The webcast link below is the preferred way to listen. And that is part of our criteria now, that we're not going to agree to a schedule that's, that's overly aggressive. Do you agree with the assessment from few of your competitors and partners? Okay, great thank you. For continuing operations, earnings attributable to Fluor for the third quarter were a net loss of 782 million. In terms of schedule, in terms of productivity, this is a stick-built project and we're going to, we feel very confident that that we have addressed all the risk issues here. With that operator, we are ready to take questions. 2019 10-K Earnings Conference Call Transcript 162.1 KB. Segment profit of $1 million reflects our execution on lower margin projects that experienced forecast revisions in the second quarter. If you would please turn to slide 5. Last month, we announced our plan to reduce overhead by $100 million. We had indicated earlier that the [Indecipherable] project was delayed to probably the second, first or second quarter for-in the final notice to proceed. Good morning, Jamie. This segment excludes AMECO in North America, which has been moved to discontinued operations. Carlos M. Hernandez -- Chief Executive Officer. Fluor (FLR) came out with quarterly earnings of $0.71 per share, beating the Zacks Consensus Estimate of $0.38 per share. Fluor will host a conference call at 8:30 a.m. Eastern time on Friday, September 25, which will be webcast live on the Internet and can be accessed by logging onto investor.fluor.com. 4th quarter award allows the joint venture team to progress on the project until the final investment decision is reached in early 2020. For the 3rd quarter, new awards for the Energy & Chemicals segment were $256 million and ending backlog was $13.7 billion. At this time, for opening remarks, I would like to turn the call over to Jason Landkamer, Director of Investor Relations. Let me correct something I said. Mike? What do you do going forward? Thank you, sir. Reconciliations of these amounts to the comparable GAAP measures are reflected in our earnings release and posted in the Investor Relations section of our website at investor.fluor.com. The charges taken today reflect our current cost to complete estimate. [Operator Instructions] We'll now take our next question from Andrew Kaplowitz from Citi. So, there will be projects we will walk away from, for sure, but as I said earlier, I think that overall, we are in a very positive position in our, in our industry because of our ability to execute the large projects, our relationship with our clients, and the fact that others are not capable of managing risk, I think as we will be able to do so. And now I'll turn the call over to Mike, to talk through the financial results from the quarter and outlook. This compares to earnings of … Stock Advisor launched in February of 2002. Contents: Prepared Remarks; Questions and Answers; Call Participants; Prepared Remarks: Operator. Earnings per share were … And clearly the Rovuma project met all of that criteria. In the same quarter last year, Fluor reported EPS of … Fluor Corporation (NYSE: FLR) will hold a conference call to review results for its third quarter ended September 30, 2019. But we are pursuing several big reimbursable projects in E&C, pretty optimistic about those. Please go ahead, your line is open. do you do something different than the integrated delivery model? We'll now take our next question from Steven Fisher from UBS. Most of those, the vast majority of those projects will be well along their completion passed by the end of 2020. Jason Landkamer - Director, IR. Before we discuss our quarterly results, I want to quickly reiterate the changes we announced on September 24 as part of our strategic review and operational review. I'm just curious if you could talk about the strikes going on in Latin America, it's been a lot in the press. ET. Sure. Let's turn to slide 8. Fluor Corp (NYSE:FLR)Q3 2019 Earnings CallOct 31, 2019, 8:30 a.m. We worked closely with our consortium to develop a project model that appropriately leverages each party's strengths and capabilities. Fluor's cash plus marketable securities for the quarter were 1.85 billion, slightly below last quarter. We have seen a little bit of a delay. Shifting to the balance sheet, please turn to slide 11. So the message has been delivered and well received and I think it's going to serve as well. you know we've been having, Kevin, since since May 1, we've been having conversations with our major oil and gas customers, precisely about this issue of the bidding environment. Michael Stephan Dudas -- Vertical Research Partners, LLC-Partner -- Analyst. Fluor draws on expertise from across