Fluor
Corporation (NYSE: FLR) today announced financial results for its
second quarter ended June 30, 2016. Net earnings attributable to Fluor
for the second quarter were $102 million, or $0.72 per diluted share,
compared to $149 million, or $1.00 per diluted share a year ago.
Consolidated segment profit for the quarter was $230 million,
compared to $282 million a year ago. Segment profit results reflect
improvement in Industrial, Infrastructure & Power, which was offset by a
decline in Energy, Chemicals & Mining due to lower mining activity and
forecast revisions on two projects. Second quarter revenue of $4.9
billion compares to $4.8 billion in the prior year.
New awards for the quarter were $6.4 billion, including $3.4 billion in
Industrial, Infrastructure & Power, $1.2 billion in Government, $1.2
billion in Energy, Chemicals & Mining and $664 million in Maintenance,
Modification & Asset Integrity. Consolidated ending backlog of $47.3
billion compares to $41.6 billion a year ago.
"The diversity of our end markets, along with our clients’ need for
capital-efficient, integrated solutions, contributed to our backlog
growth for the quarter," said Fluor Chairman and Chief Executive Officer
David Seaton. "While two projects held us back for the quarter, we
remain well positioned and are pleased to see clients proceeding with
their high-priority projects."
Corporate G&A expense for the second quarter of 2016 was $53 million, up
from $48 million a year ago primarily due to integration activities
associated with the acquisition of Stork in the first quarter. Fluor’s
cash and marketable securities balance at the end of the second quarter
was $1.9 billion.
Outlook
Taking into consideration the lower than expected second quarter
results, the company is narrowing its 2016 guidance for EPS to a range
of $3.25 to $3.50 per diluted share, from the previous range of $3.25 to
$3.65 per diluted share.
Business Segments
Fluor’s Energy, Chemicals & Mining segment reported segment profit of
$126 million, compared to $229 million in the second quarter of 2015.
Results for the quarter reflect reduced activity from mining and
forecast revisions on two projects. Revenue of $2.5 billion declined
from $3.3 billion a year ago primarily due to lower mining activities.
Second quarter new awards of $1.2 billion include a $500 million bauxite
mine in Guinea. Ending backlog was $25 billion compared to $30
billion a year ago.
The Industrial, Infrastructure & Power segment reported segment profit
of $51 million, compared to $4 million in the second quarter of 2015.
Revenue for the segment increased 74 percent to $1 billion from $581
million a year ago. Results for the quarter reflect increased execution
activities on nuclear and gas-fired power projects. New awards in the
second quarter were $3.4 billion including the Purple
Line Project in Maryland and the Greensville
combined-cycle power plant in Virginia. Ending backlog for the
segment was $12.7 billion, up from $4.4 billion a year ago.
The Government segment reported segment profit of $22 million, compared
to $17 million a year ago. Revenue for the quarter was $658 million,
compared to $603 million a year ago. Second quarter new awards of $1.2
billion include task orders for LOGCAP IV. Ending backlog was $5.8
billion, up from $4.3 billion a year ago.
The Maintenance, Modification & Asset Integrity segment reported segment
profit of $31 million in the second quarter of 2016, flat when compared
to a year ago. Revenue for the quarter was $712 million compared to $363
million in the second quarter of 2015. Results for the quarter reflect
contributions from the Stork business, offset by declines in the
equipment business line. New awards totaled $664 million for the
quarter, and ending backlog was $3.7 billion, up from $2.8 billion a
year ago.
Second Quarter Conference Call
Fluor will host a conference call at 5:30 p.m. Eastern time on Thursday,
August 4, 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.
This press release contains a discussion of consolidated segment profit
that would be deemed a non-GAAP financial measure under SEC rules.
Segment profit is calculated as revenue less cost of revenue and
earnings attributable to noncontrolling interests excluding: corporate
general and administrative expense; interest expense; interest income;
domestic and foreign income taxes; other non-operating income and
expense items. The company believes that consolidated segment profit
provides a meaningful perspective on its business results as it is the
aggregation of individual segment profit measures that the company
utilizes to evaluate and manage its business performance. A
reconciliation of this measure to net earnings attributable to Fluor
Corporation is included in the press release tables.
