fluor earnings call transcript

Fluor Q3 2010 Earnings Call Transcript. I've known David for many years. And now, I'll turn the call over to Joe to provide a financial update. And I think in the past you guys have quantified something like $200-plus million of proceeds from AMECO. New awards for the quarter include a cell-based influenza vaccine manufacturing facility in Australia. Fluor Corporation Earnings call transcriptions Compare. I'll take that one. FLR earnings call for the period ending September 30, 2020. We’ve got — we won a number of projects, but some of those are being challenged, being protested, but we feel pretty good about our position on those, and we see continued opportunities in the Government space. Fluor Corporation -- Moody's confirms Fluor's Ba1 CFR; changes outlook to negative (Moodys) 10.12.20 Fluor Corp (FLR) Q3 2020 Earnings Call Transcript ( MotleyFool ) We will now take our final question from Michael Feniger with Bank of America. And it’s hard to resolve them because the impacts are still ongoing in some cases — in many cases. Now turning to Slide 6. We’re at a point right now, and Joe has also mentioned in his remarks, where we’re engaging with our banks on our credit facilities, which will become current here early in this next year. Thank you, operator. Have you sensed any increased willingness from your clients to open the spigots and start spending again outside of E&C? Thank you. So can you just talk about those two items? I guess, anything we should be aware of that has benefited you this year that might reverse on the cash from op side in 2021? Warren has had an effective construction campaign through the summer and fall weather window, overcoming early design complications and making substantial progress with early structural work. Logo of jester cap with thought bubble. We are seeing we are going through those processes. Thanks. Well, in terms of earnings, we’re on plan. Okay, thanks. Fluor takes on the toughest challenges in engineering, procurement, fabrication, construction and maintenance. Recognizing how your new focus on discipline on bidding on projects and the overall decline in the market, maybe you can highlight a couple of areas that you’ve seen in the last couple of months maybe heading into 2021 on the energy side where you’re seeing some green shoots? This is my last time speaking with you as CEO of Fluor. And that would be a better thought process around how you could view E&C moving forward. The chemicals business is still a very steady business for us, and we don't expect to see a decline there. 10 December 2020: Q3 2020 Earnings Call Transcript Q4 2019. Over 75% of our offices are open and operating at a reduced level of operations with the remaining offices still closed. Conference Call Transcript The following Fluor conference call took place on July 30, 2015, 05:30 PM ET. Is that something that we should be thinking about going forward? Fluor (FLR) Earnings Report: Q1 2016 Conference Call Transcript The following Fluor conference call took place on May 5, 2016, 05:30 PM ET. Fluor Corporation (NYSE: FLR) today announced financial results for its quarter ended September 30, 2020. Hi, gentlemen. But we’re replacing it with the backlog we’re taking in, and this is really an important point. And we are in the premier position to execute those projects. » Fluor Q1 2010 Earnings Call Transcript » Fluor Corporation Q4 2009 Earnings Call Transcript Good afternoon, and welcome to Fluor Corporation Third Quarter 2010 Conference Call. Image source: The Motley Fool. And that’s going to be a very important part of the going forward strategy. Questions and Answers. Actually we’ve viewed a number of prospects in the mining area as we have a process of very disciplined about how we guide on whether to bid a project or not to bid a project and then what we submit as a proposal. Why Fluor Stock Is Tumbling Today yahoo. So just maybe some of those observations to set things up as we look toward '21 and beyond? Before getting started, I’d like to refer to you to our Safe Harbor note regarding forward-looking statements, which is summarized on Slide 1. Water trials have been successful and the project has made substantial progress in turning over subsystems to the client. I’ve known David for many years. View on fool.com. (Photo: Business Wire) But is that still a reasonable number or is there anything that you can give us as an update about expectations for what the cash proceeds might be from that? As we have previously discussed, in the third quarter, we terminated our contract with the Maryland Department of Transportation for the Purple Line project. And then in the Infrastructure segment, I wonder if you can just give us a sense of how the mix of legacy projects versus newer projects will trend over the course of the year, and