the entire project scope, including engineering, procurement, fabrication, construction and maintenance to reduce risks, compress schedules, increase quality and lower costs. We are currently reviewing operational plan for 2020, and we expect to issue 2020 guidance for the full year at the end of our call in February. Questions and Answers. All of these items are consistent with what we communicated on our strategic and operational review call last month. video celebrates Fluor's legacy as a construction leader, while demonstrating our continued self-perform construction capability. Sure. And that's something that we've found some, a lot of this activity from the clients on. Act 0.65 Est 0.518 Q2 2019 Fluor Corp Earnings Call 08/01/2019 05:30 PM (EDT) FLR. Government was a solid cash flow generator, but our remaining businesses are as well. Analysts expect Fluor earnings of $0.28 per share. We'll now take our next question from Michael Dudas from Vertical Research. That plan is under way and we will provide update later this year. Good morning, and welcome to the Fluor Corporation’s Third Quarter 2019 Earnings Call. At this time, I would like to turn the conference back over to Mr Hernandez for any additional or closing remarks. We had gone almost, not exclusively, but largely after mega projects, and some of that mid cap work will be reimbursable. it's going to take up a while for the the last projects that we took in the second quarter to burn through backlog, but as we exit 2020 moving to 2021, I think you will start seeing a much, a much more of a return to normalized margins. [Operator Instructions] we'll now move on to our next question from Chad Dillard from Deutsche Bank. Has the lower risk model that the company has adopted change the conversation with customers? On behalf of chad. What we're telling our salespeople is, what I'm telling our salespeople is, look, we're going to pursue excellence in execution, and that starts at the bid, no-bid stage. Cumulative Growth of a $10,000 Investment in Stock Advisor, Fluor Corp (FLR) Q3 2019 Earnings Call Transcript @themotleyfool #stocks $FLR, Fluor Corp (FLR) Q3 2020 Earnings Call Transcript, 3 Big Reasons Fluor Stock Jumped 52.2% in November, Why Shares of Construction and Materials Companies Are Falling Today, Why Fluor Stock Jumped 28.8% in October and Is Rallying Further, Copyright, Trademark and Patent Information. Do the numbers hold clues to what lies ahead for the stock? We have a great track record with Texas DOT and we think that's going to be a real big contributor as that moves forward. So we expected address see all that, but at the same time, we are working on improving underlying operations and expect to have positive cash flow from the rest of our businesses. New awards included the addition of the Texas DOT I-635 East project in Dallas, as well as the I-26 North Carolina DOT outside of Nashville. That was helpful. In the third quarter, we recorded revenue of $3.8 billion, down slightly from Q2 and earnings from continuing operations attributable to Fluor of $19.1 million or $0.14 per share. So at this point, do you see any risk of further impairments? Flour and our joint venture partners, JGC and technique FMC were awarded a limited notice to proceed earlier this month. The "Fluor Builds." Announcement, as announced on September 24, yesterday, we declared our new quarterly dividend of $0.10 per share. Carlos. Most of our capex is really going to be to support our IT infrastructure and our office buildings, and we just see modest requirements there going forward in terms of investment. Jacqueline and Kimberly discuss their hands-on instrumentation training at the Fluor Craft Training Center. The E&C margin in the quarter and the forecast were better than we expected, and I know you did cite some close outs, but is the Q4 rate kind of the starting point for 2020, and how should we now think about the trajectory of the margin in that segment? Fluor Corp Q4 2019 Earnings Call Sep 25, 2020, 8:30 a.m. Please go ahead, Mr. Landkamer. And so as it relates to those 3. So, I think we are well positioned in infrastructure, but we're not going to get ahead of our skis and take more work than we can execute effectively. One example of a project that fits our new criteria is the Rovuma LNG project in Mozambique. So, congratulations on the contractor selection. Just a quick follow-up. well, first of all, we've mentioned in the past, changes we've made in our cell activity or pursue criteria. LIVE (US/Canada): +1 800-458-4148: International: +1 323-794-2093: ET. I can't go into detail in those, but there is some risk that's being, that's remaining with the, with the owner. There are certain risks