Jason Landkamer - Director, IR. Flour is now focused on returning to excellence in our operations, and consistent profitability. We're not going to bid a project that we don't think we can execute effectively. 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. Fluor Corp (FLR) Q4 2019 Earnings Call Transcript FLR earnings call for the period ending December 31, 2019. Thank you. Revenue of $3.8 billion, was down 18% … This dividend reduces our cash usage by 15 million per quarter, and aligns our payout with -- other similar dividend paying companies. © 2021 Fluor Corporation. In infrastructure and power, that segment you have now, what's the power part of that business? Can you just talk about your assessment of the market environment, and what your opportunity set looks like. First as we look at the charges that we took in the second quarter and some of our lost projects, we did experience modest outflows in the 3rd quarter. All the cost reductions will take effect [Indecipherable], but our initial pass through that process has identified a lot of opportunities. So yeah, we've made some investments that may have been better -- made, but we're dealing with them right now. So it is not going to be a material part of our cash flow equation. David T. Seaton -- Chief Executive Officer. And so as it relates to those 3. So, I think overall it's not going to have a huge impact on our backlog. Contents: Prepared Remarks; Questions and Answers; Call Participants; Prepared Remarks: Operator. The conference ID is 3597615. And then when you step back, it seems clear that Flour needs to improve the way it invests it's cash. Webcasts Year - Any - 2021 2020 2019 2018 2017 2016 2015 … It's going to be fairly flat to 2019, with the exclusion of, obviously with the exclusion of the government and AMICO businesses. We also held a number of meetings with the client over the last several months, to reach an agreement on items that were critical to de-risking our execution profile. However, the company’s shares fell nearly 17% on Oct 31. We have, we just recently walked away from an opportunity because we didn't have the right team. We are committed to following a clear criteria to pursue the right contracts with the right terms, and we believe our new pursued criteria will help us de-risk the business and deliver higher margins. Hey, guys. well, first of all, we've mentioned in the past, changes we've made in our cell activity or pursue criteria. We are, one of the things we're doing now on a lot of projects is, we're starting out as a reimbursable cost during the design phase. 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. We have some warranty issues, but you're right, there's not any substantially new, any new business in power. 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. Contents: Prepared Remarks; Questions and Answers; Call Participants; Prepared … Act 0.65 Est 0.518 Q2 2019 Fluor Corp Earnings Call 08/01/2019 05:30 PM (EDT) FLR. Carlos M. Hernandez -- Chief Executive Officer. 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. Contents: Prepared Remarks. The web replay will be available for 30 days. I'll pass it along. Our earnings announcement was released this morning and we have posted a slide presentation on our website, which we will reference while making prepared remarks. Contents: Prepared Remarks. Sure. This segment excludes AMECO in North America, which has been moved to discontinued operations. During today's call and slide presentation, we will be making forward-looking statements, which reflect our current analysis of existing trends and information. Third quarter 2019 revenue was $1.6 billion compared to $1.9 billion a year ago. Live Teleconference Information (US/Canada): ... Click Here: Form 10-K & Proxy. Thank you, sir. With our strategic and operational review now complete, and our restructuring under way. I just wanted to ask on the favorable resolution that you talked about in the mining segment, if you could quantify that for us, maybe? And our next question comes from Justin Hawk from Robert W Baird. 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. 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. As we look to the 4th quarter and early 2020, our Energy & Chemicals prospects include several significant reimbursable projects around the world. At this time all participants … But as we work our way through those, I think we should expect improved margins, as Mike indicated. That was helpful. Thanks. Call Participants. 