Net earnings attributable to Fluor Corporation (FLR) for the fourth quarter of 2009 were $149 million, or 82 cents per share, compared with $190 million, or $1.03 in 2008. This was lower than the Zacks Consensus Estimate of 88 cents.   The effective tax rate in the fourth quarter of 2009 was higher than expected at 39%, while the fourth quarter of 2008 benefited from a materially lower 24% effective tax rate due to a variety of factors. Segment profit for the quarter decreased 4% to $310 million, compared with $323 million a year ago.

Fourth quarter profits reflect growth in the Power, Government and Industrial & Infrastructure segments, offset by declines in Oil & Gas and Global Services. Corporate G&A expenses in the quarter were $61 million, down $22 million from a year ago, due in part to the effect of a $16 million provision in the fourth

Highlighted in this article are the following E&C [Engineering & Construction] stocks: Granite Construction, Inc. (GVA), Perini Corporation (PCR), URS Corporation (URS), ABB Ltd. (ABB), Chicago Bridge & Iron Company N.V. (CBI), Foster Wheeler Ltd. (FWLT) and McDermott International (MDR).

The global economic growth - coupled with the attendant demand for oil, gas, petrochemicals and refined products - that stimulated investment in new and expanded plants over the last 12 to 24 months, appears to finally be slowing, if not reversing. In addition, given the now-declining demand for all manner of products - as well as the drop in the cost of oil and gas - the need for additional power may also be constrained. Consequently, now that these uncertainties have crept into global financial expectations, one might wonder what to do?

Back before the presidential election, we wrote:

"When FDR came into power, the WPA was the principal tool of his administration to

SIBORAP includes these ten specific sections: (1) Product Transparency, (2) Regulation and Education, (3) Protection from Speculators (4) Control of Hedge Funds, (5) Brokerage Account Statements, (6) Retirement Account Investments, (7) Executive Compensation, (8) Corporate Financial Statements, (9) Taxation of Investment and Retirement Income, and (10) Transactional Greed and Fear Controls.

Section Seven: Executive Compensation – continued from Part Three of the SIBORAP report.

Every dollar paid to corporate executives, directors, and employees (in any form whatsoever) in excess of two million dollars would be matched by a ten-cent per share extra dividend to all shareholders and a 10%-of-annual-pay bonus to all employees.

All golden parachutes, separate “non-qualified” retirement plans, stock option and deferred compensation programs, and others that do not benefit all employees and shareholders will be unwound over a three to five year period. Any employee who receives …