158.5
|
|
|
Diluted earnings (loss) per share attributable to Fluor Corporation:
|
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|
|
|
|
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Earnings from continuing operations
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|
$
|
1.00
|
|
|
$
|
1.02
|
|
|
Loss from discontinued operations, net of taxes
|
|
|
|
-
|
|
|
|
(0.54
|
)
|
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Net earnings
|
|
|
$
|
1.00
|
|
|
$
|
0.48
|
|
|
Weighted average shares
|
|
|
|
147.9
|
|
|
|
160.5
|
|
|
New awards
|
|
|
$
|
4,268.4
|
|
|
$
|
5,863.1
|
|
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Backlog
|
|
|
$
|
41,592.0
|
|
|
$
|
40,328.2
|
|
|
Work performed
|
|
|
$
|
4,684.7
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|
|
$
|
5,106.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FLUOR CORPORATION
|
|
CONSOLIDATED FINANCIAL RESULTS
|
|
(in millions, except per share amounts)
|
|
Unaudited
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED OPERATING RESULTS
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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|
|
SIX MONTHS ENDED JUNE 30
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2015
|
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|
2014
|
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Revenue
|
|
|
$
|
9,358.8
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|
|
$
|
10,636.3
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|
|
Cost and expenses:
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|
|
|
|
|
|
|
Cost of revenue
|
|
|
|
8,767.3
|
|
|
|
9,978.7
|
|
|
Corporate general and administrative expense
|
|
|
|
88.9
|
|
|
|
94.5
|
|
|
Interest expense, net
|
|
|
|
14.9
|
|
|
|
6.4
|
|
|
Total cost and expenses
|
|
|
|
8,871.1
|
|
|
|
10,079.6
|
|
|
Earnings from continuing operations before taxes
|
|
|
|
487.7
|
|
|
|
556.7
|
|
|
Income tax expense
|
|
|
|
161.4
|
|
|
|
168.2
|
|
|
Earnings from continuing operations
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|
|
|
326.3
|
|
|
|
388.5
|
|
|
Loss from discontinued operations, net of taxes
|
|
|
|
-
|
|
|
|
(85.2
|
)
|
|
Net earnings
|
|
|
|
326.3
|
|
|
|
303.3
|
|
|
Less: Net earnings attributable to noncontrolling interests
|
|
|
|
33.7
|
|
|
|
76.4
|
|
|
Net earnings attributable to Fluor Corporation
|
|
|
$
|
292.6
|
|
|
$
|
226.9
|
|
|
Amounts attributable to Fluor Corporation:
|
|
|
|
|
|
|
|
Earnings from continuing operations
|
|
|
$
|
292.6
|
|
|
$
|
312.1
|
|
|
Loss from discontinued operations, net of taxes
|
|
|
|
-
|
|
|
|
(85.2
|
)
|
|
Net earnings
|
|
|
$
|
292.6
|
|
|
$
|
226.9
|
|
|
Basic earnings (loss) per share attributable to Fluor Corporation:
|
|
|
|
|
|
|
|
Earnings from continuing operations
|
|
|
$
|
1.99
|
|
|
$
|
1.96
|
|
|
Loss from discontinued operations, net of taxes
|
|
|
|
-
|
|
|
|
(0.54
|
)
|
|
Net earnings
|
|
|
$
|
1.99
|
|
|
$
|
1.42
|
|
|
Weighted average shares
|
|
|
|
147.0
|
|
|
|
159.3
|
|
|
Diluted earnings (loss) per share attributable to Fluor Corporation:
|
|
|
|
|
|
|
|
Earnings from continuing operations
|
|
|
$
|
1.96
|
|
|
$
|
1.93
|
|
|
Loss from discontinued operations, net of taxes
|
|
|
|
-
|
|
|
|
(0.52
|
)
|
|
Net earnings
|
|
|
$
|
1.96
|
|
|
$
|
1.41
|
|
|
Weighted average shares
|
|
|
|
148.9
|
|
|
|
161.4
|
|
|
New awards
|
|
|
$
|
8,716.1
|
|
|
$
|
16,531.6
|
|
|
Backlog
|
|
|
$
|
41,592.0
|
|
|
$
|
40,328.2
|
|
|
Work performed
|
|
|
$
|
9,103.6
|
|
|
$
|
