Fluor Corporation (NYSE: FLR) today announced financial results for its
third quarter ended September 30, 2015. Net earnings attributable to
Fluor from continuing operations were $176 million, or $1.21 per diluted
share, compared to $183 million, or $1.15 per diluted share a year ago.
Consolidated segment profit for the quarter was $240 million, down 28
percent from $335 million in the third quarter of 2014. Revenue for the
third quarter was $4.4 billion, down from $5.4 billion a year ago,
mainly due to lower contributions from the Oil & Gas and Industrial &
Infrastructure segments.
New awards for the quarter were $5.3 billion, including $3.6 billion in
Oil & Gas, $926 million in Industrial & Infrastructure, $534 million in
Power and $277 million in Government. Consolidated backlog at the end of
the quarter was $41.7 billion, compared to $41.6 billion last quarter
and $42.3 billion a year ago.
"Even in a tough environment, strong awards this quarter demonstrate
that customers are still moving forward with major awards," said David
Seaton, chairman and chief executive officer. "It is also evidence that,
as a result of our focus on our integrated solutions offering and cost
optimization, we are well positioned to win additional work from our
customers across all of the end markets we serve."
Corporate G&A expense for the third quarter of 2015 was $35 million,
comparable with a year ago. During the quarter, the Company repurchased
$145 million worth of Fluor shares, and paid out $31 million in
dividends to shareholders. Fluor’s cash and marketable securities
balance at the end of the third quarter was $2.3 billion.
Ending backlog was reduced by approximately $1.1 billion as a result of
the strong dollar. Foreign exchange rates did not have a significant
impact on earnings for the third quarter.
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. In the third quarter, the Company recorded a pre-tax
settlement expense of $9 million, or $0.04 per diluted share after-tax,
related to the pension plan. Excluding this expense, which is not
included in Company guidance, EPS from continuing operations would be
$1.25 per diluted share. The full settlement of the plan is expected to
occur in the fourth quarter.
Outlook
The Company is narrowing its 2015 guidance for EPS from continuing
operations to a range of $4.05 to $4.20 per diluted share, from the
previous range of $4.05 to $4.35 per diluted share, excluding all
pension settlement-related charges. For 2016, the Company is
establishing its initial EPS guidance at a range of $3.50 to $4.00 per
diluted share.
Business Segments
Fluor’s Oil & Gas business reported segment profit of $190 million,
compared to $178 million a year ago. Segment profit results were also
favorably impacted by higher margin engineering activities. Revenue for
the quarter was $2.4 billion, a 26 percent decline from the third
quarter of 2014, due to certain large upstream projects progressing to
completion. Third quarter new awards for the segment totaled $3.6
billion, including a refinery project in Kuwait and a refinery
reconfiguration project in the United States. Ending backlog for the Oil
& Gas segment was $29.1 billion, up 9 percent from $26.6 billion a year
ago.
In addition to the Oil & Gas results above, the Company also recognized
a $68 million pre-tax non-operating gain, or $0.30 per diluted share
after-tax, related to the sale of 50% of the Company’s ownership
interest in a Spanish subsidiary to create a new joint venture.
The Industrial & Infrastructure group reported segment profit of $45
million, compared with $101 million in the third quarter of 2014.
Revenue for the quarter was $928 million, down from $1.2 billion a year
ago. Revenue and segment profit results reflect lower contributions from
the mining and metals and infrastructure business lines. New awards for
the third quarter were $926 million, including a highway project in
Texas. Backlog for the quarter was $6.6 billion, down from $8.6 billion
a year ago.
The Government group reported segment profit of $30 million, comparable
to a year ago. Revenue for the quarter was $661 million, up from $615
million a year ago. New awards in the third quarter totaled $277
million, and ending backlog was $3.8 billion, compared with $5.2 billion
a year ago.
Segment profit for Global Services was $9 million in the third quarter,
which compares to $21 million a year ago. Revenue declined to $120
million from $140 million a year ago. Lower results in the quarter were
mainly driven by reductions in the equipment business line’s activities.
