Fluor
Corporation (NYSE: FLR) today announced financial results for its
third quarter ended September 30, 2016. Earnings from continuing
operations attributable to Fluor for the third quarter were $5 million,
or $0.03 per diluted share, compared to $176 million, or $1.21 per
diluted share a year ago. Results for the quarter include an after-tax
charge of $154 million, or $1.10 per diluted share, for estimated cost
increases on a petrochemical facility in the United States. Consolidated
segment profit for the quarter was $25 million, including the
impact of the charge mentioned above, down from $240 million a year ago.
Third quarter revenue was $4.8 billion, up from $4.4 billion in the
prior year.
New awards for the quarter were $7.0 billion, including $5.6 billion in
Energy, Chemicals & Mining and $955 million in Government. Consolidated
ending backlog of $44.3 billion compares to $41.7 billion a year ago.
"We are very disappointed in the construction progress on a fixed-price
Gulf Coast project that led to a significant charge this quarter," said
David Seaton, Fluor chairman and chief executive officer. "Looking ahead
to 2017, we remain focused on project execution and continuing to
capture key prospects as they develop across our businesses.”
Corporate G&A expense for the third quarter of 2016 was $27 million,
compared to $35 million a year ago. Fluor’s cash and marketable
securities balance at the end of the third quarter was $2.1 billion.
Outlook
As a result of the charge in Energy, Chemicals & Mining, the Company is
revising its 2016 guidance for EPS to a range of $2.20 to $2.40 per
diluted share, from the previous range of $3.25 to $3.50 per diluted
share. For 2017, the Company is establishing its initial EPS guidance at
a range of $2.75 to $3.25 per diluted share. Guidance for 2017 assumes
continued challenges in our commodity focused segment, offset by
increasing opportunities in infrastructure, industrial and government.
Business Segments
Fluor’s Energy, Chemicals & Mining segment reported a segment loss of
$60 million, compared to a segment profit of $208 million a year ago.
Results for the quarter reflect a $241 million pre-tax charge on a
petrochemical facility in the United States. Revenue of $2.3 billion
declined from $2.8 billion a year ago primarily due to lower mining
activities. Third quarter new awards of $5.6 billion include an award
for the Tengiz Oil Expansion Project in Kazakhstan. Ending backlog was
$23.7 billion compared to $30.1 billion a year ago, and reflects an
adjustment for an LNG contract that has been suspended.
The Industrial, Infrastructure & Power segment reported segment profit
of $28 million, compared to a loss of $29 million in the third quarter
of 2015 that was primarily due to cost increases on a power project.
Revenue for the segment increased 89 percent to $1.1 billion from $596
million a year ago. Results for the quarter reflect increased execution
activities on nuclear and gas-fired power projects. Ending backlog for
the segment was $11.5 billion, up from $5.1 billion a year ago.
The Government segment reported segment profit of $26 million, compared
to $30 million a year ago. Revenue for the quarter was $681 million,
compared to $661 million a year ago. Third quarter new awards of $955
million include additional funding on the Savannah River project. Ending
backlog was $5.9 billion, up from $3.8 billion a year ago.
The Maintenance, Modification & Asset Integrity segment reported segment
profit of $29 million in the third quarter of 2016, compared to $32
million a year ago. Revenue for the quarter was $632 million compared to
$326 million in the third quarter of 2015. Results for the quarter
reflect contributions from the Stork business, offset by declines in the
equipment and power services business lines. New awards totaled $350
million for the quarter, and ending backlog was $3.3 billion, up from
$2.7 billion a year ago.
Third Quarter Conference Call
Fluor will host a conference call at 5:30 p.m. Eastern time on Thursday,
November 3, 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.
Non-GAAP Financial Measure
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; and loss from discontinued operations. 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
earnings from continuing operations 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
to meet timely completion or performance standards; intense competition
in the industries in which we operate; 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;
risks or uncertainties associated with events outside of our control,
including weather conditions; current economic conditions affecting our
clients, partners, subcontractors and suppliers; cyber-security
breaches; 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; 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.