10,348.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FLUOR CORPORATION
|
|
Unaudited
|
|
|
|
|
|
|
|
|
|
|
|
|
BUSINESS SEGMENT FINANCIAL REVIEW
|
|
|
|
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|
|
|
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|
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($ in millions)
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
THREE MONTHS ENDED JUNE 30
|
|
|
2015
|
|
|
|
2014 (1)
|
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|
|
Revenue
|
|
|
|
|
|
|
|
|
|
|
Oil & Gas
|
|
|
$
|
2,751.2
|
|
|
|
|
$
|
2,857.3
|
|
|
|
|
Industrial & Infrastructure
|
|
|
|
1,080.0
|
|
|
|
|
|
1,448.1
|
|
|
|
|
Government
|
|
|
|
603.1
|
|
|
|
|
|
598.6
|
|
|
|
|
Global Services
|
|
|
|
125.4
|
|
|
|
|
|
143.7
|
|
|
|
|
Power
|
|
|
|
250.4
|
|
|
|
|
|
204.0
|
|
|
|
|
Total revenue
|
|
|
$
|
4,810.1
|
|
|
|
|
$
|
5,251.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment profit (loss) $ and margin %
|
|
|
|
|
|
|
|
|
|
|
Oil & Gas
|
|
|
$
|
202.3
|
|
|
7.4
|
%
|
|
$
|
167.2
|
|
|
5.9
|
%
|
|
Industrial & Infrastructure
|
|
|
|
58.3
|
|
|
5.4
|
%
|
|
|
95.6
|
|
|
6.6
|
%
|
|
Government
|
|
|
|
17.2
|
|
|
2.9
|
%
|
|
|
13.9
|
|
|
2.3
|
%
|
|
Global Services
|
|
|
|
14.1
|
|
|
11.2
|
%
|
|
|
21.5
|
|
|
15.0
|
%
|
|
Power (2)
|
|
|
|
(10.1
|
)
|
|
(4.0
|
)%
|
|
|
14.9
|
|
|
7.3
|
%
|
|
Total segment profit $ and margin %
|
|
|
$
|
281.8
|
|
|
5.9
|
%
|
|
$
|
313.1
|
|
|
6.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate general and administrative expense
|
|
|
|
(47.8
|
)
|
|
|
|
|
(56.7
|
)
|
|
|
|
Interest expense, net
|
|
|
|
(7.4
|
)
|
|
|
|
|
(3.3
|
)
|
|
|
|
Earnings attributable to noncontrolling interests
|
|
|
|
12.2
|
|
|
|
|
|
32.2
|
|
|
|
|
Earnings from continuing operations before taxes
|
|
|
$
|
238.8
|
|
|
|
|
$
|
285.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SIX MONTHS ENDED JUNE 30
|
|
|
2015
|
|
|
|
2014 (1)
|
|
|
|
Revenue
|
|
|
|
|
|
|
|
|
|
|
Oil & Gas
|
|
|
$
|
5,222.8
|
|
|
|
|
$
|
5,640.1
|
|
|
|
|
Industrial & Infrastructure
|
|
|
|
2,160.3
|
|
|
|
|
|
3,063.8
|
|
|
|
|
Government
|
|
|
|
1,249.1
|
|
|
|
|
|
1,191.8
|
|
|
|
|
Global Services
|
|
|
|
255.1
|
|
|
|
|
|
285.7
|
|
|
|
|
Power
|
|
|
|
471.5
|
|
|
|
|
|
454.9
|
|
|
|
|
Total revenue
|
|
|
$
|
9,358.8
|
|
|
|
|
$
|
10,636.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment profit (loss) $ and margin %
|
|
|
|
|
|
|
|
|
|
|
Oil & Gas
|
|
|
$
|
385.6
|
|
|
7.4
|
%
|
|
$
|
306.2
|
|
|
5.4
|
%
|
|
Industrial & Infrastructure
|
|
|
|
129.4
|
|
|
6.0
|
%
|
|
|
192.8
|
|
|
6.3
|
%
|
|
Government
|
|
|
|
32.0
|
|
|
2.6
|
%
|
|
|
26.4
|
|
|
2.2
|
%
|
|
Global Services
|
|
|
|
29.4
|
|
|
11.5
|
%
|
|
|
42.3
|
|
|
14.8
|
%
|
|
Power (2)
|
|
|
|
(18.7
|
)
|
|
(4.0
|
)%
|
|
|
13.5
|
|
|
3.0
|
%
|
|
Total segment profit $ and margin %
|
|
|
$
|
557.7
|
|
|
6.0
|
%
|
|
$
|
581.2
|
|
|
5.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate general and administrative expense
|
|
|
|
(88.9
|
)
|
|
|
|
|
(94.5
|
)
|
|
|
|
Interest expense, net
|
|
|
|
(14.9
|
)
|
|
|
|
|
(6.4
|
)
|
|
|
|
Earnings attributable to noncontrolling interests
|
|
|
|
33.8
|
|
|
|
|
|
76.4
|
|
|
|
|
Earnings from continuing operations before taxes
|
|
|
$
|
487.7
|
|
|
|
|
$
|
556.7
|
|
|
|
|
|
|
(1) Effective January 1, 2015, the company implemented certain
organizational changes that impacted the composition of its
reportable segments. Revenue and segment profit for the Oil & Gas,
Industrial & Infrastructure and Global Services segments in 2014
have been recast to reflect these changes.
