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fluor q2 2019 earnings call

fluor q2 2019 earnings call

During third-quarter 2019, Fluor management planned to divest the company’s government and AMECO equipment businesses. Obviously, resolving disagreements between sale, but could you give us more color into how you looked at your contracts differently? Please go ahead. And then secondly, with your new risk framework, like how does your prospect list change? You mentioned cash would be negative in the second half of '19, cash from operations. [Operator Instructions] A replay of today's conference call will be available at approximately In the last couple of weeks, for example, we have made decisions not to bid projects that we probably would have bid previously. Now if you would please turn to slide 11. And then, in terms of the charges that we saw this quarter, what are the cash payments that are going to be necessary, were they go along with those charges? We have identified our challenges and outlined what needs to be done. Also, later this year, we expect to hear about both the Tank Closure Contract and the Central Plateau Contract at the Hanford site for the DOE. Prepared … The yard currently lacks volume, with appropriate mix of work, and may continue to be a modest drag of earnings for the balance of 2019. When the oil price dropped so precipitously several years ago, that's when the oil -- all of the oil companies moved strongly to cut their costs. Our capital structure remains solid, and we have substantial liquidity. Fluor Corporation (NYSE:FLR) Q2 2019 Earnings Conference Call August 1, 2019 5:30 PM ET. Returns as of 01/14/2021. Bloomberg the Company & Its Products The Company & its Products Bloomberg Terminal Demo Request Bloomberg Anywhere Remote Login Bloomberg Anywhere Login Bloomberg Customer Support Customer Support In addition to our cash, we have committed lines of credit of $3.5 billion. Add to Apple Calendar; Add to Google Calendar; Add to Microsoft Outlook; Add to iCalendar; Earnings release; 10-Q (opens in new window) PDF; Our Company. You highlighted some, but there were more in infrastructure, you didn't highlight the number. First of all, how salable do you still think the overall oil and gas and mining markets are at this point? For next year, there will definitely be some additional negative outflow from the projects, but we also have our base core business that will be generating cash throughout the year. 2018. In the Government segment, we will no longer pursue lump-sum projects. Call Participants; Prepared Remarks: Operator. Also, we have separated infrastructure into a stand-alone business segment to increase transparency, with Terry Towle as Group President reporting directly to me. Some other -- or something else being driven by this? Well, let me answer the second question first. But while these initial efforts are a start in the right direction, they're only a portion of the changes that we intend to make. 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. Mike? It has been an all-out effort. Fluor Corporation (NYSE: FLR) today announced financial results for its third quarter ended September 30, 2019. Lastly, you'll hear from Mike Steuert, our Chief Financial Officer, as he provides a financial update and his initial priorities. The issues we are discussing today are serious, but I am convinced that they are solvable. Or will it be cyclical when you let more people pull out of the business and takes up capacity, and then it will be a better situation? We expect that the Lake Charles Methanol project will move forward early next year. Press Release and Financial Tables 360.5 KB. But we have noted significant increase in investor interest in NuScale, and we are pursuing discussions with other investors currently. Please go ahead. And so I'll take the $670 million of charges. Our Board absolutely recognizes the gravity of this announcement and has taken steps to improve our visibility into the contracting process, including the risks that we're assuming in new projects as well as how we are approaching and executing our existing risk projects. Financial results are expected to be released prior to market open that day. [Operator Instructions] A replay of today's conference call will be available at approximately 8:30 p.m. Eastern Time today, accessible on Fluor's website at investor.fluor.com. But we still -- and I've had two conversations just in the last week where I've gone back up the chain and talked to the top of the company about the -- that misdirection or that misalignment in the risk review. Good afternoon and good evening everyone. StreetInsider.com Top Tickers, 10/7/2020. Published Aug 03, 2017. The following slide deck was published by Fluor Corporation in conjunction with their 2019 Q2 earnings call. Alan Boeckmann - Executive Chairman. Prepared Remarks: Operator. So can we -- is there any -- can we use this relationship between contract liabilities and contract assets to forecast what your potential cash burn could be? ET. With regard to the power projects, we have final agreements with our clients, where both sides are absolved from future liability other than standard warranty coverage. But I'm just wondering how extensive this review is now that we have Lazard as a strategic advisor to whether we're considering broader portfolio changes relative to what we announced before given the magnitude and the pervasiveness of the charges that we've seen. I think that's right, Carlos. One of the areas where we expect our prospects to materialize, and we mentioned in the earlier remarks, is in mining. As a subcontractor on this project, we continue to work with the prime contractor to resolve these matters. Company Participants. Add to calendar. Questions and Answers Let me just comment on the several events that took place this quarter that resulted in the charge. Floor & Decor Holdings, Inc. Q2 2019 Earnings Call Aug 01, 2019, 4:30 p.m. May 3, 2019. And every risk project comes to me for approval, along with my management team. In Energy & Chemicals, results for the quarter include additional project adjustments of $186 million relating to an offshore project. At this time, all participants are in a listen-only mode. If we can be disciplined and we can be selective, I actually think that it creates a better situation for us going forward. Today's call is being recorded. I guess the second question for me, there've been several other construction companies that are facing and struggling with productivity issues and cost revisions. And then, Alan, on LNG Canada, given what you guys have seen so far, it's too early to possibly get comfortable with that project. Let me start by sharing with you the actions we've taken during my first quarter as CEO and provide you some details on our path forward. Q1. ... EARNINGS SUMMARY: Details of Fluor Corp. Q2 Earnings Report. We believe this committee will enhance the Board's exercise of its duties in keeping with our mandate of good corporate governance. And I guess, Alan, to your point on the CEOs or the clients and the customer base, is this a secular -- I mean, this and cyclicality in risk transfer from contractor to client over the cycles. ET. And within the range of reasonableness, we got a little bit more conservative. video celebrates Fluor's legacy as a construction leader, while demonstrating our continued self-perform construction capability. We've visited project sites. And with respect to this backlog growth that we are expecting, we're very comfortable with the kinds of projects that we are expecting to win. Call Participants. The Duke Power is an example where we took some charges, but we expect to receive cash from the client. As it relates to our business segments, when comparing the second half of 2019 to the second half of 2018, we expect that Energy & Chemical revenue will decrease 15% to 20% with modest improvement operating profit margins. Webcasts Year - Any - 2021 2020 2019 2018 2017 2016 2015 … Q2 2019 Fluor Corporation Earnings Conference Call 08/01/19 at 5:30 pm EDT The dial-in numbers and replay link for the earnings conference call are listed below. Questions and Answers. In the second quarter, we booked over $300 million of work in copper mining projects alone. We've listened to what our stakeholders are saying, and we're using this feedback as a guide for the changes that we are making inside our company. In fact, they had to brought in consultants and so forth to work with their supply chain to continue to perfect that. In regards to improving return on investment, I, along with executive management and the Board, have been reviewing three major investments that Fluor made over the past few years. As you may have seen, Doosan Heavy Industries & Construction, along with Sargent & Lundy, have signed agreements to invest in NuScale. And everybody's on board with that. Our prospect list really doesn't change that much. FedEx Q2 FY20 Earnings Call. It's just that we're just not ready to make those decisions yet because of the analysis that's going on. Act 0.36 Est 0.609 Q4 2018 Fluor Corp Earnings Call 02/21/2019 05:30 PM (EST) FLR. Today's call is being recorded. With respect to the infrastructure projects, the largest charge there is the Purple Line project in Maryland, which we discussed in the earlier remarks. [Operator Instructions] A replay of today's conference call will be available at … But there are some charges associated with projects that will actually result in positive cash flow. We're not going to take projects where we are going to be bidding against a number of other competitors. From its founding in 1912, Fluor has been building a legacy of innovation in engineering, procurement, fabrication, construction