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FLUOR CORPORATION
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CONSOLIDATED FINANCIAL RESULTS
|
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(in millions, except per share amounts)
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Unaudited
|
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|
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CONSOLIDATED OPERATING RESULTS
|
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THREE MONTHS ENDED SEPTEMBER 30
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2016
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|
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2015
|
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Revenue
|
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$
|
4,766.9
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$
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4,384.6
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Cost and expenses:
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Cost of revenue
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4,729.7
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4,133.8
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Gain related to a partial sale of a subsidiary
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-
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(68.2
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)
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Corporate general and administrative expense
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|
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27.1
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35.2
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Interest expense, net
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12.8
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|
|
5.6
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Total cost and expenses
|
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4,769.6
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4,106.4
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Earnings (loss) from continuing operations before taxes
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|
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(2.7
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)
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|
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278.2
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Income tax expense (benefit)
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|
(20.1
|
)
|
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|
|
91.4
|
|
|
Earnings from continuing operations
|
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|
|
17.4
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|
|
|
|
186.8
|
|
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Loss from discontinued operations, net of taxes
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|
|
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-
|
|
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|
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(5.1
|
)
|
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Net earnings
|
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17.4
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|
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181.7
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Less: Net earnings attributable to noncontrolling interests
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12.6
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|
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10.4
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|
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Net earnings attributable to Fluor Corporation
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|
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$
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4.8
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|
|
$
|
171.3
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|
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|
|
|
|
|
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|
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Amounts attributable to Fluor Corporation:
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|
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Earnings from continuing operations
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$
|
4.8
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|
|
|
$
|
176.4
|
|
|
Loss from discontinued operations, net of taxes
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-
|
|
|
|
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(5.1
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)