it sounds like the legacy ones will become a smaller piece. As we have previously discussed, in the third quarter, we terminated our contract with the Maryland Department of Transportation for the Purple Line project. In terms of COVID, obviously, the fixed price projects are the ones that we have COVID impacts that are being negotiated with the client. Fluor Corp (NYSE:FLR)Q3 2020 Earnings CallDec 10, 2020, 8:30 a.m. It has been my absolute privilege to get to work alongside Carlos since he came into the company in 2007, but more specifically, over the last 19 months. Okay, thanks. Most foreign currency strengthened against the U.S. dollar in the quarter, resulting in the previously mentioned foreign currency loss of $30 million, which is driving up the corporate G&A expense. As Carlos has put us on a stable operating platform, the board recognized that it was time for the succession to allow us to move forward with a CEO that will own the forward strategy for the next time frame. This project is another example of our focus on the Texas infrastructure market and is a testament to the value that TxDOT places on our services. We've got -- we won a number of projects, but some of those are being challenged, being protested, but we feel pretty good about our position on those, and we see continued opportunities in the Government space. Yeah. I think you can assume that there will be a focus on that. And when we talked about to Jamie's question earlier, the 3.1% margin like year-to-date E&C, it actually sounds like it's higher if we exclude some charges. Good morning, and welcome to the Fluor Corporation’s 3Q 2020 Earnings Conference Call. Also solidifying our balance sheet and both looking to improve our credit ratings is important to us. The challenges the company has faced over the last 18 months from project writedowns and internal investigation to a global pandemic have been truly extraordinary. Our engineering deliverables are being produced in various global operating centers for the ISBL and OSBL scope to keep pace with our COVID-19 impacted schedules for the fabrication yards and construction site. Obviously, the termination of the Purple Line project has been a very favorable development for us because that’s a large project, the legacy project, and we will be able to exit that project and avoid any future risks and costs there. Yeah. The other business, life sciences, going very well. Questions and Answers I think it varies by business segment. Fluor Corp (FLR) Q3 2020 Earnings Call Transcript. And then, it's impressive, as you guys mentioned, no product charges on execution in the last three quarters yet. I can talk top-line on Purple Line. Yeah. Finally, we continue to see a COVID impact on our business. I think it varies by business segment. As an investor, I look forward to seeing great things in Fluor’s future. You can see this reflected in this quarter’s results from discontinued operations. I don’t think any client is denying entitlements, but clients obviously will negotiate with us in terms of the amount and to scheduling cost. Download the investor presentation - earnings call slides. Moving to Slide 2. We're very pleased with the execution of all of our projects given what we took over in May of '19. But — so, I’m going to be very general. This quarter, our Infrastructure segment booked the Oak Hill Parkway highway project in Austin for the Texas Department of Transportation. The other business, life sciences, going very well. Fluor Corp (NYSE: FLR) Q3 2018 Earnings Conference Call Nov. 01, 2018, 5:30 p.m. I want to thank all of our stakeholders, our shareholders, our clients, our partners, and of course, our 45,000 employees for sticking with us through this process. And we have some opportunities I think to address the market that are coming forward and where we have strength that hadn’t necessarily put the focus on them in the past. And that’s also true in the advanced technologies and life sciences, where we’re actually working on some COVID-related facilities as well as other pharmaceutical-type of projects. Also solidifying our balance sheet and both looking to improve our credit ratings is important to us. In recent months, the 4 analysts from Standard & Poor's consensus... | January 10, 2021 I just wanted to follow-up on Andy's question on the E&C margins, because Joe, I think if you take the year-to-date, do you know any mean, I don't know if that's necessarily reflective because I think you had some charges in the first quarter and it implied probably more like a 3% margin. Thank you. I’ll try turning it over again so my colleagues get a chance. Can you guys still hear me? Good day and welcome to Fluor Corporation's Second Quarter 2019 Earnings Call. The other thing that happened is DOE announced $1.4 billion award, a grant award for the first