The company's earning projections came with a warning, however, that the short-term numbers may be influenced by a rapid increase in stock prices. The firm is required to adjust earnings up or down at the end of each quarter based on the number of stock appreciation rights owned by management and change in stock price from the previous quarter.
"We are pleased with the quality of execution on our major global projects and with the fact that these key projects are meeting their financial objectives," says Philip J. Carroll Jr., chairman/CEO.
Starting at a $34 per share stock price, the firm is assuming a $1 per share per quarter increase in stock price in its projections for fiscal 2001. The company's revenues for fiscal year 2000 ended up at $10 billion. So far this quarter alone the firm has been awarded new contracts, with attractive profit margins, totaling $2.5 billion. As a result of new contracts, company officials say the company's backlog is growing.
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