in the projects that we have not taken. Fluor Corp (NYSE: FLR) Q2 2019 Earnings Call Aug 1, 2019, 5:30 p.m. We did take a very close look at impairments, and the majority of the impairments were in regard to the fab yard in China, and we had a modest -- impairment on Stork and -- as Carlos mentioned, our outlook for both of those -- for well, for both, the fab yard and Stork is improving as we move through the remainder of this year in 2020. Thank you.. Yeah. Michael Feniger -- Bank of America -- Analyst. Mike, D. Michael Steuert -- Executive Vice President, Chief Financial Officer. Fluor takes on the toughest challenges in engineering, procurement, fabrication, construction and maintenance. So when we've seen the cost overruns in terms of productivity and labor hours, It's been in part due to a function of tight project timing. That, to some extent, it depends on the nature and value of the offers, but I suspect it's more likely they are not going to be one transaction. Hi, good morning everyone. Thanks to all of you for participating on our call today, and we greatly appreciate your support at Fluor. And so it's been a very, very cooperative process. Now turning to slide 7. And my last question on the government business that you have up for sale, I understand that process is ongoing, and you can't share much but can you let us, share with us, how you think, whether it's going to be one large transaction or are you seeing multiple buyers and it could be broken up into pieces? And following the strategic review, I'm just curious if you guys had any time to reflect on how this business without government services, how we should be thinking about free cash flow conversion going forward,the balance sheet structure going forward, and with the proceeds you're going to be getting, I mean, why wouldn't we see any notable buyback? So I, we're not, lump sum is not going to go away, but a balanced lump sum is going to be the model for the future, it has to be. We remain focused on rebuilding our balance sheet and are confident that our financial flexibility will be further enhanced, as we complete the sale of our government and equipment rental businesses. Our Diversified Services segment reported new awards of $260 million and ending backlog was $2.4 billion. And the geographies where we have said we're going to execute infrastructure projects, we're going to be able to get work. Fluor will host a conference call at 8:30 a.m. Eastern time on Friday, September 25, which will be webcast live on the Internet and can be accessed by logging onto investor.fluor.com. Restructuring of stores [Phonetic] continues to progress on schedule, and we anticipate this business will deliver improved results in 2020. Yeah, thanks for fitting me in. Great. Please go ahead, your line is open. This project is aligned with our updated bidding standards, announced on last quarter, last quarter's call. During your strategic review, you suggested that, the overall backlog could be flattish in ' 19. In discontinued operations, Which includes our government and AMECO in North American businesses, we reported earnings of $40 million or $0.28 per diluted share in the quarter. What level of G&A, do you think is kind of the run rate for the business with the divestitures? Good morning, and welcome to the Fluor Corporation's 3Q 2020 Earnings Conference Call. do you do fewer JVs? Results for the quarter include the following items; a non-cash charge of $546 million related to establishing a valuation allowance against net deferred tax assets, $290 million in non-cash impairment charges related to our fab yard in China, our investment in Stork [Phonetic] and our joint venture with [Indecipherable], 44 million in restructuring activities, and 79 million in project adjustments in the two government projects that Carlos just talked about. Like LNG Canada, We have a good relationship with strong partners that have deep experience in the LNG space. We do see the cash flow generation capability of the business going forward remaining fairly solid even with the sale of government and American equipment. Please turn to slide 10. Not at all. All the cost reductions will take effect [Indecipherable], but our initial pass through that process has identified a lot of opportunities. I think I told you 25 to 30 for that resolution. Fluor announces $1.7B loss in delayed 2019 earnings report as SEC investigation continues The company also suspended guidance for 2020 due … Yeah, that was a long-standing dispute that we had with a client, and it had been in arbitration for several years. Hi, this is Sangeetha for Sean. I'll take the first 2 and I'll ask Mike to take the 3rd one. Just on the corporate G&A