|
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Net earnings
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|
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$
|
4.8
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|
|
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$
|
171.3
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|
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Basic earnings (loss) per share attributable to Fluor Corporation:
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Earnings from continuing operations
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$
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0.03
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|
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$
|
1.22
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Loss from discontinued operations, net of taxes
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|
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-
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(0.03
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)
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Net earnings
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$
|
0.03
|
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|
|
$
|
1.19
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Weighted average shares
|
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139.3
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|
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144.3
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Diluted earnings (loss) per share attributable to Fluor Corporation:
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Earnings from continuing operations
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0.03
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|
|
1.21
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Loss from discontinued operations, net of taxes
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-
|
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|
|
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(0.04
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)
|
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Net earnings
|
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$
|
0.03
|
|
|
|
$
|
1.17
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Weighted average shares
|
|
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|
|
140.9
|
|
|
|
|
146.1
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|
|
|
|
|
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New awards
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$
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7,021.5
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$
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5,294.3
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Backlog
|
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|
|
$
|
44,325.3
|
|
|
|
$
|
41,693.3
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|
Work performed
|
|
|
|
$
|
4,661.6
|
|
|
|
$
|
4,264.5
|
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|
|
|
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|
|
|
|
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|
|
|
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|
|
FLUOR CORPORATION
|
|
CONSOLIDATED FINANCIAL RESULTS
|
|
(in millions, except per share amounts)
|
|
Unaudited
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED OPERATING RESULTS
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
NINE MONTHS ENDED SEPTEMBER 30
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|
|
2016
|
|
|
2015
|
|
Revenue
|
|
|
|
$
|
14,046.9
|
|
|
$
|
13,743.4
|
|
|
Cost and expenses:
|
|
|
|
|
|
|
|
|
Cost of revenue
|
|
|
|
|
13,505.7
|
|
|
|
12,901.2
|
|
|
Gain related to a partial sale of a subsidiary
|
|
|
|
|
-
|
|
|
|
(68.2
|
)
|
|
Corporate general and administrative expense
|
|
|
|
|
134.9
|
|
|
|
124.1
|
|
|
Interest expense, net
|
|
|
|
|
38.4
|
|
|
|
20.4
|
|
|
Total cost and expenses
|
|
|
|
|
13,679.0
|
|
|
|
12,977.5
|
|
|
Earnings from continuing operations before taxes
|
|
|
|
|
367.9
|
|
|
|
765.9
|
|
|
Income tax expense
|
|
|
|
|
111.5
|
|
|
|
252.8
|
|
|
Earnings from continuing operations
|
|
|
|
|
256.4
|
|
|
|
513.1
|
|
|
Loss from discontinued operations, net of taxes
|
|
|
|
|
-
|
|
|
|
(5.1
|
)
|
|
Net earnings
|
|
|
|
|
256.4
|
|
|
|
508.0
|
|
|
Less: Net earnings attributable to noncontrolling interests
|
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|
|
|
45.5
|
|
|
|
44.2
|
|
|
Net earnings attributable to Fluor Corporation
|
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|
|
$
|
210.9
|
|
|
$
|
463.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts attributable to Fluor Corporation:
|
|
|
|
|
|
|
|
|
Earnings from continuing operations