nuclear project to use small molecular reactors, and right now that’s targeted for the U.S. project to drive it forward. And so we're very close to them. I think the — several things have happened over the last six months that have been incredibly positive for the NuScale business and its development. There is an inherent risk that actual results and experience could differ materially. So we expect that that’s going to be a challenging area for a little while. Carlos M. Hernandez -- Chief Executive Officer. And it looks like actually maybe there was a rescoping going through the Q, but the reconciliation shows that maybe something came back in. Actually, the answer to that is yes. Infrastructure margins reflect execution on a few zero margin projects in our backlog. Earnings. And I think also it is starting to make our mark in those industries where we can see potential growth. I don’t know if you can answer it. It operates through the following four segments: Energy & Chemicals, Mining, Industrial, Infrastructure &; Power, Diversified Services and Government. And you know something that we've seen from some companies in this environment is companies reducing the size of their office space and companies essentially rightsizing their organizations. Fluor Corp. operates as a holding company. Joe? Michael Dudas -- Vertical Research Partners -- Analyst. Thanks for that question, Andy. Well, in Energy & Chemicals, we didn't specifically mention this today, I just want to mention now. But the impacts really that are driving the 3.1% cumulative margins through the first nine months are some of the disclosed COVID impacts. We remain committed to the health and safety of our employees and communities where we work. FLR earnings call for the period ending September 30, 2018. Good morning, and welcome to the Fluor Corporation’s 3Q 2020 Earnings Conference Call. Over 75% of our offices are open and operating at a reduced level of operations with the remaining offices still closed. I really appreciate it. But I just wanted to understand how much of that zero margin work sort of rolls off and becomes a margin tailwind into 2021? Calendar Earnings Calls Earnings Transcripts SEC Docs. In October, the project completed the final key lift module delivery for the project on plan. And now, I’ll turn the call over to Joe to provide a financial update. G&A also reflects $19 million of investigation expenses. No, I can speak to the cash side of it. Got it. Is some pretty big milestones can we anticipate on that front, whether it's a new project or more support on the development or investment side? Yeah. So we don’t think that will change at all. And then in the Infrastructure segment, I wonder if you can just give us a sense of how the mix of legacy projects versus newer projects will trend over the course of the year, and it sounds like the legacy ones will become a smaller piece. Thanks for that question. Good day and welcome to Fluor Corporation's Second Quarter 2019 Earnings Call. Results for the segment also benefited from favorable FX. With respect to oil and gas, obviously, oil prices are a big form factor there. Generally, the company reports earnings in line with the consensus. Edited earnings call transcripts of Fluor Corporation (FLR) stock. And just a point of clarification, it's not just the force majeure plan, it's something we call change of law because many of the impacts are the result of government directed lockdown. I understand that's kind of normal course of the business. And then just…. Thanks. That was certainly not an easy task here. Login Signup. Can you give us a little more color into how you and your customers are adjusting to COVID-related delays, especially in your problem projects? Thanks. Certainly, Government’s a little bit countercyclical and the Diversified Services certainly are impacted by COVID and small-cap projects being pressured. Corporate G&A expenses in the quarter were $68 million. So yes, I'm optimistic that mining will actually begin to resurface as a major activity area for us. You got the $18 million from the Jamaica piece, which was obviously a small piece. Jerry, I’d be glad to talk about that. And that's going to be a very important part of the going forward strategy. Only about 7% of our projects are closed with the rest operating at normal, intermediate or limited capacity. We are proactively ensuring our people have the mental and physical support they need to remain resilient and keep our business moving forward. Given the ongoing pandemic and the commodity price fluctuations, we have seen a lot of the large mining projects we were expecting to be awarded in 2020 and 2021 get delayed. Seeking Alpha 30d. And Carlos, thanks for all your help throughout this as well. I’ll start with a financial update on Slide 9. Backlog that we’re taking in is