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 our clients by
delivering innovative and integrated solutions across the globe. With
headquarters in Irving, Texas, Fluor ranks 155 on the FORTUNE 500
list with revenue of $18.1 billion in 2015 and has more than 60,000
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," is “positioned” or other similar expressions).
These forward-looking statements, including statements relating to
future growth, backlog, earnings and the outlook for the Company’s
business 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 Energy, Chemicals & Mining commodity-based segment; the
Company's failure to receive anticipated new contract awards;
difficulties or delays incurred in the execution of contracts, including
those caused by the performance of the Company’s clients,
subcontractors, suppliers and joint venture or teaming partners; failure
of our joint venture or other partners to perform their obligations;
failure to obtain favorable results in existing or future litigation or
dispute resolution proceedings or claims; client delays or defaults in
making payments; intense competition in the industries in which we
operate; current economic conditions affecting our clients, partners,
subcontractors and suppliers; cyber-security breaches; failure to
meet timely completion or performance standards; liabilities arising
from faulty services; client cancellations of, or scope adjustments to,
existing contracts; risks or uncertainties associated with acquisitions,
dispositions and investments; risks arising from the inability to
successfully integrate acquired businesses; foreign economic and
political uncertainties; risks or uncertainties associated with events
outside of our control, including weather conditions; the Company’s
failure, or the failure of our agents or partners, to comply with laws;
the potential impact of certain tax matters; 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;
and the Company’s ability to secure appropriate insurance. 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 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 JUNE 30
|
|
|
|
2016
|
|
|
2015
|
|
Revenue
|
|
|
|
$
|
4,856.1
|
|
|
$
|
4,810.1
|
|
Cost and expenses:
|
|
|
|
|
|
|
|
|
Cost of revenue
|
|
|
|
|
4,607.9
|
|
|
|
4,516.1
|
|
Corporate general and administrative expense
|
|
|
|
|
52.6
|
|
|
|
47.8
|
|
Interest expense, net
|
|
|
|
|
14.2
|
|
|
|
7.4
|
|
Total cost and expenses
|
|
|
|
|
4,674.7
|
|
|
|
4,571.3
|
|
Earnings before taxes
|
|
|
|
|
181.4
|
|
|
|
238.8
|
|
Income tax expense
|
|
|
|
|
61.4
|
|
|
|
78.1
|
|
Net earnings
|
|
|
|
|
120.0
|
|
|
|
160.7
|
|
Less: Net earnings attributable to noncontrolling interests
|
|
|
|
|
18.2
|
|
|
|
12.2
|
|
Net earnings attributable to Fluor Corporation
|
|
|
|
$
|
101.8
|
|
|
$
|
148.5
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share:
|
|
|
|
|
|
|
|
|
Net earnings
|
|
|
|
$
|
0.73
|
|
|
$
|
1.02
|
|
Weighted average shares
