- 2015 EPS From Continuing Operations of $3.89 Excluding Pension Settlement Expenses
- 2015 EPS From Continuing Operations of $2.85
- New Awards of $21.8 Billion; Backlog of $44.7 Billion
- Returned $635 Million to Shareholders in 2015
Fluor
Corporation (NYSE: FLR) today announced financial results for its
fiscal year ended December 31, 2015. Excluding pre-tax non-operating
pension settlement expenses of $240 million, or $1.04 per diluted share
after-tax, the company reported a net profit from continuing operations
of $571 million, or $3.89 per diluted share, compared to $715 million or
$4.48 per diluted share in 2014. Including pension settlement expenses,
the company reported net earnings of $418 million, or $2.85 per diluted
share. Consolidated segment profit for the year was $1.0 billion,
compared to $1.3 billion a year ago. Revenue of $18.1 billion in 2015
compares to $21.5 billion in the prior year.
Full year new awards were $21.8 billion, comprised of $11.3 billion in
Oil & Gas, $6.0 billion in Power, $3.2 billion in Industrial &
Infrastructure and $1.4 billion in Government. This compares to $28.8
billion in new awards in 2014. Consolidated backlog at year-end was a
record $44.7 billion, compared with $42.5 billion a year ago, reflecting
growth in the Power segment from the award of two nuclear contracts from
Westinghouse.
Corporate G&A expense for 2015 was $168 million, compared with $183
million a year ago. Fluor’s cash and marketable securities balance
remains strong at $2.4 billion. During 2015, the company generated $849
million in cash flow from operating activities, repurchased $510 million
worth of Fluor shares, and paid out $125 million in dividends.
Fourth Quarter Results
Excluding pre-tax non-operating pension settlement expenses of $231
million, or $1.04 per diluted share after-tax, the company reported a
net profit from continuing operations for the fourth quarter of 2015 of
$96 million, or $0.68 per diluted share. Including pension settlement
expenses, the company reported a loss of $51 million, or $0.36 per
diluted share. Current quarter segment profit was $234 million and
includes a $31 million charge related to a gas-fired power facility in
Brunswick County, Virginia. Corporate G&A expenses in the fourth quarter
of 2015 were $54 million, compared with $53 million a year ago. The
effective tax rate in the fourth quarter of 2015 was higher than
expected due to losses in two foreign subsidiaries. Revenue for the
quarter was $4.4 billion and new awards were $7.8 billion. The combined
effect of the charge on the gas-fired power project and the higher than
expected tax rate was approximately $0.21 per diluted share.
"Although we are disappointed with the results in Power, our Oil & Gas
business performed well and maintained backlog levels despite the
continued volatility of oil prices," said Fluor Chairman and Chief
Executive Officer David Seaton. "Our nuclear contracts with
Westinghouse, along with recently announced new awards in Infrastructure
and our announcement to acquire Stork Holdings B.V., add diversification
to our already strong backlog and build upon our strategy to expand our
construction and maintenance offerings."
Outlook
The Company is maintaining its EPS guidance for 2016 at the previously
announced range of $3.50 to $4.00 per diluted share.
Business Segments
Fluor’s Oil & Gas business reported segment profit of $765 million in
2015, an increase from $670 million in 2014. Revenue for 2015 was $10.0
billion, down from $11.5 billion in the previous year, due to the
completion of major upstream projects in Australia and Canada. The
segment’s strong operating results reflect increased contributions from
various downstream projects. Full year new awards in 2015 totaled
$11.3 billion, compared to $19.7 billion in 2014. In the fourth quarter,
the segment booked new awards of $2.1 billion, including two refining
projects for Pemex in Mexico. Ending backlog for the Oil & Gas segment
was $28.8 billion compared to $28.5 billion a year ago.