Fluor’s Power group reported a segment loss of $34 million, compared to
a segment profit of $6 million a year ago. Excluding NuScale expenses of
$29 million in the third quarter and $17 million a year ago, the group
reported a segment loss of $5 million this quarter and a segment profit
of $22 million a year ago. Segment results for the quarter reflect cost
increases on a gas-fired facility that is nearing completion. Revenue
for the quarter was $269 million, up from $237 million a year ago. New
awards for the quarter were $534 million, including a full notice to
proceed on a gas-fired power plant in Florida, and compares with $382
million in the third quarter of 2014. Ending backlog was $2.2 billion,
compared with $1.8 billion a year ago.
Third Quarter Conference Call
Fluor will host a conference call at 5:30 p.m. Eastern time on Thursday,
October 29, 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; failure of our joint venture partners to perform their venture
obligations; 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; 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; 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; risks or uncertainties associated with acquisitions,
dispositions and investments; 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
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; 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.
|
|
|
|
|
|
|
|
|
|
FLUOR CORPORATION
|
|
CONSOLIDATED FINANCIAL RESULTS
|
|
(in millions, except per share amounts)
|
|
Unaudited
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED OPERATING RESULTS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
THREE MONTHS ENDED SEPTEMBER 30
|
|
|
|
2015
|
|
|
2014
|
|
Revenue
|
|
|
|
$
|
4,384.6
|
|
|
|
$
|
5,440.1
|
|
|
Cost and expenses:
|
|
|
|
|
|
|
|
|
Cost of revenue
|
|
|
|
|
4,133.8
|
|
|
|
|
5,060.0
|
|
|
Gain related to a partial sale of a subsidiary
|
|
|
|
|
(68.2
|
)
|
|
|
|
-
|
|
|
Corporate general and administrative expense
|
|
|
|
|
35.2
|
|
|
|
|
35.1
|
|
|
Interest expense, net
|
|
|
|
|
5.6
|
|
|
|
|
1.6
|
|
|
Total cost and expenses
|
|
|
|
|
4,106.4
|
|
|
|
|
5,096.7
|
|
|
Earnings from continuing operations before taxes
|
|
|
|
|
278.2
|
|
|
|
|
343.4
|
|
|
Income tax expense
|
|
|
|
|
91.4
|
|
|
|
|
114.6
|
|
|
Earnings from continuing operations
|
|
|
|
|
186.8
|
|
|
|
|
228.8
|
|
|
Loss from discontinued operations, net of taxes
|
|
|
|
|
(5.1
|
)
|
|
|
|
(113.9
|
)
|
|
Net earnings
|
|
|
|
|
181.7
|
|
|
|
|
114.9
|
|
|
Less: Net earnings attributable to noncontrolling interests
|
|