|
|
|
|
|
139.2
|
|
|
|
146.3
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share:
|
|
|
|
|
|
|
|
|
Net earnings
|
|
|
|
$
|
0.72
|
|
|
$
|
1.00
|
|
Weighted average shares
|
|
|
|
|
140.8
|
|
|
|
147.9
|
|
|
|
|
|
|
|
|
|
|
|
|
New awards
|
|
|
|
$
|
6,431.8
|
|
|
$
|
4,268.4
|
|
Backlog
|
|
|
|
$
|
47,321.7
|
|
|
$
|
41,592.0
|
|
Work performed
|
|
|
|
$
|
4,757.7
|
|
|
$
|
4,684.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FLUOR CORPORATION
|
|
CONSOLIDATED FINANCIAL RESULTS
|
|
(in millions, except per share amounts)
|
|
Unaudited
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED OPERATING RESULTS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SIX MONTHS ENDED JUNE 30
|
|
|
|
2016
|
|
|
2015
|
|
Revenue
|
|
|
|
$
|
9,280.0
|
|
|
$
|
9,358.8
|
|
Cost and expenses:
|
|
|
|
|
|
|
|
|
Cost of revenue
|
|
|
|
|
8,776.0
|
|
|
|
8,767.3
|
|
Corporate general and administrative expense
|
|
|
|
|
107.7
|
|
|
|
88.9
|
|
Interest expense, net
|
|
|
|
|
25.7
|
|
|
|
14.9
|
|
Total cost and expenses
|
|
|
|
|
8,909.4
|
|
|
|
8,871.1
|
|
Earnings before taxes
|
|
|
|
|
370.6
|
|
|
|
487.7
|
|
Income tax expense
|
|
|
|
|
131.6
|
|
|
|
161.4
|
|
Net earnings
|
|
|
|
|
239.0
|
|
|
|
326.3
|
|
Less: Net earnings attributable to noncontrolling interests
|
|
|
|
|
32.9
|
|
|
|
33.7
|
|
Net earnings attributable to Fluor Corporation
|
|
|
|
$
|
206.1
|
|
|
$
|
292.6
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share:
|
|
|
|
|
|
|
|
|
Net earnings
|
|
|
|
$
|
1.48
|
|
|
$
|
1.99
|
|
Weighted average shares
|
|
|
|
|
139.1
|
|
|
|
147.0
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share:
|
|
|
|
|
|
|
|
|
Net earnings
|
|
|
|
$
|
1.46
|
|
|
$
|
1.96
|
|
Weighted average shares
|
|
|
|
|
140.8
|
|
|
|
148.9
|
|
|
|
|
|
|
|
|
|
|
|
|
New awards
|
|
|
|
$
|
11,113.2
|
|
|
$
|
8,716.1
|
|
Backlog
|
|
|
|
$
|
47,321.7
|
|
|
$
|
41,592.0
|
|
Work performed
|
|
|
|
$
|
9,069.1
|
|
|
$
|
9,103.6
|
|
|
|
|
|
|
|
|
|
|
|
|
FLUOR CORPORATION
|
|
Unaudited
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BUSINESS SEGMENT FINANCIAL REVIEW AND U.S. GAAP RECONCILIATION
|
|
|
|
|
|
|
|
|
($ in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
THREE MONTHS ENDED JUNE 30
|
|
|
|
2016
|
|
|
|
|
|
2015
(1)
|
|
|
|
|
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Energy, Chemicals & Mining
|
|
|
|
$
|
2,476.4
|
|
|
|
|
|
|
$
|
3,263.1
|
|
|
|
|
|
Industrial, Infrastructure & Power
|
|
|
|
|
1,010.0
|
|
|
|
|
|
|
|
580.9
|
|
|
|
|
|
Government
|
|
|
|
|
657.9
|
|
|
|
|
|
|
|
603.1
|
|
|
|
|
|
Maintenance, Modification & Asset Integrity
|
|
|
|
|
711.8
|
|
|
|
|
|
|
|
363.0
|
|
|
|
|
|
Total revenue
|
|
|
|
$
|
4,856.1
|
|
|
|
|
|
|
$
|
4,810.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment profit $ and margin %
(3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Energy, Chemicals & Mining
|
|
|
|
$
|
125.5
|
|
|
|
5.1
|
%
|
|
|
$
|
229.4
|
|
|
|
7.0
|
%
|
|
Industrial, Infrastructure & Power (2)
