 |
 |
 |
|
| |
| |
|
2000 |
|
|
1999 |
|
|
1998 |
|
|
1997 |
|
|
1996 |
|
|
| (in
millions, except per share amounts) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Consolidated
Operating Results |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Revenues |
$ |
9,970.2 |
|
$ |
11,334.4 |
|
$ |
12,377.5 |
|
$ |
13,217.5 |
|
$ |
10,054.4 |
|
| Earnings
from continuing operations before taxes |
|
142.2 |
|
|
76.6 |
|
|
222.7 |
|
|
119.4 |
|
|
280.4 |
|
| Earnings
from continuing operations, net |
|
99.8 |
|
|
26.7 |
|
|
135.9 |
|
|
50.5 |
|
|
173.4 |
|
| Discontinued
operations, net |
|
24.1 |
|
|
77.5 |
|
|
99.4 |
|
|
95.7 |
|
|
94.7 |
|
| Net
earnings |
|
123.9 |
|
|
104.2 |
|
|
235.3 |
|
|
146.2 |
|
|
268.1 |
|
| Basic
earnings per share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| --Continuing
operations |
|
1.33 |
|
|
0.35 |
|
|
1.73 |
|
|
0.61 |
|
|
2.10 |
|
| --Discontinued
operations |
|
0.32 |
|
|
1.03 |
|
|
1.26 |
|
|
1.15 |
|
|
1.14 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Basic
earnings per share |
|
1.65 |
|
|
1.38 |
|
|
2.99 |
|
|
1.76 |
|
|
3.24 |
|
| Diluted
earnings per share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| --Continuing
operations |
|
1.31 |
|
|
0.35 |
|
|
1.72 |
|
|
0.60 |
|
|
2.08 |
|
| --Discontinued
operations |
|
0.31 |
|
|
1.02 |
|
|
1.25 |
|
|
1.15 |
|
|
1.13 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Diluted
earnings per share |
$ |
1.62 |
|
$ |
1.37 |
|
$ |
2.97 |
|
$ |
1.75 |
|
$ |
3.21 |
|
| Return
on average shareholders’ equity |
|
7.7 |
% |
|
6.8 |
% |
|
14.5 |
% |
|
8.7 |
% |
|
17.4 |
% |
| Cash
dividends per common share |
$ |
1.00 |
|
$ |
0.80 |
|
$ |
0.80 |
|
$ |
0.76 |
|
$ |
0.68 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Consolidated
Financial Position |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Current
assets |
$ |
1,447.8 |
|
$ |
1,910.2 |
|
$ |
2,277.2 |
|
$ |
2,213.4 |
|
$ |
1,796.8 |
|
| Current
liabilities |
|
1,620.4 |
|
|
2,204.3 |
|
|
2,495.6 |
|
|
1,978.2 |
|
|
1,645.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Working
capital |
|
(172.6) |
|
|
(294.1) |
|
|
(218.4) |
|
|
235.2 |
|
|
151.3 |
|
| Net
assets of discontinued operations |
|
866.2 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
| Property,
plant and equipment, net |
|
756.8 |
|
|
2,223.0 |
|
|
2,147.3 |
|
|
1,938.3 |
|
|
1,677.7 |
|
| Total
assets |
|
3,652.7 |
|
|
4,886.1 |
|
|
5,019.2 |
|
|
4,685.3 |
|
|
3,951.7 |
|
| Capitalization |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| --Short-term
debt* |
|
253.5 |
|
|
247.9 |
|
|
430.7 |
|
|
88.8 |
|
|
67.2 |
|
| --Long-term
debt |
|
17.6 |
|
|
317.5 |
|
|
300.4 |
|
|
300.5 |
|
|
3.0 |
|
| --Shareholders’
equity |
|
1,609.2 |
|
|
1,581.4 |
|
|
1,525.6 |
|
|
1,741.1 |
|
|
1,669.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total
capitalization |
$ |
1,880.3 |
|
$ |
2,146.8 |
|
$ |
2,256.7 |
|
$ |
2,130.4 |
|
$ |
1,739.9 |
|
| Total
debt as a percent of total capitalization |
|
14.4 |
% |
|
26.3 |
% |
|
32.4 |
% |
|
18.3 |
% |
|
4.0 |
% |
| Pro
forma total debt as a percent of total capitalization**
|
|
36.7 |
% |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
| Shareholders’
equity per common share |
$ |
21.24 |
|
$ |
20.80 |
|
$ |
20.19 |
|
$ |
20.79 |
|
$ |
19.93 |
|
| Common
shares outstanding at October 31 |
|
75.7 |
|
|
76.0 |
|
|
75.6 |
|
|
83.7 |
|
|
83.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Other
Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| New
awards |
$ |
9,644.2 |
|
$ |
6,789.4 |
|
$ |
9,991.9 |
|
$ |
12,122.1 |
|
$ |
12,487.8 |
|
| Backlog
at year end |
|
10,012.2 |
|
|
9,142.0 |
|
|
12,645.3 |
|
|
14,370.0 |
|
|
15,757.4 |
|
| Capital
expenditures and acquisitions – continuing operations |
|
284.1 |
|
|
277.0 |
|
|
304.5 |
|
|
340.8 |
|
|
258.7 |
|
| Cash
provided by operating activities |
$ |
141.8 |
|
$ |
464.9 |
|
$ |
702.5 |
|
$ |
328.6 |
|
$ |
406.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
*Includes
commercial paper, loan notes, a note payable to affiliate,
miscellaneous trade notes payable and the current portion
of long-term debt.
**As if the spin-off distribution had occurred on October
31, 2000.
As
discussed in the first note to the accompanying financial
statements, on November 30, 2000 the shareholders approved
a spin-off distribution that will separate the company
into two publicly traded companies – a “new”
Fluor and Massey Energy Company. The net assets of Massey
Energy Company at October 31, 2000 and its results of
operations for all periods presented have been reclassified
and are presented as discontinued operations.
See
Management’s Discussion and Analysis on pages 23
to 28 and Notes to Consolidated Financial Statements
on pages 33 to 44 for information relating to significant
items affecting the results of operations.
|
| |
|
|
|
|