very, very much based on the discipline that we’ve established early on in 2019. We can — when complete, this will be one of the world’s largest oil refining facility. Q3 2020. And he brings a unique combination of deep insight into Fluor and an outsider's perspective. Operating revenues fell 65% year-over-year to $4 billion. As an investor, I look forward to seeing great things in Fluor's future. It's interesting that NuScale really got its boost and started moving forward under the Obama administration with Secretary Moniz as the Head of DOE. Fluor Q3 Results Miss Street Expectations MT Newswires 12/10 07:12 ET. Questions and Answers Thanks, Carlos, and good morning, everyone. Mr. Hernandez, at this time, I will turn back the conference to you for any additional or closing remarks. But -- so, I'm going to be very general. Shall I just keep going? Yeah. So just to follow-up on Jamie's question about the project deferrals and activities. But what’s the dollar amount now associated with the problem projects that’s in backlog? I think you can assume that there will be a focus on that. So you mentioned maybe 4% to 5%. And then you guys had previously talked about getting that domestic readily available cash balance up to sort of the $1 billion level. And can you just help me understand with what you’re saying year-to-date, how much has like LNG Canada actually contributed to that number? But right now, we’re looking at about $0.5 billion projects that we’re continuing to execute from the previous two, three years that will flow into ’21. We had signaled back in, I think September, Jamie, that we had nominally $400 million, it's about $438 million that we were going to expend on problem projects in 2020 and that there would be residual $200 million at that point in time based on a number of things that have occurred in the '21 and beyond. So it’s still — we’re working with the clients on some of these projects and have already reached some preliminary resolutions, which are favorable, but we still have a number of them to be resolved. No, that's helpful. In terms of the backlog, we're going to -- where are we now today, Joe? Warren has had an effective construction campaign through the summer and fall weather window, overcoming early design complications and making substantial progress with early structural work. Joe? Government well. And just one last clarification, I know you were talking about the potential to resolve COVID project delays. Over the past two months, we have started to see volumes increasing after lockdown down restrictions lifted, especially in Europe and Latin America. Today's conference is being recorded. And he is looking forward to reconnecting and with the rest of the investment community soon. Now moving to Slide 4. Our cash balance at the end of the third quarter was $2.1 billion with 36% of that domestically available for use. Logo of jester cap with thought bubble. We believe that our clients will focus on advantaged, high value projects that can generate returns in a weak commodity price environment. Yeah. Fluor Corporation Common Stock (FLR) Stock Quotes - Nasdaq offers stock quotes & market activity data for US and global markets. I speak on behalf of the board when we say we fully support this appointment for the CEO position and are confident he is the right person to lead our Company. I speak on behalf of the board when we say we fully support this appointment for the CEO position and are confident he is the right person to lead our Company. Fluor Corp (NYSE:FLR) Q3 2020 Earnings Call Dec 10, 2020, 8:30 a.m. FLR earnings call for the period ending September 30, 2018. Moving to capital structure and liquidity. Before we open the line for questions, I'd like to turn the call over to Alan Boeckmann, Fluor's Executive Chairman, to provide some remarks on our upcoming Chief Executive Officer transition. Fluor Corporation (NYSE:FLR) Q1 2019 Earnings Conference Call - Final Transcript Ladies and gentlemen, please standby. I'm wondering if we could just take a step back and talk about the balance sheet going forward now that the cash outflows are ramping up on the problem projects. In the third quarter, we also divested EQIN toward professional equipment rental business in Europe. How do you guys feel about in general NuScale going into ’21? We released our earnings statement earlier this morning and we are streaming a slide presentation on our website, which we will reference while making prepared remarks. In terms of COVID, obviously, the fixed price projects are the ones that we have COVID impacts that are being negotiated with the client. Fluor Corp (NYSE: FLR) Q3 2020 Earnings Call Dec 10, 2020, 8:30 a.m. The revised pursuit criteria that Carlos enacted has significantly reduced the risk in our backlog and has allowed our sales team to focus on