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. Thanks, Jason, and good morning. Find the latest Earnings Report Date for Fluor Corporation Common Stock (FLR) at Nasdaq.com. Fluor (FLR) delivered earnings and revenue surprises of 86.84% and -16.08%, respectively, for the quarter ended September 2019. Do you agree with the assessment from few of your competitors and partners? Yeah, thanks for fitting me in. Our plan to divest these businesses are progressing well and we expect those sales to be complete within one year. That's how we look at it currently Andy, and we certainly at this stage do not anticipate any further impairments. Jason Landkamer -- Director, Investor Relations. Fluor Corporation (NYSE: FLR) will hold a conference call to review results for its third quarter ended September 30, 2019. And we have procured subcontractors, Tier 1 subcontractors with a proven track record, and have appropriately allocated risk to them. And I think you mentioned a cancellation in your prepared remarks. Please go ahead, your line is open. What level of G&A, do you think is kind of the run rate for the business with the divestitures? With that operator, we are ready to take questions. Revenue will likely be around $4.05 billion, according to the consensus estimate. Act -0.14 Est 0.518 Q1 2019 Fluor Corp Earnings Call 05/02/2019 05:30 PM (EDT) FLR. Good morning, Jamie. And, as I mentioned earlier, the project is, really meets our pursuit criteria. Great. All Rights Reserved. Q2 2019 Fluor Corporation Earnings Conference Call. 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. Analysts expect Fluor earnings of $0.28 per share. American equipment was not a significant cash flow generation capability, the way it was managed and the way we invested in new equipment. We had gone almost, not exclusively, but largely after mega projects, and some of that mid cap work will be reimbursable. Fluor Corp Q4 2019 Earnings Call Sep 25, 2020, 8:30 a.m. And then when you look back, it seems like you have shared most of the investments that the previous management made over the last several years with the notable exception of new scale. 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. Mike, D. Michael Steuert -- Executive Vice President, Chief Financial Officer. Fluor Corp (NYSE: FLR) Q2 2019 Earnings Call Aug 1, 2019, 5:30 p.m. Today’s call is being recorded. Just a quick follow-up. In addition, a portion of the restructuring charges from this quarter and going forward, also non-cash. We'll now take our next question from Sean Eastman from KeyBanc Capital Markets. 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. Okay, thank you.,that's helpful. 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. Okay, great thank you. Not at all. Quarterly Earnings Documents Annual Reports SEC Filings ... Q3 2019 Fluor Corporation Earnings Conference Call. A telephone replay will also be available through 7:30 p.m. Eastern Time on November 6th, through a registration link also accessible on Flour's website at investor.fluor.com. Mike, you want to talk about the impairments? We have engaged in discussions with our customer for a number of months now, in de-risking the project. We are not going to, we're not responsible for security, but of course we are responsible for our people's security, and we're not going to be mobilizing onto the site until security's in place, and it is at an acceptable level. With respect to to the historic investments, we probably paid more than we should have for that, but we're restructuring now and it's going to be performing at a higher level in 2020. Clearly, as we improve our cash position, as we reduce our debt to what we think is an appropriate level to remain solid investment grade, our next priority is returning cash to shareholders and If we get to the point that we're comfortable with our balance sheet comfortable with our cash position and we see some excess proceeds, we will definitely consider share repurchase. Good afternoon, and welcome to the Fluor Corporation's Third Quarter 2019 Earnings Call. The Infrastructure and power group reported new awards of $2 billion in the third quarter and ending backlog was $7.7 billion. Please go ahead, your line is open. Just on the corporate G&A expense. I'll take the first 2 and I'll ask Mike to take the 3rd one. Like LNG Canada, We have a good relationship with strong partners that have deep experience in the LNG space. Before getting started, I'd like to refer you to our Safe Harbor note regarding forward-looking statements, which is summarized on slide 2. We do have a power services business. Is that like, making you look at different parts of the energy market, different parts of the mining market relative, given the risk mitigation you're trying to portray through the organization? One example of a project that fits our new criteria is the Rovuma LNG project in Mozambique. Restructuring of stores [Phonetic] continues to progress on schedule, and we anticipate this business will deliver improved results in 2020. Now looking ahead, we are pursuing additional road projects in Texas and remain confident in the strong prospects from our Fluor Heavy Civil Group. do you do fewer JVs? Fluor’s Energy & Chemicals segment reported a segment profit of $85 million, compared to $50 million in the third quarter of 2018. 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 wondering if you could just expand on [Indecipherable] LNG. Ladies and gentlemen, this concludes today's question-and-answer session. Please go ahead, your line is open. We've got a list of interested buyers and will be progressing that very promptly. Please go ahead, your line is open. Ending backlog reflects the removal of the [Indecipherable] chemical plant complex in Louisiana that was booked earlier this year and canceled by the client in the 3rd quarter. The government business was successful in winning contract extensions for Savannah River in Idaho National Laboratory. Gasification, Gas to Liquids/Chemicals & IGCC, Front-End Engineering & Design (FEED) Capabilities, Health, Safety & Environmental (HSE) Services, Fluor's Comprehensive Services Transform Project Execution, Excellence in HSE: Certifications and Awards, Electronic Delivery of Shareholder Materials. And we certainly have been as an organization, throughout, focused on cash flow generation. They are now telling us, look we need we need Flour to be a successful company, we got to understand, we got to work together to the US projects and you, what we've already seen some of that, in some of the projects that we've talked about. 