Fluor 2011 Annual Report Download - page 147

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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, 2011
Revenue $5,057.8 $6,033.9 $6,037.6 $6,252.1
Cost of revenue 4,787.5 5,727.0 5,775.5 5,942.5
Earnings before taxes 241.1 281.2 230.9 248.6
Net earnings 161.2 191.5 161.6 183.8
Net earnings attributable to Fluor
Corporation 139.7 165.5 135.4 153.1
Earnings per share
Basic $ 0.79 $ 0.95 $ 0.79 $ 0.91
Diluted 0.78 0.94 0.78 0.90
Year ended December 31, 2010
Revenue $4,918.9 $5,152.1 $5,511.5 $5,266.8
Cost of revenue 4,658.3 4,868.4 5,449.7 5,167.7
Earnings before taxes 233.1 259.1 24.9 42.5
Net earnings (loss) 153.7 178.4 (30.1) 139.1
Net earnings (loss) attributable to Fluor
Corporation 136.6 157.4 (53.6) 117.1
Earnings (loss) per share
Basic $ 0.77 $ 0.88 $ (0.30) $ 0.66
Diluted 0.76 0.87 (0.30) 0.65
Net earnings in the third quarter of 2011 was impacted by pre-tax charges for the Greater Gabbard
Project totaling $38 million (or $0.14 per diluted share). The Greater Gabbard Project is discussed in ‘‘13.
Contingencies and Commitments’’ above.
Net earnings in the second and fourth quarter of 2010 included pre-tax charges of $51 million (or
$0.18 per diluted share) and $28 million (or $0.10 per diluted share), respectively, on a gas-fired power
project in Georgia. Net earnings in the third quarter of 2010 included a pre-tax charge of $95 million (or
$0.33 per diluted share) for the completed infrastructure joint venture project in California, as well as a
pre-tax charge of $163 million (or $0.92 per diluted share) on the Greater Gabbard Project. Net earnings
in the fourth quarter of 2010 included an additional $180 million pre-tax charge (or $0.89 per diluted
share) for the Greater Gabbard Project.
Net earnings and Net earnings attributable to Fluor Corporation in 2010 included a $152 million
($0.84 per diluted share) tax benefit for a worthless stock deduction from the tax restructuring of a foreign
subsidiary. A significant portion of this tax benefit resulted from the financial impact of the 2010 Greater
Gabbard Project charges on the foreign subsidiary.
17. Subsequent Events
On February 2, 2012, the company’s Board of Directors authorized an increase in the company’s
quarterly dividend from $0.125 per share to $0.16 per share.
F-46