|
|
|
|
(2) Includes research and development expenses associated with
NuScale totaling $19 million and $36 million, respectively, for
three and six months ended June 30, 2015 compared to $4 million and
$17 million, respectively, for three and six months ended June 30,
2014.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FLUOR CORPORATION
|
|
Unaudited
|
|
|
|
|
|
|
|
|
|
SELECTED BALANCE SHEET ITEMS
|
|
|
|
|
|
|
|
($ in millions, except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
JUNE 30,
|
|
|
DECEMBER 31,
|
|
|
|
|
2015
|
|
|
2014
|
|
Cash and marketable securities, including noncurrent
|
|
|
$
|
2,132.4
|
|
|
|
$
|
2,441.9
|
|
|
Total current assets
|
|
|
|
5,202.7
|
|
|
|
|
5,758.0
|
|
|
Total assets
|
|
|
|
7,560.4
|
|
|
|
|
8,194.4
|
|
|
Total short-term debt
|
|
|
|
-
|
|
|
|
|
28.7
|
|
|
Total current liabilities
|
|
|
|
2,742.5
|
|
|
|
|
3,330.9
|
|
|
Long-term debt
|
|
|
|
992.5
|
|
|
|
|
991.7
|
|
|
Shareholders' equity
|
|
|
|
3,116.6
|
|
|
|
|
3,110.9
|
|
|
|
|
|
|
|
|
|
|
Total debt to capitalization % (based on shareholders' equity)
|
|
|
|
24.2
|
%
|
|
|
|
24.7
|
%
|
|
Shareholders' equity per share
|
|
|
$
|
21.44
|
|
|
|
$
|
20.93
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SELECTED CASH FLOW ITEMS
|
|
|
|
|
|
|
|
($ in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SIX MONTHS ENDED JUNE 30
|
|
|
2015
|
|
|
2014
|
|
|
|
|
|
|
|
|
|
Cash provided by operating activities
|
|
|
$
|
204.2
|
|
|
|
$
|
425.7
|
|
|
|
|
|
|
|
|
|
|
Investing activities
|
|
|
|
|
|
|
|
Net (purchases) sales and maturities of marketable securities
|
|
|
|
38.2
|
|
|
|
|
(32.8
|
)
|
|
Capital expenditures
|
|
|
|
(133.5
|
)
|
|
|
|
(148.9
|
)
|
|
Proceeds from disposal of property, plant and equipment
|
|
|
|
54.9
|
|
|
|
|
47.1
|
|
|
Proceeds from sales of equity method investments
|
|
|
|
-
|
|
|
|
|
44.0
|
|
|
Investments in partnerships and joint ventures
|
|
|
|
(47.5
|
)
|
|
|
|
(18.0
|
)
|
|
Other items
|
|
|
|
0.9
|
|
|
|
|
2.0
|
|
|
Cash utilized by investing activities
|
|
|
|
(87.0
|
)
|
|
|
|
(106.6
|
)
|
|
|
|
|
|
|
|
|
|
Financing activities
|
|
|
|
|
|
|
|
Repurchase of common stock
|
|
|
|
(214.3
|
)
|
|
|
|
(323.5
|
)
|
|
Dividends paid
|
|
|
|
(63.5
|
)
|
|
|
|
(59.7
|
)
|
|
Repayment of convertible debt and other borrowings
|
|
|
|
(28.4
|
)
|
|
|
|
(0.1
|
)
|
|
Distributions paid to noncontrolling interests, net of capital
contributions
|
(39.5
|
)
|
|
|
|
(44.1
|
)
|
|
Other Items
|
|
|
|
(10.7
|
)
|
|
|
|
6.3
|
|
|
Cash utilized by financing activities
|
|
|
|
(356.4
|
)
|
|
|
|
(421.1
|
)
|
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash
|
|
|
|
(30.2
|
)
|
|
|
|
1.2
|
|
|
|
|
|
|
|
|
|
|
Decrease in cash and cash equivalents
|
|
|
$
|
(269.4
|
)
|
|
|
$
|
(100.8
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation
|
|
|
$
|
94.7
|
|
|
|
$
|
94.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FLUOR CORPORATION
|
|
Supplemental Fact Sheet
|
|
Unaudited
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NEW AWARDS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
