Insights, Obsessions & Musings

Sangita Jain -- KeyBanc Capital Markets -- Analyst. Not at all. Q2 2019 Fluor Corporation Earnings Conference Call. Mike? We expect to receive another tranche of funding in the fourth quarter and are actively engaged with additional investors. What do you do going forward? And the geographies where we have said we're going to execute infrastructure projects, we're going to be able to get work. Questions and Answers. We've got, we've engaged our investment bankers to both businesses. David T. Seaton -- Chief Executive Officer. 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? Hi, this is Sangeetha for Sean. 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? We continue to act with urgency and have undertaken these changes to strengthen Fluor and put the company on a path to deliver consistent and profitable growth. 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. Q3 2019 Fluor Corp Earnings Call 10/31/2019 08:30 AM (EDT) FLR. Let's turn to slide 6. 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. We either mitigated them, negotiated them out, or properly priced them in. And as we think about your long-term free cash potential, 2020 and beyond, how should we think about your capex for your continuing operations? Stock Advisor launched in February of 2002. 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. At this time, for opening remarks, I would like to turn the call over to Jason Landkamer, Director of Investor Relations. Fluor Corp (NYSE: FLR) Q2 2019 Earnings Call Aug 1, 2019, 5:30 p.m. And then just lastly, Mike, I mean, I wanted to follow up on the cash flow question that Jamie asked, if you can't quantify it, are you thinking that the net burn through the first half of 2020 will be a bit less than you were thinking a few months ago? Please go ahead, your line is open. 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. Contents: Prepared Remarks. Questions and Answers. [Operator Instructions] We'll pause for just a brief moment to allow everyone an opportunity to signal for questions. Results for the quarter includes $30 million of foreign currency transaction losses, $22 million of NuScale expenses and $19 million of internal investigation expenses. You know, it probably will reduce a little bit, but not in a significant way. And I think you mentioned a cancellation in your prepared remarks. The other segment includes our two fixed-price government projects; Radford [Phonetic] and Warren, and our investment in new scale. With the understanding that you've removed government and Amico from continued operations, have your expectations for backlog changed a bit, given the cancellation or are you seeing any incremental delays on project awards? With our strategic and operational review now complete, and our restructuring under way. do you do something different than the integrated delivery model? But again, we're going to be going through a very detailed review of 2020, as we close out this year, and we will feel much better about providing detailed guidance in February. There are certain risks in the projects that we have not taken. Carlos? Flour and our joint venture partners, JGC and technique FMC were awarded a limited notice to proceed earlier this month. Now I'll turn the call over to Carlos Hernandez, Fluor's CEO. Are you hearing anything of how that could impact the pipeline, how customer conversations are progressing, given that backdrop? Fluor’s Energy & Chemicals segment reported a segment profit of $85 million, compared to $50 million in the third quarter of 2018. We're probably a little bit further ahead on the bid on the rental business, but we expect to close both transactions probably no later than mid 2020 and we're very, very positive about how those are going to progress. Please go ahead, your line is open. Now turning to our segment updates. 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? But no you're absolutely right, in terms of our investment experience. Okay, that's very helpful, thanks. Okay, thank you.,that's helpful. 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? Fluor ranks 181 on the FORTUNE 500 ® list, and employs a workforce of more than 45,000 worldwide. And in addition, we're optimistic with what we can do for creating some of other assets. It's going to be fairly flat to 2019, with the exclusion of, obviously with the exclusion of the government and AMICO businesses. [Indecipherable]F. In Rovuma, the way we have structured that contract is that the risk lies with the party that's best, best able to manage the risk. There is an inherent risk that actual results and experience could differ materially. Good afternoon, and welcome to the Fluor Corporation's Third Quarter 2019 Earnings Call. Please go ahead, your line is open. 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. ET. Webcasts Year - Any - 2021 2020 2019 2018 2017 2016 2015 … Our plan to divest these businesses are progressing well and we expect those sales to be complete within one year. If you would please turn to slide 5. Let's turn to slide 8. Analysts expect Fluor earnings of $0.28 per share. 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. 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 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. We'll now take our next question from Michael Dudas from Vertical Research. Just on the corporate G&A expense. And clearly the Rovuma project met all of that criteria. Yeah, one of the, one of the differences between some of the competitors that have exited the mega infrastructure P3 of their large infrastructure projects is, we do have the capacity in the balance sheet to take on those projects, but we're not going to take on projects, for example, where we don't have the right team to execute. Thank you.. Yeah. Fluor Corp (NYSE:FLR)Q3 2019 Earnings CallOct 31, 2019, 8:30 a.m. Fluor’s 2019 Sustainability Report highlights how we are making a lasting impact on the world. Michael Feniger -- Bank of America -- Analyst. Market data powered by FactSet and Web Financial Group. 