Fluor Corporation (NYSE: FLR) provides services on a global basis in the fields of engineering, procurement, construction, operations, maintenance and project management. Headquartered in Irving, Texas, Fluor is a FORTUNE 500 company with revenues of $14.1 billion in 2006

IRVING, Texas--(BUSINESS WIRE)--May 12, 2008--Fluor Corporation (NYSE: FLR) today announced financial results for its first quarter ended March 31, 2008. Net earnings for the first quarter rose 63 percent to $138 million, from $85 million in the first quarter of 2007. Earnings per diluted share were $1.50, compared with $0.94 per diluted share for the same period last year. Operating profit for the quarter grew by 40 percent to $249 million, compared with $177 million in the first quarter of 2007. With the exception of the Government segment, all business segments posted substantial growth over last year. Operating margin rose to 5.2 percent, compared with 4.9 percent a year ago. Revenue increased 32 percent to $4.8 billion, up from $3.6 billion in the first quarter of 2007.
New project awards for the first quarter were $5.7 billion, up 28 percent from $4.5 billion a year ago. The current quarter included $4.3 billion in Oil & Gas awards with the balance representing orders across the other four segments. Consolidated backlog rose to $31.5 billion, up 33 percent from a year ago, setting yet another new company record.
"Fluor's key clients continue to make substantial investments in major new energy, industrial and infrastructure projects globally," said Chairman and Chief Executive Officer, Alan Boeckmann. "With robust new award levels, a growing backlog and world-class execution capabilities, our outlook is increasingly positive and we expect substantial expansion in both revenue and earnings in 2008."
Corporate G&A expense for the quarter was $40 million, compared with $45 million in the first quarter of 2007. Fluor's financial position continues to strengthen, with cash and marketable securities growing to $1.9 billion, up from $1.1 billion a year ago.
Outlook
As a result of substantial new awards, a solid list of major prospects and strong earnings momentum in the first quarter, the company is increasing its full year guidance for 2008 Earnings Per Share to a range of $6.25 to $6.55, up from the previous range of $5.10 to $5.50 per share. This guidance is not adjusted for the effect of the recently announced two-for-one stock split, which will be completed at a later date.
 

Fluor Posts Record Performance for 2007 and Raises Guidance for 2008
-- 4th Quarter EPS $2.82; Full Year 2007 $5.85
-- 4th Quarter New Awards $6.3 Billion
-- Backlog Rises to $30.2 Billion
IRVING, Texas--(BUSINESS WIRE)--Feb. 28, 2008--Fluor Corporation (NYSE: FLR) today announced record financial results for its fourth quarter and fiscal year ended December 31, 2007. Net earnings for 2007 rose 102 percent to a record $533 million, or $5.85 per diluted share, compared with $263 million, or $2.95 per diluted share in 2006. In addition to very strong operating performance, net earnings in the fourth quarter included $123 million, or $1.35 per diluted share, from the final settlement of a tax audit for certain prior years. Full year results reflect very strong growth in the Oil & Gas, Global Services, Industrial & Infrastructure and Power segments, and improved performance in the Government segment. Consolidated operating profit for the year was $802 million, up 44 percent from $556 million a year ago. Operating margin increased to 4.8 percent from 4.0 percent in 2006. Revenue rose 19 percent over 2006 to a record $16.7 billion.
Full year new awards rose to an all-time high of $22.6 billion, up from $19.3 billion a year ago, driven by increases in Oil & Gas, Power and Global Services. Fourth quarter new awards of $6.3 billion set a record for a single quarter and drove year-end backlog to $30.2 billion, the company's ninth consecutive quarterly increase and up 38 percent from the end of last year.
"2007 was the best year in the company's history, with record-breaking financial performance across all key metrics," said Chairman and Chief Executive Officer Alan Boeckmann. "Global demand for energy, infrastructure and basic materials are fueling substantial opportunities, and when combined with our $30 billion backlog, we expect Fluor to continue to deliver strong growth in 2008."
Corporate G&A expense for the year increased to $194 million, from $179 million a year ago, mainly due to higher incentive and stock-based compensation costs. Fluor's cash and marketable securities grew to $1.7 billion at year-end versus $976 million a year ago, reflecting substantial positive cash flows from operations.
Outlook
As evidenced by the strong fourth quarter new awards, Fluor continues to be very successful at winning major new projects across the diverse markets that it serves. The company expects ongoing strength in downstream oil and gas, polysilicon production, power generation and pollution reduction, mining and operations and maintenance. Recent project wins in the Government segment are also encouraging, although not expected to have a material impact until late 2008. As a result of the strength of fourth quarter new awards and very strong operating performance, the company is raising its earnings guidance for 2008 to a range of $5.10 to $5.50, from the previous range of $4.90 to $5.30 per share.