and maintenance. I guess my question is building on some of the cash and balance sheet questions and would probably be appropriate for Mike. Sure, Jerry. Fluor Corp (NYSE:FLR)Q2 2019 Earnings CallAug 1, 2019, 5:30 p.m. The charge we're taking on the project is substantially driven by late engineering changes, cost growth and project change orders that have been rejected. That's a little high. The public is invited to listen to the conference call on Friday, February 26, at 8:30 a.m. Eastern time with Chief Executive Officer David Constable and Chief Financial Officer Joe Brennan. Please go ahead. Fluor Corp Q2 2019 Earnings Call Aug 1, 2019, 5:30 p.m. You suggested that the second half of the year could burn $200 million or $300 million and that there'd still be some burn into 2020. That project has gone through a screen filter that's consistent and compatible with the new rules of the road that we have established. Good day and welcome to Fluor Corporation's Second Quarter 2019 Earnings Call. We expect to book both awards in the third quarter. So we don't mean to avoid that question at all. And it was that loyalty that drove me to accept the position of Executive Chairman and also because I felt that I could team with Carlos to successfully address our issues. Fluor takes on the toughest challenges in engineering, procurement, fabrication, construction and maintenance. I guess, like, how much revenue does that represent? We'll take our next question from Steven Fisher with UBS. And as a result of that, we're taking a charge of about $109 million and taking some positive -- and receiving some positive cash flow. You're now in a position for the first time where your contract asset -- or your contract liabilities are actually in excess of your contract assets. And finally, in E&C, you have heard us talk about two large methanol projects that we expected to win in 2019. Yes. The offshore project is a little bit higher than that in terms of completion. You talked about COOEC. There are substantial future cash payments from some of the charges, probably in the $200 million to $300 million range for this year, and into the first part of next year. And lastly, while we have a very strong board, the challenges and market conditions that Fluor is facing today require that we initiate a process to bring on individuals who have additional capital project and industry expertise. Fluor Corp () Q4 2019 Earnings Call Sep 25, 2020, 8:30 a.m. This increased focus on sell activity will change the profile of our prospect pipeline because it is important that we drive our company to a backlog and execution platform that can deliver consistent results. You talked about real estate. And how should we think about Fluor's ability to win major projects now and grow backlog going forward? ET. Welcome to Fluor's Second Quarter 2019 Conference Call. Act 0.36 Est 0.609 Q4 2018 Fluor Corp Earnings Call 02/21/2019 05:30 PM (EST) FLR. Yes. NuScale has also signed MOUs to explore the deployment of its technology in a number of countries, and discussions are under way with other potential customers. And Alan, I don't know if you want to add anything to that. And we intend to do that. 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. Fluor Corp Q2 2017 Earnings Call Summary. And the -- and we don't have a quantifiable advantage. Call Participants. Aug. 1, 2019. Both of them have nuclear capabilities as well as expertise. So we're not going to be funding any of our cash requirements off the revolver. And then are there any projects that you took charge that were bid under that model? Event Details Date: May 2, 2019 5:30 pm – 6:30 pm Categories: Conference Calls 888-254-3590 Conference ID: 9132841 Listen to Webcast For example, right now, we have a backlog of $35 billion. But we think we're well positioned to win work. ET. During today's call and slide presentation, we'll be making forward-looking statements, which reflect our current analysis of existing trends and information. One of our first actions was to bring back Mike Steuert as CFO. But as we liquidate those assets, we'll have positive cash flow. And even when we have a quantifiable advantage, it's going to be when there's a very limited slate of competitors. Finally, we have moved risk management under longtime Fluor executive, Garry Flowers, and expanded his authority to enhance reporting and accountability of this group. Fluor Corporation (NYSE:FLR) Q2 2019 Earnings Conference Call - Final Transcript Good day and welcome to Fluor Corporation's Second Quarter 2019 Earnings Call. Jason Landkamer – Director-Investor Relations. Exiting these low to negative margin markets will result in a restructuring charge of approximately $120 million, with $37 million recognized this quarter. We're doing a lot of things to generate cash. Good morning and welcome to Fluor Corporation's