|
|
|
|
$
|
210.9
|
|
|
$
|
468.9
|
|
|
Loss from discontinued operations, net of taxes
|
|
|
|
|
-
|
|
|
|
(5.1
|
)
|
|
Net earnings
|
|
|
|
$
|
210.9
|
|
|
$
|
463.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings (loss) per share attributable to Fluor Corporation:
|
|
|
|
|
|
Earnings from continuing operations
|
|
|
|
$
|
1.52
|
|
|
$
|
3.21
|
|
|
Loss from discontinued operations, net of taxes
|
|
|
|
|
-
|
|
|
|
(0.03
|
)
|
|
Net earnings
|
|
|
|
$
|
1.52
|
|
|
$
|
3.18
|
|
|
Weighted average shares
|
|
|
|
|
139.1
|
|
|
|
146.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings (loss) per share attributable to Fluor Corporation:
|
|
|
|
|
|
Earnings from continuing operations
|
|
|
|
|
1.50
|
|
|
|
3.17
|
|
|
Loss from discontinued operations, net of taxes
|
|
|
|
|
-
|
|
|
|
(0.04
|
)
|
|
Net earnings
|
|
|
|
$
|
1.50
|
|
|
$
|
3.13
|
|
|
Weighted average shares
|
|
|
|
|
140.9
|
|
|
|
148.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New awards
|
|
|
|
$
|
18,134.7
|
|
|
$
|
14,010.4
|
|
|
Backlog
|
|
|
|
$
|
44,325.3
|
|
|
$
|
41,693.3
|
|
|
Work performed
|
|
|
|
$
|
13,730.7
|
|
|
$
|
13,368.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FLUOR CORPORATION
|
|
Unaudited
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BUSINESS SEGMENT FINANCIAL REVIEW AND U.S. GAAP RECONCILIATION
|
|
|
|
|
($ in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
THREE MONTHS ENDED SEPTEMBER 30
|
|
|
|
2016
|
|
|
|
|
|
2015
(1)
|
|
|
|
|
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Energy, Chemicals & Mining
|
|
|
|
$
|
2,325.2
|
|
|
|
|
|
|
$
|
2,801.4
|
|
|
|
|
Industrial, Infrastructure & Power
|
|
|
|
|
1,128.3
|
|
|
|
|
|
|
|
596.2
|
|
|
|
|
Government
|
|
|
|
|
681.2
|
|
|
|
|
|
|
|
660.7
|
|
|
|
|
Maintenance, Modification & Asset Integrity
|
|
|
|
|
632.2
|
|
|
|
|
|
|
|
326.3
|
|
|
|
|
Total revenue
|
|
|
|
$
|
4,766.9
|
|
|
|
|
|
|
$
|
4,384.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment profit (loss) $ and margin %
(3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Energy, Chemicals & Mining
|
|
|
|
$
|
(59.7
|
)
|
|
|
(2.6
|
)%
|
|
|
$
|
208.2
|
|
|
7.4
|
%
|
|
Industrial, Infrastructure & Power (2)
|
|
|
|
|
28.4
|
|
|
|
2.5
|
%
|
|
|
|
(29.4)
|
|
|
(4.9
|
)%
|
|
Government
|
|
|
|
|
26.4
|
|
|
|
3.9
|
%
|
|
|
|
30.0
|
|
|
4.5
|
%
|
|
Maintenance, Modification & Asset Integrity
|
|
|
|
|
29.5
|
|
|
|
4.7
|
%
|
|
|
|
31.5
|
|
|
9.7
|
%
|
|
Total segment profit $ and margin %
|
|
|
|
$
|
24.6
|
|
|
|
0.5
|
%
|
|
|
$
|
240.3
|
|
|
5.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain related to a partial sale of a subsidiary
|
|
|
|
|
-
|
|
|
|
|
|
|
|
68.2
|
|
|
|
|
Corporate general and administrative expense
|
|
|
|
|
(27.1
|
)
|
|
|
|
|
|
|
(35.2)
|
|
|
|
|
Interest expense, net
|
|
|
|
|
(12.8
|
)
|
|
|
|
|
|
|
(5.6)
|
|
|
|
|
Income tax (expense) benefit
|
|
|
|
|
20.1
|
|
|
|
|
|
|
|
(91.4)
|
|
|
|
|
Earnings from continuing operations attributable to Fluor
Corporation
|
|
|
|
$
|
4.8
|
|
|
|
|
|
|
$
|
176.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NINE MONTHS ENDED SEPTEMBER 30
|
|
|
|
2016
|
|
|
|
|
|
2015
(1)
|
|
|
|
|
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Energy, Chemicals & Mining
|
|
|
|
$
|
7,245.1
|
|
|
|
|
|
|
$
|
9,047.2
|
|
|
|
|
Industrial, Infrastructure & Power
|
|
|
|
|
2,971.6
|
|
|
|
|
|
|
|
1,723.8
|
|
|
|
|
Government
|
|
|
|
|
2,025.1
|
|
|
|
|
|
|
|
1,909.8
|
|
|
|
|
Maintenance, Modification & Asset Integrity
|
|
|
|
|
1,805.1
|
|
|
|
|
|
|
|
1,062.6
|
|
|
|
|
Total revenue
|
|
|
|
$
|
14,046.9
|
|
|
|
|
|
|
$
|
13,743.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment profit (loss) $ and margin %
(3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Energy, Chemicals & Mining
|
|
|
|
$
|
247.8
|
|
|
|
3.4
|
%
|
|
|
$
|
655.4
|
|
|
7.2
|
%
|
|
Industrial, Infrastructure & Power (2)
|
|
|
|
|
91.7
|
|
|
|
3.1
|
%
|
|
|
|
(15.3)
|
|
|
(0.9
|
)%
|
|
Government
|
|
|
|
|
65.5
|
|
|
|
3.2
|
%
|
|
|
|
62.0
|
|
|
3.2
|
%
|
|
Maintenance, Modification & Asset Integrity
|
|
|
|
|
90.7
|
|
|
|
5.0
|
%
|
|
|
|
95.9
|
|
|
9.0
|
%
|
|
Total segment profit $ and margin %
|
|
|
|
$
|
495.7
|
|
|
|
3.5
|
%
|
|
|
$
|
798.0
|
|
|
5.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain related to a partial sale of a subsidiary
|
|
|
|
|
-
|
|
|
|
|
|
|
|
68.2
|
|
|
|
|
Corporate general and administrative expense
|
|
|
|
|
(134.9
|
)
|
|
|
|
|
|
|
(124.1)
|
|
|
|
|
Interest expense, net
|
|
|
|
|
(38.4
|
)
|
|
|
|
|
|
|
(20.4)
|
|
|
|
|
Income tax expense
|
|
|
|
|
(111.5
|
)
|
|
|
|
|
|
|
(252.8)
|
|
|
|
|
Earnings from continuing operations attributable to Fluor
Corporation
|
|
|
|
$
|
210.9
|
|
|
|
|
|
|
$
|
468.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 $70 million for the three and nine
months ended September 30, 2016, respectively, and $29 million and
$65 million for the three and nine months ended September 30, 2015,
respectively.