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. That's all from me. 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. All Rights Reserved. Sangita Jain -- KeyBanc Capital Markets -- Analyst. 2019 10-K Earnings Conference Call Transcript 162.1 KB. Good morning, gentlemen. We have a list of the criteria, and every project proposal or every package checks off whether the criteria is met or not, and that's now standard operating procedure in the view of projects. ET. Okay, great that's helpful and then just, what was the size of the [indecipherable]? ET. Cash utilized by operating activities for the quarter totaled 25 million. Thank you Carlos and good morning everyone. Thank you, operator. The asset impairments that we took this quarter are all non-cash. How long the problem projects burn on the cash flow, when we expect cash flow to be positive outside of asset sales, and cash from operations, I guess? Call Participants. Returns as of 01/14/2021. 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 $ Do the numbers hold clues to what lies ahead for the stock? Fluor Corp (NYSE:FLR)Q3 2019 Earnings CallOct 31, 2019, 8:30 a.m. And that is part of our criteria now, that we're not going to agree to a schedule that's, that's overly aggressive. Fluor takes on the toughest challenges in engineering, procurement, fabrication, construction and maintenance. Shares of Fluor (NYSE:FLR) decreased 1.2% in pre-market trading after the company reported Q3 results.. Quarterly Results. Turning to slide 9. Got it, thanks. As a result of this process, I believe we have a better understanding of our backlog, and I have confidence that our backlog can positively drive future results. You can find a discussion of our risk factors, which could potentially contribute to such differences in the company's Form 10-Q filed earlier today and our 10-K filed on February 21st. The actions we have taken over the last few months reflect the reality of our industry. Thanks for that. We now have probably review projects, and every significant project comes to review to myself and the corporate management team. Today's call is being recorded. We have 2 very strong partners in that project; JGC and Technique, both of them have a significant experience in the LNG arena. Corporate G&A for the third quarter was $10 million compared to 61 million a year ago. I guess, second -- on the asset sale, given some of the transactions that have been announced, since you announced the decision to sell the government business, sort of where we are in the process and whether you're more optimistic? Good afternoon, and welcome to the Fluor Corporation's Third Quarter 2019 Earnings Call. But I do want to point out that the Flour did not provide funding for new scale in the third quarter. Fluor Corp () Q1 2019 Earnings Call May. I've got another 2020 question, but hopefully this one's a little bit more quantifiable. Shares of Fluor (NYSE:FLR) decreased 1.2% in pre-market trading after the company reported Q3 results.Quarterly Results Earnings per share … Please go ahead, your line is open. 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. I think I told you 25 to 30 for that resolution. 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. All of these items are consistent with what we communicated on our strategic and operational review call last month. Michael Feniger -- Bank of America -- Analyst. Welcome to Fluor's third quarter 2019 conference call. Thanks to all of you for participating on our call today, and we greatly appreciate your support at Fluor. There are certain risks in the projects that we have not taken. And we're not going to be making investments in the future that don't have a rigorous review in terms of its potential, or it's expected return. Please go ahead, your line is open. So until LNG Canada and some of the other big energy projects ramp-up, is this going to be the swing factors segment for overall profitability, do you think? New Scale expenses for the quarter were $14 million. We are expecting now, that the LNG modules -- will be released to that yard in early to mid 2020. As you can read about our results for the quarter in our earnings release and 10-Q that we hoped to file this morning, I will focus on several key matters. So the message has been delivered and well received and I think it's going to serve as well. Company Participants. So at this point, do you see any risk of further impairments? For the 3rd quarter, new awards for the Energy & Chemicals segment were $256 million and ending backlog was $13.7 billion. Michael Stephan Dudas -- Vertical Research Partners, LLC-Partner -- Analyst. And then in terms of on the infrastructure project opportunities, we've seen a couple of companies stepping away from the larger projects because of inadequate risk terms on multi-year infrastructure projects. We'll now take our first question from Jamie Cook from Credit Suisse. Consolidated segment loss for the quarter was $573 million compared to a profit of $194 million a year ago. 