|
|
|
|
|
51.4
|
|
|
|
5.1
|
%
|
|
|
|
4.4
|
|
|
|
0.8
|
%
|
|
Government
|
|
|
|
|
22.0
|
|
|
|
3.3
|
%
|
|
|
|
17.2
|
|
|
|
2.9
|
%
|
|
Maintenance, Modification & Asset Integrity
|
|
|
|
|
31.1
|
|
|
|
4.4
|
%
|
|
|
|
30.8
|
|
|
|
8.5
|
%
|
|
Total segment profit $ and margin %
|
|
|
|
$
|
230.0
|
|
|
|
4.7
|
%
|
|
|
$
|
281.8
|
|
|
|
5.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate general and administrative expense
|
|
|
|
|
(52.6
|
)
|
|
|
|
|
|
|
(47.8
|
)
|
|
|
|
|
Interest expense, net
|
|
|
|
|
(14.2
|
)
|
|
|
|
|
|
|
(7.4
|
)
|
|
|
|
|
Income tax expense
|
|
|
|
|
(61.4
|
)
|
|
|
|
|
|
|
(78.1
|
)
|
|
|
|
|
Net earnings attributable to Fluor Corporation
|
|
|
|
$
|
101.8
|
|
|
|
|
|
|
$
|
148.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SIX MONTHS ENDED JUNE 30
|
|
|
|
2016
|
|
|
|
|
|
2015
(1)
|
|
|
|
|
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Energy, Chemicals & Mining
|
|
|
|
$
|
4,919.9
|
|
|
|
|
|
|
$
|
6,245.8
|
|
|
|
|
|
Industrial, Infrastructure & Power
|
|
|
|
|
1,843.3
|
|
|
|
|
|
|
|
1,127.6
|
|
|
|
|
|
Government
|
|
|
|
|
1,343.9
|
|
|
|
|
|
|
|
1,249.1
|
|
|
|
|
|
Maintenance, Modification & Asset Integrity
|
|
|
|
|
1,172.9
|
|
|
|
|
|
|
|
736.3
|
|
|
|
|
|
Total revenue
|
|
|
|
$
|
9,280.0
|
|
|
|
|
|
|
$
|
9,358.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment profit $ and margin %
(3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Energy, Chemicals & Mining
|
|
|
|
$
|
307.5
|
|
|
|
6.3
|
%
|
|
|
$
|
447.2
|
|
|
|
7.2
|
%
|
|
Industrial, Infrastructure & Power (2)
|
|
|
|
|
63.3
|
|
|
|
3.4
|
%
|
|
|
|
14.1
|
|
|
|
1.3
|
%
|
|
Government
|
|
|
|
|
39.1
|
|
|
|
2.9
|
%
|
|
|
|
32.0
|
|
|
|
2.6
|
%
|
|
Maintenance, Modification & Asset Integrity
|
|
|
|
|
61.2
|
|
|
|
5.2
|
%
|
|
|
|
64.4
|
|
|
|
8.7
|
%
|
|
Total segment profit $ and margin %
|
|
|
|
$
|
471.1
|
|
|
|
5.1
|
%
|
|
|
$
|
557.7
|
|
|
|
6.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate general and administrative expense
|
|
|
|
|
(107.7
|
)
|
|
|
|
|
|
|
(88.9
|
)
|
|
|
|
|
Interest expense, net
|
|
|
|
|
(25.7
|
)
|
|
|
|
|
|
|
(14.9
|
)
|
|
|
|
|
Income tax expense
|
|
|
|
|
(131.6
|
)
|
|
|
|
|
|
|
(161.3
|
)
|
|
|
|
|
Net earnings attributable to Fluor Corporation
|
|
|
|
$
|
206.1
|
|
|
|
|
|
|
$
|
292.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) During the first quarter of 2016, the company changed the
composition of its reportable segments to better reflect the diverse
end markets that the company serves. Segment operating information
for 2015 has been recast to reflect these changes.
|
|
|
|
|
(2) Includes research and development expenses associated with
NuScale totaling $22 million and $48 million for the three and six
months ended June 30, 2016, respectively and $19 million and $36
million for the three and six months ended June 30, 2015,
respectively.
|
|
|
|
|
(3) Segment profit margin % is calculated as segment profit divided
by segment revenue.