|
|
|
|
(3) Segment profit margin % is calculated as segment profit divided
by segment revenue.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FLUOR CORPORATION
|
|
Unaudited
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SELECTED BALANCE SHEET ITEMS
|
|
|
|
|
|
|
|
|
|
|
|
($ in millions, except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SEPTEMBER 30,
|
|
|
DECEMBER 31,
|
|
|
|
|
|
|
|
|
2016
|
|
|
2015
|
|
|
|
|
Cash and marketable securities, including noncurrent
|
|
|
|
$
|
2,061.6
|
|
|
|
$
|
2,367.6
|
|
|
|
|
|
Total current assets
|
|
|
|
|
5,741.6
|
|
|
|
|
5,105.4
|
|
|
|
(1)
|
|
Total assets
|
|
|
|
|
9,316.6
|
|
|
|
|
7,625.4
|
|
|
|
(1)
|
|
Total short-term debt
|
|
|
|
|
133.7
|
|
|
|
|
-
|
|
|
|
|
|
Total current liabilities
|
|
|
|
|
3,876.2
|
|
|
|
|
2,935.4
|
|
|
|
|
|
Long-term debt
|
|
|
|
|
1,555.5
|
|
|
|
|
986.6
|
|
|
|
(1)
|
|
Shareholders' equity
|
|
|
|
|
3,106.3
|
|
|
|
|
2,997.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SELECTED CASH FLOW ITEMS
|
|
|
|
|
|
|
|
|
|
|
|
($ in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NINE MONTHS ENDED SEPTEMBER 30
|
|
|
|
2016
|
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash provided by operating activities
|
|
|
|
$
|
452.5
|
|
|
|
$
|
570.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investing activities
|
|
|
|
|
|
|
|
|
|
|
|
Net (purchases) sales and maturities of marketable securities
|
|
|
|
|
136.4
|
|
|
|
|
(38.7
|
)
|
|
|
|
|
Capital expenditures
|
|
|
|
|
(165.5
|
)
|
|
|
|
(181.1
|
)
|
|
|
|
|
Proceeds from disposal of property, plant and equipment
|
|
|
|
|
60.8
|
|
|
|
|
70.4
|
|
|
|
|
|
Proceeds from a partial sale of a subsidiary
|
|
|
|
|
-
|
|
|
|
|
45.6
|
|
|
|
|
|
Investments in partnerships and joint ventures
|
|
|
|
|
(518.0
|
)
|
|
|
|
(80.9
|
)
|
|
|
|
|
Acquisitions, net of cash acquired
|
|
|
|
|
(240.7
|
)
|
|
|
|
-
|
|
|
|
|
|
Other items
|
|
|
|
|
10.2
|
|
|
|
|
14.5
|
|
|
|
|
|
Cash utilized by investing activities
|
|
|
|
|
(716.8
|
)
|
|
|
|
(170.2
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financing activities
|
|
|
|
|
|
|
|
|
|
|
|
Repurchase of common stock
|
|
|
|
|
(9.7
|
)
|
|
|
|
(359.6
|
)
|
|
|
|
|
Dividends paid
|
|
|
|
|
(89.0
|
)
|
|
|
|
(94.6
|
)
|
|
|
|
|
Proceeds from issuance of 1.75% Senior Notes
|
|
|
|
|
553.0
|
|
|
|
|
-
|
|
|
|
|
|
Debt issuance costs
|
|
|
|
|
(3.5
|
)
|
|
|
|
-
|
|
|
|
|
|
Repayment of Stork Notes, convertible debt and other borrowings
|
|
|
(331.3
|
)
|
|
|
|
(28.4
|
)
|
|
|
|
|
Borrowings under revolving lines of credit
|
|
|
|
|
883.3
|
|
|
|
|
-
|
|
|
|
|
|
Repayment of borrowings under revolving lines of credit
|
|
|
|
|
(884.9
|
)
|
|
|
|
-
|
|
|
|
|
|
Distributions paid to noncontrolling interests, net of capital
contributions
|
|
|
(17.1
|
)
|
|
|
|
(40.9
|
)
|
|
|
|
|
Other Items
|
|
|
|
|
(3.0
|
)
|
|
|
|
(10.7