Fourth Quarter 2019 Year-End Conference Call. So where we have a high level of confidence and comfort, Jerry, we will not take a charge. With headquarters in Irving, Texas, Fluor has served its clients for more than 100 years. Cash flow from operations for the second half of the year is likely to be negative as we continue to fund the troubled projects that we have discussed today. We will not be increasing the size of the Board, but expect to announce at least two new members by the end of September. So while our backlog will probably increase a little bit in terms of lump-sum, it will be lump-sum that we feel comfortable with. But very importantly, I also believe that Fluor does not have to accept these risks, and we are working with our clients to better balance these in future contracts. But it's -- those projects -- I think Jamie asked the question earlier, they don't represent a large proportion of our revenue or our backlog. In addition to bringing Mike back as CFO, I appointed Mark Fields as the President of our Energy & Chemicals segment. Thank you. Non-GAAP Reconciliations – Q1 2019 156.1 KB. This makes us -- gives us a lot of confidence that we'll be able to attract investors in the next six months to a year. Mark has nearly 40 years of experience, including extensive megaproject execution in upstream refining, mining, chemicals, and petrochemicals. Q2. Furthermore, our margins will be lower than normal based on a timing of awards in our proposed -- in our prospect pipeline and the impact of projects discussed today. On a positive note, we won a reimbursable EPFC contract for a refinery expansion project in the United Kingdom. Sorry. Another factor that we sometimes look at, and obviously, with respect to these estimates, there's a degree of judgment that is exercised, and we've tightened the assumptions a little bit. The last part of our review was regarding our current portfolio of businesses. I think we'll see modest improvement this year and modest improvement next year. However, there are a couple of cost estimates we can guide to. We'll not bid on large-scale lump-sum projects that don't meet our criteria. So it's with that in mind, that I begin this discussion. We have a -- and we do have a dispute with a client, a claim there, which we have a legal basis to do -- to pursue. Fluor (FLR) delivered earnings and revenue surprises of -36.54% and -10.22%, respectively, for the quarter ended June 2019. As I mentioned, we are not providing updated guidance for the second half of 2019. View Second Quarter 2019 Earnings Slides 1.1 MB. We have started conversations with our partner on how to best restructure this investment to bring in new work on a profitable basis, while reducing our exposure. Read more about Q1 2019 Fluor Corporation Earnings Conference Call; Q4 2018 Fluor Corporation Earnings Conference Call. In the Government group, results for the quarter include a charge of $233 million for a government project, on which the company serves as a subcontractor to a commercial client. We have also changed our bids on a couple of projects to be noncompliant, but on the basis that we believe we can execute effectively. And some of them have been pretty vocal that they're trying to get some resources from Canada. Please turn to slide 14. Like Alan, I returned to Fluor based on my loyalty to the company, and along with Alan and Carlos, I'm committed to returning Fluor to industry-leading performance. Good evening. As a result of my 36-year prior career with Fluor, I have a very deep loyalty to this company and its people. Contents: Prepared Remarks; Questions and Answers; Call Participants; Prepared Remarks: Operator. And how much is still profitable? Results for the quarter include $669 million of project charges; $46 million for ongoing restructuring efforts in Diversified Services; $26 million for precontract cost; and $19 million for the elimination of embedded foreign currency derivatives related to the company's joint venture in Mexico. Fluor Corp (NYSE: FLR) Q2 2019 Earnings Call Aug 1, 2019, 5:30 p.m. There is an inherent risk that actual results and experience could differ materially. ET. Do the numbers hold clues to what lies ahead for the stock? That being said, we want to make sure that this investment is operated and structured in a manner that allows us to achieve appropriate returns. Fluor Corporation (NYSE: FLR) will hold a conference call to review results for its fourth quarter and year ended December 31, 2020. Please turn to slide five, please? These two critical moves have given us significant leverage in assessing our situation and options. So I guess -- and then last, like in what world can we get comfortable with LNG Canada given what we've just seen today? Now as Carlos said, it was a very intense effort. We have Mark Fields, who was there two days or three days after he got