The Industrial & Infrastructure group reported segment profit of $227
million, down from $386 million in 2014. Total 2015 revenue for the
segment decreased 31 percent to $4.1 billion from $5.9 billion a year
ago. Results for the year primarily reflect lower contributions from the
mining and metals and infrastructure business lines, partially offset by
increases in industrial services. Full year new awards in 2015 totaled
$3.2 billion compared to $3.3 billion in 2014. New awards in the fourth
quarter were $302 million including multiple industrial services
projects. Year-end backlog declined to $5.6 billion from $7.2 billion a
year ago reflecting reduced mining and metals new award activity in the
year.
The Government group reported segment profit of $83 million, compared to
$93 million a year ago. Segment profit in 2015 reflects reduced task
order activities associated with the LOGCAP IV contract in Afghanistan,
partially offset by increased activity on nuclear remediation projects.
Revenue for 2015 was $2.6 billion, comparable to a year ago. New awards
totaled $1.4 billion for the year, compared with $4.7 billion in 2014.
Fourth quarter 2015 new awards were $352 million and ending backlog was
$3.6 billion.
Segment profit for Global Services was $45 million in 2015, compared to
$83 million a year ago. Revenue for the year declined from $581 million
in 2014 to $499 million in 2015. Lower results for the year were mainly
driven by reductions in the equipment business line’s activities.
The Power group reported a segment loss of $88 million for 2015,
compared to a segment profit of $31 million a year ago. Excluding
NuScale research and development expenses, the group reported a segment
loss of $8 million for the year and a segment profit of $77 million in
2014. Segment results for the year reflect cost adjustments related to a
gas-fired power facility in Brunswick County, Virginia that is nearing
completion this spring. Revenue for the year was $947 million compared
to $1 billion a year ago. New awards in 2015 were $6.0 billion, compared
with $1.1 billion a year ago. Fourth quarter new awards of $5.1 billion
include an award from Westinghouse Electric Company to manage the
construction workforce at two nuclear power plant projects in Georgia
and South Carolina. Ending backlog was $6.8 billion, compared with $2.1
billion a year ago.
Fourth Quarter and Year-End Conference Call
Fluor will host a conference call at 5:30 p.m. Eastern time on Thursday,
February 18, 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, procurement,
fabrication, construction and maintenance company that designs, builds
and maintains capital-efficient facilities for its clients on six
continents. For more than a century, Fluor has served clients by
delivering innovative and integrated solutions for our clients in the
energy, chemicals, government, industrial, infrastructure, mining and