|
|
|
10.4
|
|
|
|
|
45.4
|
|
|
Net earnings attributable to Fluor Corporation
|
|
|
|
$
|
171.3
|
|
|
|
$
|
69.5
|
|
|
Amounts attributable to Fluor Corporation:
|
|
|
|
|
|
|
|
|
Earnings from continuing operations
|
|
|
|
$
|
176.4
|
|
|
|
$
|
183.4
|
|
|
Loss from discontinued operations, net of taxes
|
|
|
|
|
(5.1
|
)
|
|
|
|
(113.9
|
)
|
|
Net earnings
|
|
|
|
$
|
171.3
|
|
|
|
$
|
69.5
|
|
|
Basic earnings (loss) per share attributable to Fluor Corporation:
|
|
|
|
|
|
|
|
Earnings from continuing operations
|
|
|
|
$
|
1.22
|
|
|
|
$
|
1.17
|
|
|
Loss from discontinued operations, net of taxes
|
|
|
|
|
(0.03
|
)
|
|
|
|
(0.73
|
)
|
|
Net earnings
|
|
|
|
$
|
1.19
|
|
|
|
$
|
0.44
|
|
|
Weighted average shares
|
|
|
|
|
144.3
|
|
|
|
|
157.3
|
|
|
Diluted earnings (loss) per share attributable to Fluor Corporation:
|
|
|
|
|
|
|
|
Earnings from continuing operations
|
|
|
|
$
|
1.21
|
|
|
|
$
|
1.15
|
|
|
Loss from discontinued operations, net of taxes
|
|
|
|
|
(0.04
|
)
|
|
|
|
(0.71
|
)
|
|
Net earnings
|
|
|
|
$
|
1.17
|
|
|
|
$
|
0.44
|
|
|
Weighted average shares
|
|
|
|
|
146.1
|
|
|
|
|
159.5
|
|
|
New awards
|
|
|
|
$
|
5,294.3
|
|
|
|
$
|
6,011.4
|
|
|
Backlog
|
|
|
|
$
|
41,693.3
|
|
|
|
$
|
42,269.8
|
|
|
Work performed
|
|
|
|
$
|
4,264.5
|
|
|
|
$
|
5,299.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FLUOR CORPORATION
|
|
CONSOLIDATED FINANCIAL RESULTS
|
|
(in millions, except per share amounts)
|
|
Unaudited
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED OPERATING RESULTS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NINE MONTHS ENDED SEPTEMBER 30
|
|
|
|
2015
|
|
|
2014
|
|
Revenue
|
|
|
|
$
|
13,743.4
|
|
|
|
$
|
16,076.4
|
|
|
Cost and expenses:
|
|
|
|
|
|
|
|
|
Cost of revenue
|
|
|
|
|
12,901.2
|
|
|
|
|
15,038.7
|
|
|
Gain related to a partial sale of a subsidiary
|
|
|
|
|
(68.2
|
)
|
|
|
|
-
|
|
|
Corporate general and administrative expense
|
|
|
|
|
124.1
|
|
|
|
|
129.6
|
|
|
Interest expense, net
|
|
|
|
|
20.4
|
|
|
|
|
8.0
|
|
|
Total cost and expenses
|
|
|
|
|
12,977.5
|
|
|
|
|
15,176.3
|
|
|
Earnings from continuing operations before taxes
|
|
|
|
|
765.9
|
|
|
|
|
900.1
|
|
|
Income tax expense
|
|
|
|
|
252.8
|
|
|
|
|
282.9
|
|
|
Earnings from continuing operations
|
|
|
|
|
513.1
|
|
|
|
|
617.2
|
|
|
Loss from discontinued operations, net of taxes
|
|
|
|
|
(5.1
|
)
|
|
|
|
(199.0
|
)
|
|
Net earnings
|
|
|
|
|
508.0
|
|
|
|
|
418.2
|
|
|
Less: Net earnings attributable to noncontrolling interests
|
|
|
|
|
44.2
|
|
|
|
|
121.8
|
|
|
Net earnings attributable to Fluor Corporation