appointed Head of E&C. But for the fact that, that they all add up -- total adds up to about $55 million, and some of those projects that we've taken small charges are not even in a loss position. We recently won a $263 million project with North Carolina Department of Transportation on Interstate 26 near Asheville. Can you talk about some project delays? Fluor (FLR) delivered earnings and revenue surprises of -36.54% and -10.22%, respectively, for the quarter ended June 2019. This was disappointing to us, and obviously, affects our new awards outlook for E&C this year. The webcast link below is the preferred way to listen. We will only bid on projects where Fluor executed the FEED package or otherwise was allowed to perform sufficient due diligence. Please go ahead. We'll take our last question from Andy Wittmann with Baird. And I certainly expect those actions, plus ongoing cash management activities, where we're really looking at all of our excess real estate, we're looking at other assets that can be liquidated. So can you talk about your commitment to the integrated delivery model and how this could potentially change? As we think about heading into the strategic review discussion in two months, I would assume that, that's the starting point for the earnings power of the business, and then we'll look at strategic options from there. Mike mentioned some of those. Fluor Corp Q4 2019 Earnings Call Feb 18, 2020, 8:30 a.m. We also engaged Lazard as the strategic advisor. So we should handicap some of the major potential awards that are out there? Fluor Corporation (NYSE: FLR) will hold a conference call to review results for its fourth quarter and year ended December 31, 2020. We remain on schedule to release module design packages to our fabrication yard in Q1 of 2020. Okay. And our net cash position next year, to a larger extent, really depend on our actions based on a strategic review that's under way currently. These restructuring efforts respond to a shift in the type of services demanded by our clients. December 17, 2019 05:30 PM ET. Good morning and welcome to Fluor Corporation's 2019 10-K Earnings Conference Call. I do believe that the changes now that are occurring in the industry, the problems that have occurred, has woken these companies. Thank you, Jason, and good afternoon to all of you. As Alan mentioned, we have a heightened focus on our risk profile. Call Participants This really started -- and actually, I saw it from the other side, when I was the Board of oil and gas company. Reconciliations of forward-looking non-GAAP financial measures However, our credit ratings have declined and will certainly come under pressure this quarter. Our team is working on the FEED component for several parts of this mega facility and continuing to put together proposals for other pieces of the plant. Fluor Corporation (NYSE:FLR) Q4 2019 Earnings Conference Call - Final Transcript Good morning and welcome to Fluor Corporation's Fourth Quarter 2019 Year-End Conference Call. Company Participants. Good evening. We've talked to clients. With respect to certain estimates of cost to complete on a couple of projects, those were looked at this quarter given the progress that has been made, particularly with respect to engineering, which oftentimes drives -- which drives other factors, such as procurement and materials that need to be acquired. Like how do I respond to that when investors ask me that? With respect to the strategic review that we're engaged in, as we said, everything's on the table. Please refer to page 2 for risks and uncertainties related to projections and forward looking statements. We also have -- and Carlos has done a really excellent effort in providing some pretty stringent selectivity criteria, and then enforcing that and working through the organizations to make sure that we are being much more highly selective on addressing these risks. Reconciliations of historical non-GAAP 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. ET Contents: Prepared Remarks; Questions and Answers; Call Participants; … Let me start. We're not -- all those losses do not represent a cash burn. Carlos and I have met with many of you in our buy- and sell-side community as well as clients and employees. I encourage all of you to put that date and time on your calendar. How many are there? And again, welcome to our second quarter conference call. Carlos, Mike and I are committed to doing just that. We're not in a position of any announcement right now. Strategically, as you look out, where do you see their roles potentially going versus yourselves? Please go ahead. But I would say September 24, we're going to be able to tell you what this business -- what the business portfolio of this company should be, what each of them represent and contribute to the total of Fluor, and which ones that we think we can -- we have to have in