|
|
|
|
|
|
FLUOR CORPORATION
|
|
Unaudited
|
|
|
|
|
|
|
|
|
|
|
|
SELECTED BALANCE SHEET ITEMS
|
|
|
|
|
|
|
|
|
|
($ in millions, except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
JUNE 30,
|
|
|
|
DECEMBER 31,
|
|
|
|
|
2016
|
|
|
|
2015
|
|
Cash and marketable securities, including noncurrent
|
|
|
$
|
1,915.9
|
|
|
|
|
$
|
2,367.6
|
|
|
|
Total current assets
|
|
|
|
5,651.2
|
|
|
|
|
|
5,105.4
|
|
(1)
|
|
Total assets
|
|
|
|
9,241.5
|
|
|
|
|
|
7,625.4
|
|
(1)
|
|
Total short-term debt
|
|
|
|
166.1
|
|
|
|
|
|
-
|
|
|
|
Total current liabilities
|
|
|
|
3,780.0
|
|
|
|
|
|
2,935.4
|
|
|
|
Long-term debt
|
|
|
|
1,547.5
|
|
|
|
|
|
986.6
|
|
(1)
|
|
Shareholders' equity
|
|
|
|
3,139.5
|
|
|
|
|
|
2,997.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SELECTED CASH FLOW ITEMS
|
|
|
|
|
|
|
|
|
|
($ in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SIX MONTHS ENDED JUNE 30
|
|
|
2016
|
|
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash provided by operating activities
|
|
|
$
|
90.5
|
|
|
|
|
$
|
204.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investing activities
|
|
|
|
|
|
|
|
|
|
Net (purchases) sales and maturities of marketable securities
|
|
|
|
129.6
|
|
|
|
|
|
38.2
|
|
|
|
Capital expenditures
|
|
|
|
(107.3
|
)
|
|
|
|
|
(133.5
|
)
|
|
|
Proceeds from disposal of property, plant and equipment
|
|
|
|
39.0
|
|
|
|
|
|
54.9
|
|
|
|
Investments in partnerships and joint ventures
|
|
|
|
(400.7
|
)
|
|
|
|
|
(47.5
|
)
|
|
|
Acquisitions, net of cash acquired
|
|
|
|
(240.7
|
)
|
|
|
|
|
-
|
|
|
|
Other items
|
|
|
|
7.1
|
|
|
|
|
|
0.9
|
|
|
|
Cash utilized by investing activities
|
|
|
|
(573.0
|
)
|
|
|
|
|
(87.0
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
Financing activities
|
|
|
|
|
|
|
|
|
|
Repurchase of common stock
|
|
|
|
(9.7
|
)
|
|
|
|
|
(214.3
|
)
|
|
|
Dividends paid
|
|
|
|
(59.3
|
)
|
|
|
|
|
(63.5
|
)
|
|
|
Proceeds from issuance of 1.75% Senior Notes
|
|
|
|
553.0
|
|
|
|
|
|
-
|
|
|
|
Debt issuance costs
|
|
|
|
(3.5
|
)
|
|
|
|
|
-
|
|
|
|
Repayment of Stork Notes, convertible debt and other borrowings
|
|
|
|
(332.5
|
)
|
|
|
|
|
(28.4
|
)
|
|
|
Borrowings under revolving lines of credit
|
|
|
|
883.8
|
|
|
|
|
|
-
|
|
|
|
Repayment of borrowings under revolving lines of credit
|
|
|
|
(851.6
|
)
|
|
|
|
|
-
|
|
|
|
Distributions paid to noncontrolling interests, net of capital
contributions(16.3)
|
|
|
|
|
|
|
|
(39.5
|
)
|
|
|
Other Items
|
|
|
|
4.5
|
|
|
|
|
|
(10.7
|
)
|
|
|
Cash provided (utilized) by financing activities
|
|
|
|
168.4
|
|
|
|
|
|
(356.4
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash
|
|
|
|
(8.7
|
)
|
|
|
|
|
(30.2
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
Decrease in cash and cash equivalents
|
|
|
$
|
(322.8
|
)
|
|
|
|
$
|
(269.4
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation
|
|
|
$
|
101.4
|
|
|
|
|
$
|
94.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Certain amounts in 2015 have been reclassified to conform to the
2016 presentation due to the implementation of new accounting