($ in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
THREE MONTHS ENDED JUNE 30
|
|
|
2015
|
|
|
2014 (1)
|
|
% Chg
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil & Gas
|
|
|
$
|
2,682
|
|
63
|
%
|
|
|
$
|
1,520
|
|
|
26
|
%
|
|
76
|
%
|
|
Industrial & Infrastructure
|
|
|
|
607
|
|
14
|
%
|
|
|
|
1,217
|
|
|
20
|
%
|
|
(50
|
)%
|
|
Government
|
|
|
|
726
|
|
17
|
%
|
|
|
|
3,088
|
|
|
53
|
%
|
|
(76
|
)%
|
|
Power
|
|
|
|
253
|
|
6
|
%
|
|
|
|
38
|
|
|
1
|
%
|
|
NM
|
|
Total new awards
|
|
|
$
|
4,268
|
|
100
|
%
|
|
|
$
|
5,863
|
|
|
100
|
%
|
|
(27
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SIX MONTHS ENDED JUNE 30
|
|
|
2015
|
|
|
2014 (1)
|
|
% Chg
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil & Gas
|
|
|
$
|
5,586
|
|
64
|
%
|
|
|
$
|
10,371
|
|
|
63
|
%
|
|
(46
|
)%
|
|
Industrial & Infrastructure
|
|
|
|
1,963
|
|
23
|
%
|
|
|
|
2,121
|
|
|
13
|
%
|
|
(7
|
)%
|
|
Government
|
|
|
|
800
|
|
9
|
%
|
|
|
|
3,836
|
|
|
23
|
%
|
|
(79
|
)%
|
|
Power
|
|
|
|
367
|
|
4
|
%
|
|
|
|
204
|
|
|
1
|
%
|
|
80
|
%
|
|
Total new awards
|
|
|
$
|
8,716
|
|
100
|
%
|
|
|
$
|
16,532
|
|
|
100
|
%
|
|
(47
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BACKLOG TRENDS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
($ in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AS OF JUNE 30
|
|
|
2015 (2)
|
|
|
2014 (1)
|
|
% Chg
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil & Gas
|
|
|
$
|
28,657
|
|
69
|
%
|
|
|
$
|
24,316
|
|
|
60
|
%
|
|
18
|
%
|
|
Industrial & Infrastructure
|
|
|
|
6,688
|
|
16
|
%
|
|
|
|
9,129
|
|
|
23
|
%
|
|
(27
|
)%
|
|
Government
|
|
|
|
4,306
|
|
10
|
%
|
|
|
|
5,184
|
|
|
13
|
%
|
|
(17
|
)%
|
|
Power
|
|
|
|
1,941
|
|
5
|
%
|
|
|
|
1,699
|
|
|
4
|
%
|
|
14
|
%
|
|
Total backlog
|
|
|
$
|
41,592
|
|
100
|
%
|
|
|
$
|
40,328
|
|
|
100
|
%
|
|
3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United States
|
|
|
$
|
14,284
|
|
34
|
%
|
|
|
$
|
12,293
|
|
|
30
|
%
|
|
16
|
%
|
|
The Americas (excluding the United States)
|
|
|
|
11,703
|
|
28
|
%
|
|
|
|
12,328
|
|
|
31
|
%
|
|
(5
|
)%
|
|
Europe, Africa and the Middle East
|
|
|
|
12,333
|
|
30
|
%
|
|
|
|
13,555
|
|
|
34
|
%
|
|
(9
|
)%
|
|
Asia Pacific (including Australia)
|
|
|
|
3,272
|
|
8
|
%
|
|
|
|
2,152
|
|
|
5
|
%
|
|
52
|
%
|
|
Total backlog
|
|
|
$
|
41,592
|
|
100
|
%
|
|
|
$
|
40,328
|
|
|
100
|
%
|
|
3
|
%
|
|
|
|
(1) Effective January 1, 2015, the company implemented certain
organizational changes that impacted the composition of its
reportable segments. New awards and backlog for the Oil & Gas and
Industrial & Infrastructure segments in 2014 have been recast to
reflect these changes.
|
|
|
|
(2) Backlog was negatively impacted by approximately $1.2 billion in
the first half of 2015 due to a strengthening U.S. dollar compared
to most major foreign currencies.
|
|
|
|
NM - Not meaningful
|
Fluor CorporationMedia RelationsBrian Mershon, 469-398-7621orBrett Turner, 864-281-6976orInvestor RelationsGeoff Telfer, 469-398-7070orJason Landkamer, 469-398-7222