metals, and power market sectors. With headquarters in Irving, Texas,
Fluor ranks 136 on the FORTUNE 500 list with revenue of $18.1 billion
for 2015 and has 44,000 employees worldwide. For more information,
please 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; 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 or other partners to perform their obligations; cyber-security
breaches, which could impact our ability to operate; 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
or inability to protect intellectual property; liabilities associated
with the performance of nuclear services; 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; risks arising from the inability to successfully integrate
acquired businesses; 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, 2016. 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 DECEMBER 31
|
|
|
2015
|
|
|
2014
|
|
Revenue
|
|
|
$
|
4,370.7
|
|
|
|
$
|
5,455.2
|
|
|
Cost and expenses:
|
|
|
|
|
|
|
|
Cost of revenue
|
|
|
|
4,118.3
|
|
|
|
|
5,093.8
|
|
|
Pension settlement charge
|
|
|
|
230.5
|
|
|
|
|
-
|
|
|
Corporate general and administrative expense
|
|
|
|
53.6
|
|
|
|
|
53.2
|
|
|
Interest expense, net
|
|
|
|
7.6
|
|
|
|
|
3.5
|
|
|
Total cost and expenses
|
|
|
|
4,410.0
|
|
|
|
|
5,150.5
|
|
|
Earnings (loss) from continuing operations before taxes
|
|
|
|
(39.3
|
)
|
|
|
|
304.7
|
|
|
Income tax expense (benefit)
|
|
|
|
(6.9
|
)
|
|
|
|
69.8
|
|
|
Earnings (loss) from continuing operations
|
|
|
|
(32.4
|
)
|
|
|
|
234.9
|
|
|
Loss from discontinued operations, net of taxes
|
|
|
|
(0.6
|
)
|
|
|
|
(5.6
|
)
|
|
Net earnings (loss)
|
|
|
|
(33.0
|
)
|
|
|
|
229.3
|
|
|
Less: Net earnings attributable to noncontrolling interests
|
|
|
|
18.4
|
|
|
|
|
14.8
|
|
|
Net earnings (loss) attributable to Fluor Corporation
|
|
|
$
|
(51.4
|
)
|
|
|
$
|
214.5
|
|
|
Amounts attributable to Fluor Corporation:
|
|
|
|
|
|
|
|
Earnings (loss) from continuing operations
|
|
|
$
|
(50.8
|
)
|
|
|
$
|
220.1
|
|
|
Loss from discontinued operations, net of taxes
|
|
|
|
(0.6
|
)
|
|
|
|
(5.6
|
)
|
|
Net earnings (loss)
|
|
|
$
|
(51.4
|
)
|
|
|
$
|
214.5
|
|
|
Basic earnings (loss) per share attributable to Fluor Corporation:
|
|
|
|
|
|
|
|
Earnings (loss) from continuing operations
|
|
|
$
|
(0.36
|
)
|
|
|
$
|
1.43
|
|
|
Loss from discontinued operations, net of taxes
|
|
|
|
-
|
|
|
|
|
(0.04
|
)
|
|
Net earnings (loss)
|
|
|
$
|
(0.36
|
)
|
|
|
$
|
1.39
|
|
|
Weighted average shares
|
|
|
|
140.9
|
|
|
|
|
153.9
|
|
|
Diluted earnings (loss) per share attributable to Fluor Corporation:
|
|
|
|
|
|
|
|
Earnings (loss) from continuing operations
|
|
|
$
|
(0.36
|
)
|
|
|
$
|
1.41
|
|
|
Loss from discontinued operations, net of taxes
|
|
|
|
-
|
|
|
|
|
(0.04
|
)
|
|
Net earnings (loss)
|
|
|
$
|
(0.36
|
)
|
|
|
$
|
1.37
|
|
|
Weighted average shares
|
|
|
|
140.9
|
|
|
|
|
156.2
|
|
|
New awards
|
|
|
$
|
7,835.7
|
|
|
