Fluor 2004 Annual Report Download - page 23

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FLUOR CORPORATION 2004 ANNUAL REPORT
Selected Financial Data 21
CONSOLIDATED OPERATING RESULTS
Year Ended December 31,
2004 2003 2002 2001
Year Ended
October 31,
2000
(in millions, except per share amounts)
Revenues
Earnings from continuing operations before taxes
Earnings from continuing operations
Earnings (loss) from discontinued operations
Cumulative effect of change in accounting principle
Net earnings
Basic earnings (loss) per share
Continuing operations
Discontinued operations
Cumulative effect of change
in accounting principle
$ 9,380.3
281.2
186.7
—
—
186.7
2.29
—
—
$ 8,805.7
268.0
179.5
(11.6)
(10.4)
157.5
2.25
(0.15)
(0.13)
$ 9,959.0
260.5
170.0
(6.4)
—
163.6
2.14
(0.08)
—
$ 8,972.2
185.3
127.8
(108.4)
—
19.4
1.64
(1.39)
—
$ 9,422.9
164.3
116.3
7.7
—
124.0
1.55
0.10
—
Net earnings
Diluted earnings (loss) per share
Continuing operations
Discontinued operations
Cumulative effect of change
in accounting principle
2.29
2.25
—
—
1.97
2.23
(0.15)
(0.13)
2.06
2.13
(0.08)
—
0.25
1.61
(1.36)
—
1.65
1.52
0.10
—
Net earnings
Return on average shareholders’ equity
Cash dividends per common share
2.25
15.7%
0.64
1.95
16.2%
0.64
2.05
19.4%
0.64
0.25
2.6%
0.64
1.62
7.7%
1.00
CONSOLIDATED FINANCIAL POSITION
Current assets $ 2,723.3 $ 2,205.5 $ 1,924.1 $ 1,851.3 $ 1,318.3
Current liabilities 1,764.0 1,821.0 1,756.2 1,862.7 1,570.3
Working capital 959.3 384.5 167.9 (11.4) (252.0)
Property, plant and equipment, net 527.8 569.5 467.0 508.1 570.8
Total assets 3,969.6 3,441.3 3,142.2 3,142.5 4,958.4
Capitalization
Short-term debt* 129.9 221.5 — 38.4 88.7
Long-term debt 347.7 44.7 17.6 17.6 17.6
Shareholders’ equity 1,335.8 1,081.5 883.9 789.3 1,609.2
Total capitalization 1,813.4 1,347.7 901.5 845.3 1,715.5
Total debt as a percent of total capitalization 26.3% 19.7% 2.0% 6.6% 6.2%
Shareholders’ equity per common share 15.81 13.17 11.02 9.85 21.25
Common shares outstanding at period end 84.5 82.1 80.2 80.1 75.7
OTHER DATA
New awards $13,028.6 $ 9,976.0 $ 8,596.8 $10,766.6 $ 9,644.2
Backlog at year end 14,765.8 10,607.1 9,709.1 11,505.5 10,012.2
Capital expenditures–continuing operations 104.4 79.2 63.0 148.4 156.2
Cash provided by (used in) operating activities (81.5) (303.7) 195.7 621.8 186.1
* Includes commercial paper, loan notes, miscellaneous trade notes payable and the current portion of long-term debt.
In November 2000, a spin-off distribution to shareholders was effected which separated then existing Fluor Corporation into two publicly traded companies
— new Fluor (“Fluor” or the “company”) and Massey Energy Company (“Massey”). Massey’s results of operations for all periods prior to the spin-off are pre-
sented as discontinued operations.
In September 2001, the company adopted a plan to dispose of certain non-core construction equipment and temporary staffing businesses. The assets and
liabilities (including debt) and results of operations of Massey and the non-core businesses for all periods presented have been reclassified and are presented
as discontinued operations. In addition, the company changed to a calendar-year basis of reporting financial results in connection with the spin-off.
See Management’s Discussion and Analysis in the Form 10-K on pages 19 to 33 and Notes to Consolidated Financial Statements on pages F-9 to F-35
for information relating to significant items affecting the results of operations.