high-quality projects where we can be profitable and successful. News; Products. Contents: Prepared Remarks. But we are talking with at least two other clients with potential imminent projects coming up within 2021. However, we are continuing moving these projects forward and should start to see some relief in our margins as these projects wrap up later this year and in 2021 -- and into 2021. Okay. Its revenue for the quarter was down 17.8% compared to the same quarter last year. Dec. 10, 2020 12:54 PM ET Fluor Corporation (FLR) 1 Like. And then in terms of -- maybe just to pick up on the strength of the company along the areas where there is perceived growth, hydrogen infrastructure, obviously copper, you alluded to. All right. Any way you guys can kind of frame that for us and how to think about that and timeline? Jamie, with respect to your other question, your second question, we have been talking to customers really all along during this pandemic. 543 is the number that came out of backlog for Purple Line. How much is economic uncertainty, things like that? Quarterly Results Earnings per share were down 80.00% over the past year to $0.14, which ... Business Wire - 1 month ago. I’ll now turn the call over to Carlos Hernandez, Fluor’s Chief Executive Officer. In the Energy & Chemicals business -- I mean, the oil and gas business, we've talked about the discipline that our clients are going to demonstrate. But I'm going to let Alan take that one. Before handing the call over to Joe for a financial update, I’d like to provide you a high level outlook of what’s going on in our various business segments and some specific project commentary. Turnover of all systems and effective site demobilization is expected early next year. Good morning. I understand that’s kind of normal course of the business. Thanks for that question, Andy. 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. Jamie, with respect to your other question, your second question, we have been talking to customers really all along during this pandemic. Fluor Corp (FLR) Q3 2020 Earnings Call Transcript. All of this is a testament to Carlos' focus on risk assessment, transparency and accountability. So we wouldn't come off of that $200 million range. I think they are very comfortable, especially our oil and gas customers are very much -- have expressed to us very much the desire for us to be available to them as a contractor that can execute their large capital projects. Finally, our offshore project work continues and we are still planning to complete the fabrication and pre-commissioning work in 2021. I’m curious where that number is today and kind of exiting 2020? 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. Our cash balance is roughly equivalent to where we stood at the end of 2019. During today's presentation, we will be making forward-looking statements, which reflect our current analysis of existing trends and information. I don't know if this is a little bit more than normal course with what you guys are speeding, because I guess I'm just trying to reconcile the really impressive last two quarters of no big charges yet the outlook based on the pandemic is impacting staffing and execution. It's great to be talking with all of you again, and I'm pleased to report back with this morning's 10-Q filing. I think you guys mentioned that $500 million number for the Infrastructure segment, specifically. While this sale is still progressing, the pandemic has slowed progress on getting this transacted. We are seeing we are going through those processes. Good morning, and welcome to the Fluor Corporation's 3Q 2020 Earnings Conference Call. Yeah. And I think you’re right, Jamie, if you eliminate those non-recurring issues, you’re probably closer to the upper range of that 3% to 5%. And we have launched new procedures, training and communications packages to help transition our people back to work safely and finish the year strong. Our non-cash compensation expense in the fourth quarter will reflect the delayed filing of the 10-K and will increase our G&A expense for the quarter. And now moving to our Other segment on Slide 8. And Carlos, congratulations on really stabilizing the business and the financials. And when we talked about to Jamie’s question earlier, the 3.1% margin like year-to-date E&C, it actually sounds like it’s higher if we exclude some charges. Are working through a healthier backlog get a little bit more spend in mining, I 've working... Thus, looking at the nine months run rate, Andy probably too high, but it just has implications! Previous backlog into 2021 and beyond Goldman Sachs at investor.fluor.com need to see before we 're to. To work on site, the segment also benefited from favorable FX the and... 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fluor earnings call transcript 2021