|
$
|
6,288.1
|
|
|
Backlog
|
|
|
$
|
44,726.1
|
|
|
|
$
|
42,481.5
|
|
|
Work performed
|
|
|
$
|
4,246.8
|
|
|
|
$
|
5,298.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FLUOR CORPORATION
|
|
CONSOLIDATED FINANCIAL RESULTS
|
|
(in millions, except per share amounts)
|
|
Unaudited
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED OPERATING RESULTS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
YEAR ENDED DECEMBER 31
|
|
|
2015
|
|
|
2014
|
|
Revenue
|
|
|
$
|
18,114.0
|
|
|
|
$
|
21,531.6
|
|
|
Cost and expenses:
|
|
|
|
|
|
|
|
Cost of revenue
|
|
|
|
17,019.3
|
|
|
|
|
20,132.6
|
|
|
Gain related to a partial sale of a subsidiary
|
|
|
|
(68.2
|
)
|
|
|
|
-
|
|
|
Pension settlement charge
|
|
|
|
239.9
|
|
|
|
|
-
|
|
|
Corporate general and administrative expense
|
|
|
|
168.3
|
|
|
|
|
182.7
|
|
|
Interest expense, net
|
|
|
|
28.1
|
|
|
|
|
11.4
|
|
|
Total cost and expenses
|
|
|
|
17,387.4
|
|
|
|
|
20,326.7
|
|
|
Earnings from continuing operations before taxes
|
|
|
|
726.6
|
|
|
|
|
1,204.9
|
|
|
Income tax expense
|
|
|
|
245.9
|
|
|
|
|
352.8
|
|
|
Earnings from continuing operations
|
|
|
|
480.7
|
|
|
|
|
852.1
|
|
|
Loss from discontinued operations, net of taxes
|
|
|
|
(5.7
|
)
|
|
|
|
(204.6
|
)
|
|
Net earnings
|
|
|
|
475.0
|
|
|
|
|
647.5
|
|
|
Less: Net earnings attributable to noncontrolling interests
|
|
|
|
62.5
|
|
|
|
|
136.6
|
|
|
Net earnings attributable to Fluor Corporation
|
|
|
$
|
412.5
|
|
|
|
$
|
510.9
|
|
|
Amounts attributable to Fluor Corporation:
|
|
|
|
|
|
|
|
Earnings from continuing operations
|
|
|
$
|
418.2
|
|
|
|
$
|
715.5
|
|
|
Loss from discontinued operations, net of taxes
|
|
|
|
(5.7
|
)
|
|
|
|
(204.6
|
)
|
|
Net earnings
|
|
|
$
|
412.5
|
|
|
|
$
|
510.9
|
|
|
Basic earnings (loss) per share attributable to Fluor Corporation:
|
|
|
|
|
|
|
|
Earnings from continuing operations
|
|
|
$
|
2.89
|
|
|
|
$
|
4.54
|
|
|
Loss from discontinued operations, net of taxes
|
|
|
|
(0.04
|
)
|
|
|
|
(1.30
|
)
|
|
Net earnings
|
|
|
$
|
2.85
|
|
|
|
$
|
3.24
|
|
|
Weighted average shares
|
|
|
|
144.8
|
|
|
|
|
157.5
|
|
|
Diluted earnings (loss) per share attributable to Fluor Corporation:
|
|
|
|
|
|
|
|
Earnings from continuing operations
|
|
|
$
|
2.85
|
|
|
|
$
|
4.48
|
|
|
Loss from discontinued operations, net of taxes
|
|
|
|
(0.04
|
)
|
|
|
|
(1.28
|
)
|
|
Net earnings
|
|
|
$
|
2.81
|
|
|
|
$
|
3.20
|
|
|
Weighted average shares
|
|
|
|
146.7
|
|
|
|
|
159.6
|
|
|
New awards
|
|
|
$
|
21,846.2
|
|
|
|
$
|
28,831.1
|
|
|
Backlog
|
|
|
$
|
44,726.1
|
|
|
|
$
|
42,481.5
|
|
|
Work performed
|
|
|
$
|
17,614.9
|
|
|
|
$
|
20,946.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FLUOR CORPORATION
|
|
Unaudited
|
|
|
|
|
|
|
|
|
|
|
|
|
BUSINESS SEGMENT FINANCIAL REVIEW
|
|
|
|
|
|
|
|
|
|
|
($ in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
THREE MONTHS ENDED DECEMBER 31
|
|
|
2015
|
|
|
|
2014 (1)