|
)
|
|
|
|
|
Cash provided (utilized) by financing activities
|
|
|
|
|
97.8
|
|
|
|
|
(534.2
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash
|
|
|
|
|
(3.0
|
)
|
|
|
|
(77.7
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Decrease in cash and cash equivalents
|
|
|
|
$
|
(169.5
|
)
|
|
|
$
|
(211.7
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation
|
|
|
|
$
|
155.1
|
|
|
|
$
|
141.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 SEPTEMBER 30
|
|
|
|
2016
|
|
|
2015
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Energy, Chemicals & Mining
|
|
|
|
$
|
5,643
|
|
|
80
|
%
|
|
|
$
|
3,628
|
|
|
|
69
|
%
|
|
Industrial, Infrastructure & Power
|
|
|
|
|
74
|
|
|
1
|
%
|
|
|
|
1,281
|
|
|
|
24
|
%
|
|
Government
|
|
|
|
|
955
|
|
|
14
|
%
|
|
|
|
277
|
|
|
|
5
|
%
|
|
Maintenance, Modification & Asset Integrity
|
|
|
|
|
350
|
|
|
5
|
%
|
|
|
|
108
|
|
|
|
2
|
%
|
|
Total new awards
|
|
|
|
$
|
7,022
|
|
|
100
|
%
|
|
|
$
|
5,294
|
|
|
|
100
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NINE MONTHS ENDED SEPTEMBER 30
|
|
|
|
2016
|
|
|
2015
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Energy, Chemicals & Mining
|
|
|
|
$
|
7,395
|
|
|
41
|
%
|
|
|
$
|
9,822
|
|
|
|
70
|
%
|
|
Industrial, Infrastructure & Power
|
|
|
|
|
4,860
|
|
|
27
|
%
|
|
|
|
1,903
|
|
|
|
13
|
%
|
|
Government
|
|
|
|
|
4,461
|
|
|
24
|
%
|
|
|
|
1,077
|
|
|
|
8
|
%
|
|
Maintenance, Modification & Asset Integrity
|
|
|
|
|
1,419
|
|
|
8
|
%
|
|
|
|
1,208
|
|
|
|
9
|
%
|
|
Total new awards
|
|
|
|
$
|
18,135
|
|
|
100
|
%
|
|
|
$
|
14,010
|
|
|
|
100
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BACKLOG TRENDS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
($ in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AS OF SEPTEMBER 30
|
|
|
|
2016
|
|
|
2015
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Energy, Chemicals & Mining
|
|
|
|
$
|
23,682
|
|
|
54
|
%
|
|
|
$
|
30,051
|
|
|
|
72
|
%
|
|
Industrial, Infrastructure & Power
|
|
|
|
|
11,461
|
|
|
26
|
%
|
|
|
|
5,084
|
|
|
|
12
|
%
|
|
Government
|
|
|
|
|
5,899
|
|
|
13
|
%
|
|
|
|
3,826
|
|
|
|
9
|
%
|
|
Maintenance, Modification & Asset Integrity
|
|
|
|
|
3,283
|
|
|
7
|
%
|
|
|
|
2,732
|
|
|
|
7
|
%
|
|
Total backlog
|
|
|
|
$
|
44,325
|
|
|
100
|
%
|
|
|
$
|
41,693
|
|
|
|
100
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United States
|
|
|
|
$
|
20,784
|
|
|
47
|
%
|
|
|
$
|
14,369
|
|
|
|
34
|
%
|
|
The Americas (excluding the United States)
|
|
|
|
|
3,635
|
|
|
8
|
%
|
|
|
|
10,058
|
|
|
|
24
|
%
|
|
Europe, Africa and the Middle East
|
|
|
|
|
17,660
|
|
|
40
|
%
|
|
|
|
14,327
|
|
|
|
35
|
%
|
|
Asia Pacific (including Australia)
|
|
|
|
|
2,246
|
|
|
5
|
%
|
|
|
|
2,939
|
|
|
|
7
|
%
|
|
Total backlog
|
|
|
|
$
|
44,325
|
|
|
100
|
%
|
|
|
$
|
41,693
|
|
|
|
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