|
|
|
|
$
|
463.8
|
|
|
|
$
|
296.4
|
|
|
Amounts attributable to Fluor Corporation:
|
|
|
|
|
|
|
|
|
Earnings from continuing operations
|
|
|
|
$
|
468.9
|
|
|
|
$
|
495.4
|
|
|
Loss from discontinued operations, net of taxes
|
|
|
|
|
(5.1
|
)
|
|
|
|
(199.0
|
)
|
|
Net earnings
|
|
|
|
$
|
463.8
|
|
|
|
$
|
296.4
|
|
|
Basic earnings (loss) per share attributable to Fluor Corporation:
|
|
|
|
|
|
|
|
Earnings from continuing operations
|
|
|
|
$
|
3.21
|
|
|
|
$
|
3.12
|
|
|
Loss from discontinued operations, net of taxes
|
|
|
|
|
(0.03
|
)
|
|
|
|
(1.25
|
)
|
|
Net earnings
|
|
|
|
$
|
3.18
|
|
|
|
$
|
1.87
|
|
|
Weighted average shares
|
|
|
|
|
146.1
|
|
|
|
|
158.7
|
|
|
Diluted earnings (loss) per share attributable to Fluor Corporation:
|
|
|
|
|
|
|
|
Earnings from continuing operations
|
|
|
|
$
|
3.17
|
|
|
|
$
|
3.08
|
|
|
Loss from discontinued operations, net of taxes
|
|
|
|
|
(0.04
|
)
|
|
|
|
(1.24
|
)
|
|
Net earnings
|
|
|
|
$
|
3.13
|
|
|
|
$
|
1.84
|
|
|
Weighted average shares
|
|
|
|
|
148.0
|
|
|
|
|
160.8
|
|
|
New awards
|
|
|
|
$
|
14,010.4
|
|
|
|
$
|
22,543.0
|
|
|
Backlog
|
|
|
|
$
|
41,693.3
|
|
|
|
$
|
42,269.8
|
|
|
Work performed
|
|
|
|
$
|
13,368.1
|
|
|
|
$
|
15,648.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FLUOR CORPORATION
|
|
Unaudited
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BUSINESS SEGMENT FINANCIAL REVIEW
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
($ in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
THREE MONTHS ENDED SEPTEMBER 30
|
|
|
|
2015
|
|
|
|
|
|
2014 (1)
|
|
|
|
|
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil & Gas
|
|
|
|
$
|
2,407.3
|
|
|
|
|
|
|
$
|
3,263.5
|
|
|
|
|
|
Industrial & Infrastructure
|
|
|
|
|
927.5
|
|
|
|
|
|
|
|
1,184.6
|
|
|
|
|
|
Government
|
|
|
|
|
660.7
|
|
|
|
|
|
|
|
615.1
|
|
|
|
|
|
Global Services
|
|
|
|
|
120.2
|
|
|
|
|
|
|
|
140.0
|
|
|
|
|
|
Power
|
|
|
|
|
268.9
|
|
|
|
|
|
|
|
236.9
|
|
|
|
|
|
Total revenue
|
|
|
|
$
|
4,384.6
|
|
|
|
|
|
|
$
|
5,440.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment profit (loss) $ and margin %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil & Gas
|
|
|
|
$
|
189.8
|
|
|
|
7.9
|
%
|
|
|
$
|
178.3
|
|
|
|
5.5
|
%
|
|
Industrial & Infrastructure
|
|
|
|
|
45.1
|
|
|
|
4.9
|
%
|
|
|
|
100.6
|
|
|
|
8.5
|
%
|
|
Government
|
|
|
|
|
30.0
|
|
|
|
4.5
|
%
|
|
|
|
29.6
|
|
|
|
4.8
|
%
|
|
Global Services
|
|
|
|
|
9.5
|
|
|
|
7.9
|
%
|
|
|
|
20.5
|
|
|
|
14.6
|
%
|
|
Power (2)
|
|
|
|
|
(34.1
|
)
|
|
|
(12.7
|
)%
|
|
|
|
5.7
|
|
|
|
2.4
|
%
|
|
