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Fluor Reports Fourth Quarter And Full Year 2012 Results

Fluor Corporation (NYSE: FLR) today announced financial results for its fiscal year ended December 31, 2012. Net earnings attributable to Fluor for 2012 were $456 million, or $2.71 per diluted share, compared with $594 million, or $3.40 per diluted share in 2011. Earnings per share results included a charge of approximately $1.57 per share relating to the previously announced arbitration ruling on the Greater Gabbard project. Excluding this charge, net earnings attributable to Fluor for 2012 would have been $4.28 per diluted share. Consolidated segment profit for the year was $769 million, including the impact of a $416 million pre-tax charge on Greater Gabbard, which compares with $1.0 billion in segment profit in 2011. Results in 2012 reflected strong double-digit growth in Oil & Gas and Global Services, and strength in Industrial & Infrastructure which was adversely impacted by the Greater Gabbard charge. Consolidated revenue for the year totaled a record $27.6 billion, which was up 18 percent from $23.4 billion a year ago, mainly due to strong growth in the Industrial & Infrastructure and Oil & Gas business segments.

Full year new awards were strong at $27.1 billion, compared with bookings of $26.9 billion a year ago, including $12.6 billion in Oil & Gas and $9.5 billion in Industrial & Infrastructure. Consolidated backlog at year-end was $38.2 billion, which compares with $39.5 billion a year ago.

“The underlying profitability of the Company has never been stronger, notwithstanding the surprising and unexpected adverse arbitration decision on our Greater Gabbard claims,” said Chairman and Chief Executive Officer David Seaton. “We are very optimistic about the opportunities we see in our oil, gas, petrochemical and infrastructure markets in particular, and expect to deliver solid results in line with our guidance for 2013.”

Corporate G&A expense for the year was reduced to $151 million, from $163 million a year ago. The effective tax rate for the year was 22 percent, reflecting the recognition of benefits associated with the favorable resolution of various issues, including the settlement of a tax audit relating to prior years. Fluor’s financial condition remains very strong, with cash plus current and noncurrent marketable securities totaling $2.6 billion. During 2012, the Company generated $628 million in cash flow from operating activities, repurchased $389 million worth of Fluor shares, and paid out $129 million in dividends.

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