expense. Quarterly Earnings Documents Annual Reports SEC Filings ... Q3 2019 Fluor Corporation Earnings Conference Call. Where we've had issues with projects in the past, it's been either a function of timing overruns, issues getting change orders approved, or engineering design issues. Please go ahead, your line is open. So, I think overall it's not going to have a huge impact on our backlog. Please go ahead, your line is open. Carlos, when you're looking at the projects that you're waiting FID on And from the risk standpoint that you renegotiate or rethinking about it for, how do those, those contracts that are waiting for award, how does that fit in relative to what was done, because those were looked on quite a bit in the past. Hey, guys. The second quarter was a net loss attributable to Fluor of $555 million, or $3.96 per diluted share, compared to net earnings of $115 million, or $0.81 per diluted share a year ago. With our strategic and operational review now complete, and our restructuring under way. Our 8-K was filed this morning, however, due to EDGAR issues, it has not posted. We have engaged in discussions with our customer for a number of months now, in de-risking the project. Let me talk about the cash flow issue. I just, I just see us generating a fair amount of cash from that, as well as from collecting cash from other, other non-core assets and investments that were really scrubbing our balance sheet. I just had a quick question on the bidding environment for oil and gas. Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show, and premium investing services. As we look at the proceeds that we are going to receive from these sales and our $1 billion was a conservative estimate for all optimistic, we can do better than that. Fluor Corp (NYSE: FLR) Q2 2019 Earnings Call Aug 1, 2019, 5:30 p.m. Hi, this is Kevin. Okay, that's very helpful, thanks. The asset impairments that we took this quarter are all non-cash. Our employees remain our greatest asset and I thank them for their ongoing hard work and dedication for Fluor. Now I'll turn the call over to Carlos Hernandez, Fluor's CEO. Fluor reported its Q3 earnings on December 10th with GAAP EPS of $0.14, which missed expectations by $0.09. We're going to continue to work in lockstep with our partners to deliver a project that meets our requirements for safety, productivity and profitability. The government business was successful in winning contract extensions for Savannah River in Idaho National Laboratory. Results for the quarter includes $30 million of foreign currency transaction losses, $22 million of NuScale expenses and $19 million of internal investigation expenses. And then when you step back, it seems clear that Flour needs to improve the way it invests it's cash. Our available domestic cash improved from last quarter and now represents 28% of total cash and marketable securities. These include the Formosa Sunshine Petrochemicals mega complex in Louisiana, a project in China for Invista, and an ethylene oxide plant in Europe for BASF. Okay, that's helpful. And we're not going to take terms, and conditions that unduly put risk on us, and we're not going to agree to schedules that we can't--we can't meet. FLUOR CORPORATION company earnings calendar and analyst expectations - Upcoming and past events | Nyse: FLR | Nyse ... Q3 2020 Earnings Call: 12/10/20 | 06:50am : Q3 2020 Earnings Release: 11/24/20 : Annual General Meeting: ... 2019 Q3: 2019 Q4: 2020 Q1: 2020 Q2: 2020 Q3: 2020 Q4 (e) 2021 Q1 (e) 2021 Q2 (e) 2021 Q3 (e) 2021 Q4 (e) Sales M $ Mike, you want to talk about the impairments? What's That was pretty stable for several years running 45-50 million a quarter, with the restructuring and you know, assuming that more normalized comp next year. So, I've been pleasantly surprised over the last couple of months of the cash-generating capability of our ongoing businesses, if you take, take away these lost projects. It will start out in the 45 to 50 million range and our expectation is, as we implement these cost reduction programs that we announced, as well as some other adjustments that are in line with the divestitures, that it will gradually decrease throughout the year. Good day and welcome to Fluor Corporation's Second Quarter 2019 Earnings Call. Although the company suspended guidance for 2019, we anticipate margins for the fourth quarter to be 4-5% for Energy & Chemicals, approximately 2% for mining and industrial, again approximately 2% for Industrial and Power, and 4-5% for Diversified Services. I also want to point out that Energy and Chemical margins in the third quarter positively affected by close-outs, which resulted in margins higher than we expect in the fourth quarter.