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Fluor (FLR) FY2023 results: revenue $15.5 billion, up 12.6% on the year

Fluor Corp. (FLR) reported revenue of $15.5 billion for fiscal 2023, the year ended 31 December 2023, up 12.6% on the year before. Net income was $139 million, down 4.1%, and diluted earnings per share $0.54. The figures are the company's own, from the 10-K it filed with the SEC on 20 February 2024.

Revenue
$15.5 billion
+12.6% on the year
FY2016FY2023
Operating margin
0.9%
1.5% a year earlier
FY2016FY2023
Net income
$139 million
-4.1% on the year
FY2016FY2023
Diluted EPS
$0.54
-26.0% on the year
FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ millionFY2023FY2022FY2021On the yearLast 8 years
Revenue15,47413,74414,156+12.6%
Cost of revenue14,99713,38913,702+12.0%
Gross profit477355454+34.4%
Gross margin3.1%2.6%3.2%
Operating income147209-273-29.7%
Operating margin0.9%1.5%-1.9%
Interest expense60.059.090.0+1.7%
Pre-tax income315244-346+29.1%
Income tax23617120.0+38.0%
Effective tax rate74.9%70.1%n/a
Net income139145-440-4.1%
Net margin0.9%1.1%-3.1%
Diluted EPS$0.54$0.73-$2.04-26.0%
$ million except per share.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ millionFY2023FY2022FY2021On the yearLast 8 years
Operating cash flow21231.025.0+583.9%
Capital expenditure10675.075.1+41.3%
Free cash flow106-44.0-50.1
Free cash flow margin0.7%-0.3%-0.4%
Cash from investing-277-78.0-122
Cash from financing127315122-59.7%
Depreciation and amortisation74.073.074.0+1.4%
Share-based compensation48.019.032.0+152.6%
Buybacks0.00.0n/a
Dividend per sharen/an/a$16.25
Diluted shares, weighted153m145m141m+5.5%
Shares outstanding at period end170m142m141m+19.7%

Balance sheet

$ millionFY2023FY2022FY2021On the yearLast 8 years
Shareholders' equity1,9401,7861,392+8.6%
Non-controlling interest112210174-46.7%
Redeemable equityn/an/a0.0
Short-term borrowings0.0n/an/a
Debt1,1581,1301,192+2.5%
Other liabilities3,7633,7014,330+1.7%
Total liabilities and equity6,9736,8277,089+2.1%
Fixed assets458447456+2.5%
Goodwill2062062490.0%
Investments683185644+269.2%
Cash and equivalents2,5192,4392,209+3.3%
Other assets3,1073,5503,530-12.5%
Total assets6,9736,8277,089+2.1%

10-K for the year ended 31 December 2023, filed 20 February 2024: the filing.