Total segment profit $ and margin %
|
|
|
|
$
|
240.3
|
|
|
|
5.5
|
%
|
|
|
$
|
334.7
|
|
|
|
6.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain related to a partial sale of a subsidiary
|
|
|
|
|
68.2
|
|
|
|
|
|
|
|
-
|
|
|
|
|
|
Corporate general and administrative expense
|
|
|
|
|
(35.2
|
)
|
|
|
|
|
|
|
(35.1
|
)
|
|
|
|
|
Interest expense, net
|
|
|
|
|
(5.6
|
)
|
|
|
|
|
|
|
(1.6
|
)
|
|
|
|
|
Earnings attributable to noncontrolling interests
|
|
|
|
|
10.5
|
|
|
|
|
|
|
|
45.4
|
|
|
|
|
|
Earnings from continuing operations before taxes
|
|
|
|
$
|
278.2
|
|
|
|
|
|
|
$
|
343.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NINE MONTHS ENDED SEPTEMBER 30
|
|
|
|
2015
|
|
|
|
|
|
2014 (1)
|
|
|
|
|
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil & Gas
|
|
|
|
$
|
7,630.1
|
|
|
|
|
|
|
$
|
8,903.6
|
|
|
|
|
|
Industrial & Infrastructure
|
|
|
|
|
3,087.8
|
|
|
|
|
|
|
|
4,248.4
|
|
|
|
|
|
Government
|
|
|
|
|
1,909.8
|
|
|
|
|
|
|
|
1,806.9
|
|
|
|
|
|
Global Services
|
|
|
|
|
375.3
|
|
|
|
|
|
|
|
425.7
|
|
|
|
|
|
Power
|
|
|
|
|
740.4
|
|
|
|
|
|
|
|
691.8
|
|
|
|
|
|
Total revenue
|
|
|
|
$
|
13,743.4
|
|
|
|
|
|
|
$
|
16,076.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment profit (loss) $ and margin %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil & Gas
|
|
|
|
$
|
575.4
|
|
|
|
7.5
|
%
|
|
|
$
|
484.5
|
|
|
|
5.4
|
%
|
|
Industrial & Infrastructure
|
|
|
|
|
174.5
|
|
|
|
5.7
|
%
|
|
|
|
293.4
|
|
|
|
6.9
|
%
|
|
Government
|
|
|
|
|
62.0
|
|
|
|
3.2
|
%
|
|
|
|
56.0
|
|
|
|
3.1
|
%
|
|
Global Services
|
|
|
|
|
38.9
|
|
|
|
10.4
|
%
|
|
|
|
62.8
|
|
|
|
14.8
|
%
|
|
Power (2)
|
|
|
|
|
(52.8
|
)
|
|
|
(7.1
|
)%
|
|
|
|
19.2
|
|
|
|
2.8
|
%
|
|
Total segment profit $ and margin %
|
|
|
|
$
|
798.0
|
|
|
|
5.8
|
%
|
|
|
$
|
915.9
|
|
|
|
5.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain related to a partial sale of a subsidiary
|
|
|
|
|
68.2
|
|
|
|
|
|
|
|
-
|
|
|
|
|
|
Corporate general and administrative expense
|
|
|
|
|
(124.1
|
)
|
|
|
|
|
|
|
(129.6
|
)
|
|
|
|
|
Interest expense, net
|
|
|
|
|
(20.4
|
)
|
|
|
|
|
|
|
(8.0
|
)
|
|
|
|
|
Earnings attributable to noncontrolling interests
|
|
|
|
|
44.2
|
|
|
|
|
|
|
|
121.8
|
|
|
|
|
|
Earnings from continuing operations before taxes
|
|
|
|
$
|
765.9
|
|
|
|
|
|
|
$
|
900.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 $29 million and $65 million, respectively, for
three and nine months ended September 30, 2015 compared to $17
million and $33 million, respectively, for three and nine months
ended September 30, 2014.