|
|
|
|
Revenue
|
|
|
|
|
|
|
|
|
|
|
Oil & Gas
|
|
|
$
|
2,410.2
|
|
|
|
|
$
|
2,621.1
|
|
|
|
|
Industrial & Infrastructure
|
|
|
|
982.8
|
|
|
|
|
|
1,661.4
|
|
|
|
|
Government
|
|
|
|
647.6
|
|
|
|
|
|
705.0
|
|
|
|
|
Global Services
|
|
|
|
123.9
|
|
|
|
|
|
155.4
|
|
|
|
|
Power
|
|
|
|
206.2
|
|
|
|
|
|
312.3
|
|
|
|
|
Total revenue
|
|
|
$
|
4,370.7
|
|
|
|
|
$
|
5,455.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment profit (loss) $ and margin %
|
|
|
|
|
|
|
|
|
|
|
Oil & Gas
|
|
|
$
|
189.0
|
|
|
7.8
|
%
|
|
$
|
185.7
|
|
|
7.1
|
%
|
|
Industrial & Infrastructure
|
|
|
|
52.9
|
|
|
5.4
|
%
|
|
|
92.2
|
|
|
5.5
|
%
|
|
Government
|
|
|
|
21.1
|
|
|
3.3
|
%
|
|
|
36.7
|
|
|
5.2
|
%
|
|
Global Services
|
|
|
|
6.2
|
|
|
5.0
|
%
|
|
|
19.9
|
|
|
12.8
|
%
|
|
Power (2)
|
|
|
|
(35.2
|
)
|
|
(17.1
|
)%
|
|
|
12.1
|
|
|
3.9
|
%
|
|
Total segment profit $ and margin %
|
|
|
$
|
234.0
|
|
|
5.4
|
%
|
|
$
|
346.6
|
|
|
6.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Pension settlement charge
|
|
|
|
(230.5
|
)
|
|
|
|
|
-
|
|
|
|
|
Corporate general and administrative expense
|
|
|
|
(53.6
|
)
|
|
|
|
|
(53.2
|
)
|
|
|
|
Interest expense, net
|
|
|
|
(7.6
|
)
|
|
|
|
|
(3.5
|
)
|
|
|
|
Earnings attributable to noncontrolling interests
|
|
|
|
18.4
|
|
|
|
|
|
14.8
|
|
|
|
|
Earnings (loss) from continuing operations before taxes
|
|
|
$
|
(39.3
|
)
|
|
|
|
$
|
304.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
YEAR ENDED DECEMBER 31
|
|
|
2015
|
|
|
|
2014 (1)
|
|
|
|
Revenue
|
|
|
|
|
|
|
|
|
|
|
Oil & Gas
|
|
|
$
|
10,040.2
|
|
|
|
|
$
|
11,524.6
|
|
|
|
|
Industrial & Infrastructure
|
|
|
|
4,070.6
|
|
|
|
|
|
5,909.8
|
|
|
|
|
Government
|
|
|
|
2,557.4
|
|
|
|
|
|
2,511.9
|
|
|
|
|
Global Services
|
|
|
|
499.1
|
|
|
|
|
|
581.2
|
|
|
|
|
Power
|
|
|
|
946.7
|
|
|
|
|
|
1,004.1
|
|
|
|
|
Total revenue
|
|
|
$
|
18,114.0
|
|
|
|
|
$
|
21,531.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment profit (loss) $ and margin %
|
|
|
|
|
|
|
|
|
|
|
Oil & Gas
|
|
|
$
|
764.5
|
|
|
7.6
|
%
|
|
$
|
670.2
|
|
|
5.8
|
%
|
|
Industrial & Infrastructure
|
|
|
|
227.4
|
|
|
5.6
|
%
|
|
|
385.6
|
|
|
6.5
|
%
|
|
Government
|
|
|
|
83.1
|
|
|
3.2
|
%
|
|
|
92.7
|
|
|
3.7
|
%
|
|
Global Services
|
|
|
|
45.2
|
|
|
9.1
|
%
|
|
|
82.6
|
|
|
14.2
|
%
|
|
Power (2)
|
|
|
|
(88.0
|
)
|
|
(9.3
|
)%
|
|
|
31.3
|
|
|
3.1
|
%
|
|
Total segment profit $ and margin %
|
|
|
$
|
1,032.2
|
|
|
5.7
|
%
|
|
$
|
1,262.4
|
|
|
5.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain related to a partial sale of a subsidiary
|
|
|
|
68.2
|
|
|
|
|
|
-
|
|
|
|
|
Pension settlement charge
|
|
|
|
(239.9
|
)
|
|
|
|
|
-
|
|
|
|
|
Corporate general and administrative expense
|
|
|
|
(168.3
|
)
|
|
|
|
|
(182.7
|
)
|
|
|
|
Interest expense, net
|
|
|
|
(28.1
|
)
|
|
|
|
|
(11.4
|
)
|
|
|
|
Earnings attributable to noncontrolling interests
|
|
|
|
62.5
|
|
|
|
|
|
136.6
|