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. And if so, how is the project funnel changed? Our available domestic cash improved from last quarter and now represents 28% of total cash and marketable securities. I appreciate that Carlos. New awards in the third quarter were $256 million and ending backlog was $13.7 billion compared to $11.4 billion a year ago. We're also splitting our mining Industrial Infrastructure and Power segment into 2 stand-alone segments; mining and Industrial & Infrastructure and Power. Okay, great, thanks so much. Okay, that's helpful. On behalf of chad. With respect to the rest of the portfolio, our estimates have been holding very well and we are, I'm very optimistic that while we can't guarantee that we won't have charges in the future, we are, we've gotten their arms around the backlog in a, feeling very confident about about where we are there. So, I'm looking forward to it. Now I'll turn the call over to Carlos Hernandez, Fluor's CEO. ET. But we are pleased with how the businesses are performing as we exit this year, and are going to be setting fairly high expectations for performance in next year. LIVE (US/Canada): +1 800-458-4148: International: +1 323-794-2093: For example, the client is responsible for all in-country risks. Okay. Sure. Maybe we have that, but I didn't think you quantified it. So, like maybe offset the dilution there. There is an inherent risk that actual results and experience could differ materially. We'll now take our next question from Steven Fisher from UBS. Segment profit of $1 million reflects our execution on lower margin projects that experienced forecast revisions in the second quarter. So, can you just talk about that particular aspect of the contract structure, if you don't mind? And clearly the Rovuma project met all of that criteria. And that's something that we've found some, a lot of this activity from the clients on. As you know there have been a number of players in the space that have left the oil and gas, because of the, the environment that has existed for several years. 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. And obviously, we know you're back on Carlos, in terms of focusing on terms and conditions, we're just trying to build our comfort level around timing in particular. At this time, I would like to turn the conference back over to Mr Hernandez for any additional or closing remarks. Fluor Corp (NYSE: FLR) Q2 2019 Earnings Call Aug 1, 2019, 5:30 p.m. 02, 2019, 5:30 p.m. 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. We've got now almost 20 projects in the Infrastructure business, which is a very healthy number of projects, and some of those have been around for a while, and those are the ones that are not delivering the margin right now. Please go ahead, Mr. Landkamer. Yeah, Mike, at this point that's not really impacting, we're basically doing FEEDs and feasibility studies are -- we have some projects ongoing as well, but, but at this point, it's not impacting our visibility into the future in an adverse way. Earnings per share were … 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. I'll let someone else get in. But no you're absolutely right, in terms of our investment experience. In addition, as you mentioned we are working on asset sales, we're also working on selling a lot of other non-core investments or other assets that will positively impact cash flow and we have, we have some claims and some other assets on the balance sheet that we hope to monetize over the next year as well. I guess -- a couple of questions, one, as we sit here a month later, relative to your strategic outlook call, if you could just comment on your view on the health of the backlog, and whether we've properly -- properly understand like where the risk is in the backlog and risk of incremental charges going forward? Fluor (FLR) came out with quarterly earnings of $0.71 per share, beating the Zacks Consensus Estimate of $0.38 per share. As it relates to the adjustment of our deferred tax assets, I want to again point out, that while we removed these assets from our balance sheet for technical accounting reasons, they are still available to Flour for tax purposes. Our 8-K was filed this morning, however, due to EDGAR issues, it has not posted. We'll now take our next question from Jerry Revich from Goldman Sachs. Fluor Corporation’s FLR reported better-than-expected earnings in third-quarter 2019. We're very pleased with I635 award. ET. We were going to be much more cautious in the future with respect to our investments. We're committed to working together as a team to execute our strategic priorities and position Flour for continued success, and I'm confident we have the right people, the right structure, and the right global footprint to leverage our talent and capabilities to generate shareholder value.