|
|
|
|
|
|
|
|
|
|
|
|
|
FLUOR CORPORATION
|
|
Unaudited
|
|
|
|
|
|
|
|
|
|
|
SELECTED BALANCE SHEET ITEMS
|
|
|
|
|
|
|
|
|
($ in millions, except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
SEPTEMBER 30,
|
|
|
DECEMBER 31,
|
|
|
|
|
|
2015
|
|
|
2014
|
|
Cash and marketable securities, including noncurrent
|
|
|
|
$
|
2,266.4
|
|
|
|
$
|
2,441.9
|
|
|
Total current assets
|
|
|
|
|
5,229.8
|
|
|
|
|
5,758.0
|
|
|
Total assets
|
|
|
|
|
7,599.4
|
|
|
|
|
8,194.4
|
|
|
Total short-term debt
|
|
|
|
|
-
|
|
|
|
|
28.7
|
|
|
Total current liabilities
|
|
|
|
|
2,861.8
|
|
|
|
|
3,330.9
|
|
|
Long-term debt
|
|
|
|
|
992.7
|
|
|
|
|
991.7
|
|
|
Shareholders' equity
|
|
|
|
|
3,062.3
|
|
|
|
|
3,110.9
|
|
|
|
|
|
|
|
|
|
|
|
Total debt to capitalization % (based on shareholders' equity)
|
|
|
|
|
24.5
|
%
|
|
|
|
24.7
|
%
|
|
Shareholders' equity per share
|
|
|
|
$
|
21.53
|
|
|
|
$
|
20.93
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SELECTED CASH FLOW ITEMS
|
|
|
|
|
|
|
|
|
($ in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NINE MONTHS ENDED SEPTEMBER 30
|
|
|
|
2015
|
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
Cash provided by operating activities
|
|
|
|
$
|
570.4
|
|
|
|
$
|
407.3
|
|
|
|
|
|
|
|
|
|
|
|
Investing activities
|
|
|
|
|
|
|
|
|
Net (purchases) sales and maturities of marketable securities
|
|
|
|
|
(38.7
|
)
|
|
|
|
(42.4
|
)
|
|
Capital expenditures
|
|
|
|
|
(181.1
|
)
|
|
|
|
(222.6
|
)
|
|
Proceeds from disposal of property, plant and equipment
|
|
|
|
|
70.4
|
|
|
|
|
72.5
|
|
|
Proceeds from a partial sale of a subsidiary
|
|
|
|
|
45.6
|
|
|
|
|
-
|
|
|
Proceeds from sales of equity method investments
|
|
|
|
|
-
|
|
|
|
|
44.0
|
|
|
Investments in partnerships and joint ventures
|
|
|
|
|
(80.9
|
)
|
|
|
|
(34.2
|
)
|
|
Other items
|
|
|
|
|
14.5
|
|
|
|
|
2.0
|
|
|
Cash utilized by investing activities
|
|
|
|
|
(170.2
|
)
|
|
|
|
(180.7
|
)
|
|
|
|
|
|
|
|
|
|
|
Financing activities
|
|
|
|
|
|
|
|
|
Repurchase of common stock
|
|
|
|
|
(359.6
|
)
|
|
|
|
(410.6
|
)
|
|
Dividends paid
|
|
|
|
|
(94.6
|
)
|
|
|
|
(93.0
|
)
|
|
Repayment of convertible debt and other borrowings
|
|
|
|
|
(28.4
|
)
|
|
|
|
(0.1
|
)
|
|
Distributions paid to noncontrolling interests, net of capital
contributions
|
|
|
|
|
(40.9
|
)
|
|
|
|
(73.3
|
)
|
|
Other Items
|
|
|
|
|
(10.7
|
)
|
|
|
|
14.7
|
|
|
Cash utilized by financing activities
|
|
|
|
|
(534.2
|
)
|
|
|
|
(562.3
|
)
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash
|
|
|
|
|
(77.7
|
)
|
|
|
|
(47.7
|
)
|
|
|
|
|
|
|
|
|
|
|
Decrease in cash and cash equivalents
|
|
|
|
$
|
(211.7
|
)
|
|
|
$
|
(383.4
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation
|
|
|
|
$
|
141.0
|
|
|
|
$
|
143.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FLUOR CORPORATION
|
|
Supplemental Fact Sheet
|
|
Unaudited
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NEW AWARDS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