|
|
|
|
Earnings from continuing operations before taxes
|
|
|
$
|
726.6
|
|
|
|
|
$
|
1,204.9
|
|
|
|
|
|
|
(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 $15 million and $12 million for three months ended
December 31, 2015 and 2014, respectively, and $80 million and $46
million for the years ended December 31, 2015 and 2014, respectively.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FLUOR CORPORATION
|
|
Unaudited
|
|
|
|
|
|
|
|
|
|
SELECTED BALANCE SHEET ITEMS
|
|
|
|
|
|
|
|
($ in millions, except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
DECEMBER 31,
|
|
|
DECEMBER 31,
|
|
|
|
|
2015
|
|
|
2014
|
|
Cash and marketable securities, including noncurrent
|
|
|
$
|
2,367.6
|
|
|
|
$
|
2,441.9
|
|
|
Total current assets
|
|
|
|
5,278.3
|
|
|
|
|
5,758.0
|
|
|
Total assets
|
|
|
|
7,631.5
|
|
|
|
|
8,194.4
|
|
|
Total short-term debt
|
|
|
|
-
|
|
|
|
|
28.7
|
|
|
Total current liabilities
|
|
|
|
2,935.4
|
|
|
|
|
3,330.9
|
|
|
Long-term debt
|
|
|
|
992.7
|
|
|
|
|
991.7
|
|
|
Shareholders' equity
|
|
|
|
2,997.3
|
|
|
|
|
3,110.9
|
|
|
|
|
|
|
|
|
|
|
Total debt to capitalization % (based on shareholders' equity)
|
|
|
|
24.9
|
%
|
|
|
|
24.7
|
%
|
|
Shareholders' equity per share
|
|
|
$
|
21.56
|
|
|
|
$
|
20.93
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SELECTED CASH FLOW ITEMS
|
|
|
|
|
|
|
|
($ in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
YEAR ENDED DECEMBER 31
|
|
|
2015
|
|
|
2014
|
|
|
|
|
|
|
|
|
|
Cash provided by operating activities
|
|
|
$
|
849.1
|
|
|
|
$
|
642.6
|
|
|
|
|
|
|
|
|
|
|
Investing activities
|
|
|
|
|
|
|
|
Net (purchases) sales and maturities of marketable securities
|
|
|
|
25.3
|
|
|
|
|
8.9
|
|
|
Capital expenditures
|
|
|
|
(240.2
|
)
|
|
|
|
(324.7
|
)
|
|
Proceeds from disposal of property, plant and equipment
|
|
|
|
94.3
|
|
|
|
|
105.9
|
|
|
Proceeds from sale of buildings
|
|
|
|
82.1
|
|
|
|
|
-
|
|
|
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
|
|
|
|
(91.1
|
)
|
|
|
|
(38.7
|
)
|
|
Other items
|
|
|
|
17.5
|
|
|
|
|
5.5
|
|
|
Cash utilized by investing activities
|
|
|
|
(66.5
|
)
|
|
|
|
(199.1
|
)
|
|
|
|
|
|
|
|
|
|
Financing activities
|
|
|
|
|
|
|
|
Repurchase of common stock
|
|
|
|
(509.7
|
)
|
|
|
|
(906.1
|
)
|
|
Dividends paid
|
|
|
|
(125.2
|
)
|
|
|
|
(126.2
|
)
|
|
Proceeds from issuance of 3.5% Senior Notes
|
|
|
|
-
|
|
|
|
|
494.6
|
|
|
Repayment of convertible debt and other borrowings
|
|
|
|
(28.4
|
)
|
|
|
|
(0.1
|
)
|
|
Distributions paid to noncontrolling interests, net of capital
contributions
|
|
(53.7
|
)
|
|
|
|
(134.7
|
)
|
|
Other Items
|
|
|
|
(11.2
|
)
|
|
|
|
6.1
|
|
|
Cash utilized by financing activities
|
|
|
|
(728.2
|
)
|
|
|
|
(666.4
|
)
|
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash
|
|
|
|
(97.6
|
)
|
|
|
|
(67.5
|
)
|
|
|
|
|
|
|
|
|
|
Decrease in cash and cash equivalents
|
|
|
$
|
(43.2
|
)
|
|
|
$
|
(290.4
