I appreciate a great quarter, but quality is about great quarters one after another for many years!  And for this information, I generally turn to Morningstar.com for additional information.

Reviewing the Morningstar.com "5-Yr restated" financials on Fluor (FLR), we can see that revenue has grown nicely from $8.8 billion in 2003 to $16.7 billion in 2007 and $17.9 billion in the trailing twelve months (TTM).

During this same period, earnings have dramatically and steadily improved from $1.95/share in 2003 to $5.85/share in 2007 and $6.41/share in the TTM.  As a 'bonus', the company has also been paying a dividend and rather regularly increasing it from $.64/share in 2003 to $.80/share in 2006 and $.85/share in the TTM.

Outstanding shares have been expanding but at a modest rate from 81 million shares in 2003 to 91 million in 2007 and the TTM.  Thus, this approximately 13% increase in shares was accompanied by an approximately 100% increase in revenue and a 200% increase in earnings.  I am quite comfortable with a small increase in shares when this is associated with a larger increase in both earnings and revenue reported.

Free cash flow has been somewhat erratic dipping from $195 million in 2005 to $22 million in 2006.  However, this jumped back sharply to $621 million in 2007 and the company has reported $656 million in free cash flow as reported by Morningstar.com.

The balance sheet appears adequate with $1.13 billion in cash and $3.32 billion in other current assets, which, when compared to the $3.13 billion in current liabilities yields a current ratio of 1.42.

Checking Yahoo "Key Statistics" for some valuation numbers, we see that this is a large cap stock with a market capitalization of $17.88 billion.  The trailing p/e is reported at 31.46 with a forward p/e of 25.55 (fye 31-Dec-09).  The PEG ratio is a bit rich at 1.73. (All things being equal, I would prefer to see a PEG between 1.0 and 1.5).

The trailing p/e is also a bit rich at 31.46.