($ in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
THREE MONTHS ENDED SEPTEMBER 30
|
|
|
|
2015
|
|
|
2014 (1)
|
|
|
% Chg
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil & Gas
|
|
|
|
$
|
3,557
|
|
|
|
67
|
%
|
|
|
$
|
4,479
|
|
|
|
75
|
%
|
|
|
(21)%
|
|
Industrial & Infrastructure
|
|
|
|
|
926
|
|
|
|
18
|
%
|
|
|
|
450
|
|
|
|
7
|
%
|
|
|
106%
|
|
Government
|
|
|
|
|
277
|
|
|
|
5
|
%
|
|
|
|
700
|
|
|
|
12
|
%
|
|
|
(60)%
|
|
Power
|
|
|
|
|
534
|
|
|
|
10
|
%
|
|
|
|
382
|
|
|
|
6
|
%
|
|
|
40%
|
|
Total new awards
|
|
|
|
$
|
5,294
|
|
|
|
100
|
%
|
|
|
$
|
6,011
|
|
|
|
100
|
%
|
|
|
(12)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NINE MONTHS ENDED SEPTEMBER 30
|
|
|
|
2015
|
|
|
2014 (1)
|
|
|
% Chg
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil & Gas
|
|
|
|
$
|
9,143
|
|
|
|
65
|
%
|
|
|
$
|
14,850
|
|
|
|
66
|
%
|
|
|
(38)%
|
|
Industrial & Infrastructure
|
|
|
|
|
2,889
|
|
|
|
21
|
%
|
|
|
|
2,571
|
|
|
|
12
|
%
|
|
|
12%
|
|
Government
|
|
|
|
|
1,077
|
|
|
|
8
|
%
|
|
|
|
4,536
|
|
|
|
20
|
%
|
|
|
(76)%
|
|
Power
|
|
|
|
|
901
|
|
|
|
6
|
%
|
|
|
|
586
|
|
|
|
2
|
%
|
|
|
54%
|
|
Total new awards
|
|
|
|
$
|
14,010
|
|
|
|
100
|
%
|
|
|
$
|
22,543
|
|
|
|
100
|
%
|
|
|
(38)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BACKLOG TRENDS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
($ in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AS OF SEPTEMBER 30
|
|
|
|
2015 (2)
|
|
|
2014 (1)
|
|
|
% Chg
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil & Gas
|
|
|
|
$
|
29,059
|
|
|
|
70
|
%
|
|
|
$
|
26,600
|
|
|
|
63
|
%
|
|
|
9%
|
|
Industrial & Infrastructure
|
|
|
|
|
6,590
|
|
|
|
16
|
%
|
|
|
|
8,618
|
|
|
|
21
|
%
|
|
|
(24)%
|
|
Government
|
|
|
|
|
3,826
|
|
|
|
9
|
%
|
|
|
|
5,218
|
|
|
|
12
|
%
|
|
|
(27)%
|
|
Power
|
|
|
|
|
2,218
|
|
|
|
5
|
%
|
|
|
|
1,834
|
|
|
|
4
|
%
|
|
|
21%
|
|
Total backlog
|
|
|
|
$
|
41,693
|
|
|
|
100
|
%
|
|
|
$
|
42,270
|
|
|
|
100
|
%
|
|
|
(1)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United States
|
|
|
|
$
|
14,369
|
|
|
|
34
|
%
|
|
|
$
|
11,887
|
|
|
|
28
|
%
|
|
|
21%
|
|
The Americas (excluding the United States)
|
|
|
|
|
10,058
|
|
|
|
24
|
%
|
|
|
|
14,029
|
|
|
|
33
|
%
|
|
|
(28)%
|
|
Europe, Africa and the Middle East
|
|
|
|
|
14,327
|
|
|
|
35
|
%
|
|
|
|
12,776
|
|
|
|
30
|
%
|
|
|
12%
|
|
Asia Pacific (including Australia)
|
|
|
|
|
2,939
|
|
|
|
7
|
%
|
|
|
|
3,578
|
|
|
|
9
|
%
|
|
|
(18)%
|
|
Total backlog
|
|
|
|
$
|
41,693
|
|
|
|
100
|
%
|
|
|
$
|
42,270
|
|
|
|
100
|
%
|
|
|
(1)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 $1.1 billion
and $2.3 billion for the three and nine months ended September 30,
2015, respectively, due to a strengthening U.S. dollar compared to
most major foreign currencies.
|
|
|
Fluor CorporationMedia RelationsBrian Mershon, 469-398-7621orBrett Turner, 864-281-6976orInvestor RelationsGeoff Telfer, 469-398-7070orJason Landkamer, 469-398-7222