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation
|
|
|
$
|
188.7
|
|
|
|
$
|
191.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FLUOR CORPORATION
|
|
Supplemental Fact Sheet
|
|
Unaudited
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NEW AWARDS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
($ in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
THREE MONTHS ENDED DECEMBER 31
|
|
|
2015
|
|
|
2014 (1)
|
|
|
% Chg
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil & Gas
|
|
|
$
|
2,127
|
|
27
|
%
|
|
|
$
|
4,895
|
|
78
|
%
|
|
|
(57
|
)%
|
|
Industrial & Infrastructure
|
|
|
|
302
|
|
4
|
%
|
|
|
|
708
|
|
11
|
%
|
|
|
(57
|
)%
|
|
Government
|
|
|
|
352
|
|
4
|
%
|
|
|
|
157
|
|
3
|
%
|
|
|
124
|
%
|
|
Power
|
|
|
|
5,055
|
|
65
|
%
|
|
|
|
528
|
|
8
|
%
|
|
|
NM
|
|
Total new awards
|
|
|
$
|
7,836
|
|
100
|
%
|
|
|
$
|
6,288
|
|
100
|
%
|
|
|
25
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
YEAR ENDED DECEMBER 31
|
|
|
2015
|
|
|
2014 (1)
|
|
|
% Chg
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil & Gas
|
|
|
$
|
11,270
|
|
52
|
%
|
|
|
$
|
19,745
|
|
69
|
%
|
|
|
(43
|
)%
|
|
Industrial & Infrastructure
|
|
|
|
3,191
|
|
15
|
%
|
|
|
|
3,280
|
|
11
|
%
|
|
|
(3
|
)%
|
|
Government
|
|
|
|
1,429
|
|
6
|
%
|
|
|
|
4,693
|
|
16
|
%
|
|
|
(70
|
)%
|
|
Power
|
|
|
|
5,956
|
|
27
|
%
|
|
|
|
1,113
|
|
4
|
%
|
|
|
NM
|
|
Total new awards
|
|
|
$
|
21,846
|
|
100
|
%
|
|
|
$
|
28,831
|
|
100
|
%
|
|
|
(24
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BACKLOG TRENDS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
($ in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AS OF DECEMBER 31
|
|
|
2015 (2)
|
|
|
2014 (1)
|
|
|
% Chg
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil & Gas
|
|
|
$
|
28,796
|
|
64
|
%
|
|
|
$
|
28,493
|
|
67
|
%
|
|
|
1
|
%
|
|
Industrial & Infrastructure
|
|
|
|
5,600
|
|
13
|
%
|
|
|
|
7,194
|
|
17
|
%
|
|
|
(22
|
)%
|
|
Government
|
|
|
|
3,560
|
|
8
|
%
|
|
|
|
4,741
|
|
11
|
%
|
|
|
(25
|
)%
|
|
Power
|
|
|
|
6,770
|
|
15
|
%
|
|
|
|
2,054
|
|
5
|
%
|
|
|
NM
|
|
Total backlog
|
|
|
$
|
44,726
|
|
100
|
%
|
|
|
$
|
42,482
|
|
100
|
%
|
|
|
5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United States
|
|
|
$
|
18,167
|
|
41
|
%
|
|
|
$
|
14,424
|
|
34
|
%
|
|
|
26
|
%
|
|
The Americas (excluding the United States)
|
|
|
|
10,530
|
|
23
|
%
|
|
|
|
12,694
|
|
30
|
%
|
|
|
(17
|
)%
|
|
Europe, Africa and the Middle East
|
|
|
|
13,351
|
|
30
|
%
|
|
|
|
12,211
|
|
29
|
%
|
|
|
9
|
%
|
|
Asia Pacific (including Australia)
|
|
|
|
2,678
|
|
6
|
%
|
|
|
|
3,153
|
|
7
|
%
|
|
|
(15
|
)%
|
|
Total backlog
|
|
|
$
|
44,726
|
|
100
|
%
|
|
|
$
|
42,482
|
|
100
|
%
|
|
|
5
|
%
|
|
|
|
(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 $0.6 billion
and $3.0 billion for the three months and year ended December 31,
2015, respectively, 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