Fluor 2007 Annual Report Download - page 117

Download and view the complete annual report

Please find page 117 of the 2007 Fluor annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 125

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125

FLUOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Quarterly Financial Data (Unaudited)
The following is a summary of the quarterly results of operations:
First
Quarter
Second
Quarter
Third
Quarter(1)&(2) Fourth
Quarter(3)
(in thousands, except per share amounts)
Year ended December 31, 2007
Revenue $3,641,804 $4,221,538 $4,115,226 $4,712,465
Cost of revenue 3,464,320 4,034,329 3,925,705 4,464,233
Earnings before taxes 136,293 143,559 155,263 213,978
Net earnings 84,616 95,564 93,676 259,463
Earnings per share
Basic $ 0.97 $ 1.10 $ 1.07 $ 2.96
Diluted 0.94 1.05 1.02 2.82
Year ended December 31, 2006
Revenue $3,624,876 $3,456,430 $3,364,036 $3,633,164
Cost of revenue 3,440,499 3,294,870 3,317,401 3,469,263
Earnings before taxes 142,791 106,537 13,851 118,811
Net earnings 88,854 66,552 27,338 80,708
Earnings per share
Basic $ 1.03 $ 0.77 $ 0.32 $ 0.93
Diluted 1.00 0.74 0.31 0.90
(1) Earnings before taxes in the third quarter of 2007 include a provision of $20.9 million in the
Government segment on a fixed-price project.
(2) The third quarter of 2006 includes provisions totaling $168 million on fixed-price contracts in the
Government and Industrial & Infrastructure segments. During that same quarter, a tax credit of
$13.5 million was recognized due to the utilization of net operating loss carryforwards and an increase
in the extraterritorial income exclusion and domestic production activities deduction.
(3) Net earnings in the fourth quarter of 2007 includes a $123 million tax settlement. See Income Taxes
for additional information.
F-34