Fluor 2013 Annual Report Download - page 146

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FLUOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
16. Quarterly Financial Data (Unaudited)
The following is a summary of the quarterly results of operations:
(in millions, except per share amounts) First Quarter Second Quarter Third Quarter Fourth Quarter
Year ended December 31, 2013
Revenue $7,185.6 $7,190.3 $6,684.2 $6,291.5
Cost of revenue 6,843.8 6,857.5 6,329.7 5,955.4
Earnings before taxes 306.3 298.7 304.7 267.9
Net earnings 213.3 207.3 217.4 185.0
Net earnings attributable to Fluor
Corporation 166.5 161.4 173.0 166.8
Earnings per share
Basic $ 1.02 $ 0.99 $ 1.06 $ 1.03
Diluted 1.02 0.98 1.05 1.01
Year ended December 31, 2012
Revenue $6,290.1 $7,128.2 $7,136.1 $7,022.7
Cost of revenue 6,014.2 6,809.8 6,829.8 7,038.3
Earnings (loss) before taxes 240.8 288.2 264.5 (60.0)
Net earnings 177.2 192.5 172.3 29.1
Net earnings (loss) attributable to Fluor
Corporation 154.9 161.2 144.6 (4.4)
Earnings (loss) per share
Basic $ 0.92 $ 0.96 $ 0.87 $ (0.03)
Diluted 0.91 0.95 0.86 (0.03)
Net earnings in the fourth quarter in 2013 included pre-tax income of $57 million (or $0.22 per diluted
share) resulting from the favorable resolution of various issues with the U.S. government related to
2001 - 2013. Of this amount, $31 million was the result of resolving challenges as to the reimbursability of
certain costs, $11 million was the result of a favorable court ruling that resolved certain disputed items and
$15 million was related to the closeout and final disposition of other matters.
Net earnings in the fourth quarter of 2012 were impacted by pre-tax charges for the Greater Gabbard
Project totaling $416 million (or $1.61 per diluted share). Net earnings in the fourth quarter of 2012 also
included a pre-tax gain of $43 million (or $0.17 per diluted share) on the October 2012 sale of the
company’s unconsolidated interest in a telecommunications company located in the United Kingdom and
tax benefits of $43 million ($0.26 per diluted share) associated with the net reduction of tax reserves for
various domestic and international disputed items and an IRS settlement. The tax benefits are disclosed in
‘‘3. Income Taxes’’ above.
F-47