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. The government business was successful in winning contract extensions for Savannah River in Idaho National Laboratory. 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. Fluor announces $1.7B loss in delayed 2019 earnings report as SEC investigation continues The company also suspended guidance for 2020 due … Call Participants. Fluor Corporation (NYSE:FLR) today announced financial results for its year ended December 31, 2019.Results for 2019 were a net loss from continuing operations of … Fluor Corporation (NYSE: FLR) will hold a conference call to review results for its 2019 10-K for the period ended December 31, 2019. At this time, I would like to turn the conference back over to Mr Hernandez for any additional or closing remarks. And we have procured subcontractors, Tier 1 subcontractors with a proven track record, and have appropriately allocated risk to them. Hi, good morning everyone. I'm just curious how you guys are thinking about that, following the strategic review? And once we have the design substantially complete, and the vendor data substantially procured, then we're in a very good position to, to lump sum the balance of the project. The largest one is AMECO, which will be -- we expect to sell maybe in Q3… I'll let someone else get in. Got it, thanks. Please go ahead, your line is open. We have 2 very strong partners in that project; JGC and Technique, both of them have a significant experience in the LNG arena. On a net basis, yes. We have seen a little bit of a delay. We're also splitting our mining Industrial Infrastructure and Power segment into 2 stand-alone segments; mining and Industrial & Infrastructure and Power. And this, this change in approach, to a more risk balanced approach has taken very well within the organization. Jason Landkamer -- Director, Investor Relations. I'll take the first 2 and I'll ask Mike to take the 3rd one. Okay. 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. LIVE (US/Canada): +1 800-458-4148: International: +1 323-794-2093: 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 $ But we are pursuing several big reimbursable projects in E&C, pretty optimistic about those. 02, 2019, 5:30 p.m. 2019 10-K Earnings Conference Call Transcript 162.1 KB. So at this point, do you see any risk of further impairments? We used approximately 70 million in cash based on the last projects [Phonetic] in the third quarter, we expect to fund roughly $250 million in the fourth quarter. Fluor Corporation (NYSE: FLR) will hold a conference call to review results for its third quarter ended September 30, 2019. 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. We'll now take our first question from Jamie Cook from Credit Suisse. 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 Starting today, we will be reporting those business lines as discontinued operations. Hi, good morning. Fluor Corp Q2 2019 Earnings Call Aug 1, 2019, 5:30 p.m. 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. Thanks for taking our questions. Actually I think it is more than $20 million range. During your strategic review, you suggested that, the overall backlog could be flattish in ' 19. ET. We were going to be much more cautious in the future with respect to our investments. 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. 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. During today's call and slide presentation, we will be making forward-looking statements, which reflect our current analysis of existing trends and information. Our customers understand it, they get it. Shares of Fluor (NYSE:FLR) decreased 1.2% in pre-market trading after the company reported Q3 results.. Quarterly Results. They're not all going to reside at the corporate level, a lot of them are going to reside in the business units. Good morning, Jamie. 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. So it is not going to be a material part of our cash flow equation. Fluor Corporation (FLR) CEO Carlos Hernandez on Q3 2020 Results - Earnings Call Transcript SA Transcripts Dec. 10, 2020 12:54 PM ET Fluor Corporation 2020 Q3 - Results - Earnings Call … Obviously those projects being as significant as they are, they received a tremendous amount of scrutiny, and we addressed all the issues. And how long will it take for that segment to start showing a more normalized margin, which I assume, should be more like the mid to upper single digits? 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. That plan is under way and we will provide update later this year. As highlighted in our strategic review, we have recorded $79 million in charges this quarter related to the Radford and Warren projects. Fluor Corp () Q1 2019 Earnings Call May. That was actually the result of what we had, a pretty favorable or balanced terms and conditions and that is in, I think the $25 million to $30 million range. Contents: Prepared Remarks. Welcome to Fluor's third quarter 2019 conference call. Yeah, let me just add something to that. Our available domestic cash improved from last quarter and now represents 28% of total cash and marketable securities. All Rights Reserved. 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. So, can you just talk about that particular aspect of the contract structure, if you don't mind? 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. 