pronouncements.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FLUOR CORPORATION
|
|
Supplemental Fact Sheet
|
|
Unaudited
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NEW AWARDS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
($ in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
THREE MONTHS ENDED JUNE 30
|
|
|
|
2016
|
|
|
|
2015
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Energy, Chemicals & Mining
|
|
|
|
$
|
1,173
|
|
|
18
|
%
|
|
|
|
$
|
2,845
|
|
|
67
|
%
|
|
Industrial, Infrastructure & Power
|
|
|
|
|
3,354
|
|
|
52
|
%
|
|
|
|
|
93
|
|
|
2
|
%
|
|
Government
|
|
|
|
|
1,241
|
|
|
19
|
%
|
|
|
|
|
726
|
|
|
17
|
%
|
|
Maintenance, Modification & Asset Integrity
|
|
|
|
|
664
|
|
|
11
|
%
|
|
|
|
|
604
|
|
|
14
|
%
|
|
Total new awards
|
|
|
|
$
|
6,432
|
|
|
100
|
%
|
|
|
|
$
|
4,268
|
|
|
100
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SIX MONTHS ENDED JUNE 30
|
|
|
|
2015
|
|
|
|
2015
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Energy, Chemicals & Mining
|
|
|
|
$
|
1,752
|
|
|
16
|
%
|
|
|
|
$
|
6,194
|
|
|
71
|
%
|
|
Industrial, Infrastructure & Power
|
|
|
|
|
4,786
|
|
|
43
|
%
|
|
|
|
|
622
|
|
|
7
|
%
|
|
Government
|
|
|
|
|
3,506
|
|
|
31
|
%
|
|
|
|
|
800
|
|
|
9
|
%
|
|
Maintenance, Modification & Asset Integrity
|
|
|
|
|
1,069
|
|
|
10
|
%
|
|
|
|
|
1,100
|
|
|
13
|
%
|
|
Total new awards
|
|
|
|
$
|
11,113
|
|
|
100
|
%
|
|
|
|
$
|
8,716
|
|
|
100
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BACKLOG TRENDS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
($ in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AS OF JUNE 30
|
|
|
|
2016
|
|
|
|
2015
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Energy, Chemicals & Mining
|
|
|
|
$
|
25,118
|
|
|
53
|
%
|
|
|
|
$
|
30,039
|
|
|
72
|
%
|
|
Industrial, Infrastructure & Power
|
|
|
|
|
12,694
|
|
|
27
|
%
|
|
|
|
|
4,398
|
|
|
11
|
%
|
|
Government
|
|
|
|
|
5,816
|
|
|
12
|
%
|
|
|
|
|
4,306
|
|
|
10
|
%
|
|
Maintenance, Modification & Asset Integrity
|
|
|
|
|
3,694
|
|
|
8
|
%
|
|
|
|
|
2,849
|
|
|
7
|
%
|
|
Total backlog
|
|
|
|
$
|
47,322
|
|
|
100
|
%
|
|
|
|
$
|
41,592
|
|
|
100
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United States
|
|
|
|
$
|
21,517
|
|
|
45
|
%
|
|
|
|
$
|
14,284
|
|
|
34
|
%
|
|
The Americas (excluding the United States)
|
|
|
|
|
8,849
|
|
|
19
|
%
|
|
|
|
|
11,703
|
|
|
28
|
%
|
|
Europe, Africa and the Middle East
|
|
|
|
|
14,469
|
|
|
31
|
%
|
|
|
|
|
12,333
|
|
|
30
|
%
|
|
Asia Pacific (including Australia)
|
|
|
|
|
2,487
|
|
|
5
|
%
|
|
|
|
|
3,272
|
|
|
8
|
%
|
|
Total backlog
|
|
|
|
$
|
47,322
|
|
|
100
|
%
|
|
|
|
$
|
41,592
|
|
|
100
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) During the first quarter of 2016, the company changed the
composition of its reportable segments to better reflect the diverse
end markets that the company serves. New awards and backlog for 2015
have been recast to reflect these changes.
|
|
|
Fluor CorporationMedia RelationsBrian Mershon, 469-398-7621orBrett Turner, 864-281-6976orInvestor RelationsGeoff Telfer, 469-398-7070orJason Landkamer, 469-398-7222