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. Alan Boeckmann - Executive Chairman. We pursued a strategy of getting into fabrication and, and that strategy is a valid strategy, but we haven't had the success of the yard[Phonetic] that we expected, as early as we did. We also created a segment called Other, where we will keep our two fixed price government contracts and new scale. Mike, D. Michael Steuert -- Executive Vice President, Chief Financial Officer. Mining EPC awards for 2019 continue to track our expectations from last year, as we continue to work on feed and feasibility studies for large mining EPC projects, that we expect to be awarded in 2020 and 2021. On behalf of chad. All of these items are consistent with what we communicated on our strategic and operational review call last month. 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. well, first of all, we've mentioned in the past, changes we've made in our cell activity or pursue criteria. ET. 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. We do have a power services business. And that is part of our criteria now, that we're not going to agree to a schedule that's, that's overly aggressive. I think I told you 25 to 30 for that resolution. However, the company’s shares fell nearly 17% on Oct 31. Ladies and gentlemen, this concludes today's question-and-answer session. Our 8-K was filed this morning, however, due to EDGAR issues, it has not posted. 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. Now looking ahead, we are pursuing additional road projects in Texas and remain confident in the strong prospects from our Fluor Heavy Civil Group. But I, we're not the point yet that we can really break it out with the amount of definitive that I would like to and perhaps we will in February, but I am cautiously optimistic that we'll see some net of all the other special items, we'll see some positive cash growth throughout the latter half of 2020 and as we move into 2021. 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. The asset impairments that we took this quarter are all non-cash. Act 0.65 Est 0.518 Q2 2019 Fluor Corp Earnings Call 08/01/2019 05:30 PM (EDT) FLR. And then what are you telling your sales folks or your operating folks, relative to the new level of projects that you're bidding in the next, now for the next 6 to 9 months? New awards for the quarter primarily reflect the timing of client FID decisions and are not the result of our revised pursued criteria. ET. So that yard, we expect will be performing better than it has in the past. So the message has been delivered and well received and I think it's going to serve as well. But we do expect a gradual reduction of corporate G&A throughout 2020. 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. I appreciate that Carlos. Okay, great that's helpful and then just, what was the size of the [indecipherable]? And so as it relates to those 3. I've got another 2020 question, but hopefully this one's a little bit more quantifiable. In addition, the, the other activities will again be moving out of backward backlog as we go forward throughout 2020. Shifting to the balance sheet, please turn to slide 11. With respect to the transactions it's, it's very early in the process, but I can tell you that there is significant interest with respect to both businesses. We're going to have a very modest capex going forward for continuing operations at, absent the Amico Equipment Rental business. Fluor Corporation (FLR) CEO Carlos Hernandez on Q3 2020 Results - Earnings Call Transcript Dec. 10, 2020 Fluor Corporation 2019 Q4 - Results - Earnings Call Presentation Quarterly Earnings Documents Annual Reports SEC Filings ... Q3 2019 Fluor Corporation Earnings Conference Call. 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. 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. Revenue of $3.8 billion, was down 18% … 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. Government was a solid cash flow generator, but our remaining businesses are as well. 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. [Operator Instructions] We'll now take our next question from Andrew Kaplowitz from Citi. 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. 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. Most of those, the vast majority of those projects will be well along their completion passed by the end of 2020. And, as I mentioned earlier, the project is, really meets our pursuit criteria. 08/01/19 at 5:30 pm EDT The dial-in numbers and replay link for the earnings conference call are listed below. 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. As we look to the 4th quarter and early 2020, our Energy & Chemicals prospects include several significant reimbursable projects around the world. The webcast link below is the preferred way to listen. Find the latest Earnings Report Date for Fluor Corporation Common Stock (FLR) at Fluor's cash plus marketable securities for the quarter were 1.85 billion, slightly below last quarter. Restructuring of stores [Phonetic] continues to progress on schedule, and we anticipate this business will deliver improved results in 2020. New Scale expenses for the quarter were $14 million. Thank you Carlos and good morning everyone. In the same quarter last year, Fluor reported EPS of … I think you could, at a high level, say it is a starting point for 2020. 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? Maybe we have that, but I didn't think you quantified it. At this time all participants … That was helpful. And we certainly have been as an organization, throughout, focused on cash flow generation.

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