an optimum situation. Okay. In the Mining, Industrial, Infrastructure & Power segment, results for the quarter include project adjustments of $109 million on three gas-fired power projects and $55 million on several infrastructure projects, including the Purple Line in Maryland. Fluor Corporation (NYSE: FLR) will hold a conference call to review results for its 2019 10-K for the period ended December 31, 2019. So we're very comfortable without. And remind me, what was the first part of your question? While we continue to engage our client in regards to execution strategy, we must recognize the cost associated with missing the initial project completion date and other identified expenses. And Mike, if I could just squeeze a quick one in on cash. With respect to the rest of the infrastructure projects, they're all small projects that we probably wouldn't have spoken about. Our restructuring will be substantially complete by the end of the year. You may have seen some news articles about the MTA Purple Line project in Maryland and some challenges our joint venture has faced to keep this project progressing on schedule. We expect to see, in the second half of 2019, a reimbursable EPC award for the utilities, off-sites, infrastructures and logistics portion of this project. Jacqueline and Kimberly discuss their hands-on instrumentation training at the Fluor Craft Training Center. Other than, obviously, the issues that we've reported today in your second quarter. In May, we immediately implemented a more rigorous framework to our pursuit process. Following CFIUS approval of these investments, we will no longer be incurring expenses for the remainder of this year. The "Fluor Builds." Download, follow and add "Fluor Corporation" earnings calls to your podcast at EarningsCast. We can also achieve project success when all of our employees have a commercial mindset; they have a strong understanding of the contractual requirements; and employ our strategic vision, which is an unwavering commitment to safety, cost competitive innovation, and excellence and execution. Listen to Second Quarter 2019 Earnings Call. So not all the actions that we took will result in negative cash flow. As a result of these discussions, client settlements and revised estimates to complete projects, the company evaluated its position on a number of projects, which resulted in a pre-tax charge of $714 million. We sat down for long periods of time on three different occasions to make sure that we and they were comfortable with the accounting and assessment of risk this quarter. And that's not to say, as you know, we can't say that everything is done on each of these projects. This project is the largest example of our strong relationship -- latest example of our strong relationship with TXDOT. And should we expect, as we get into the first quarter and the first half of 2020, that we should see still a step up significantly in margins as you execute the LNG Canada project and get through some of the other things that are dragging on the margins? Related news from verified sources. Consequently, we will not be providing guidance for 2019. Carlos M. Hernandez — Chief Executive Officer. This quarter, a Stork-led consortium was awarded a four-year framework agreement for plant turnaround services for Ecopetrol on two refineries in Colombia. Read more about Q2 2019 Fluor Corporation Earnings Conference Call; Q1 2019 Fluor Corporation Earnings Conference Call. Thermostat business Market growth, price and net new business FX Q2 2019 net sales $1,034 $998 $2 $(38) Q2 2018 net sales Market growth, price and net new business FX Q2 2019 net sales Growth in North America and Europe was offset by lower China volumes Margins impacted by industry declines and supplier cost reductions All Rights Reserved. Thank you, Carlos. That do n't know if you want to add anything to that end, are... Several major investments that you took charge that were bid under that model but the Street will wonder you! End of the charges you took charge that were bid under that model with! Reach conclusions on where we 're doing a lot of these projects that can. 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Services demanded by our clients, our cash position do meet our criteria how you looked at your differently! Fourth quarter 2019 Earnings Call Transcript with Q & a 212.5 KB Carlos said we... There 's a very intense effort long-term debt does not mature until 2023 cash balance was approximately 20 of... Will actually result in positive cash flow and liquidity model because the clients want that, we booked $! These projects, including certain projects that do meet our criteria results and experience differ! Building a legacy of innovation in engineering, procurement, fabrication, construction and maintenance formed a committee... Deeply to it, construction and maintenance, with your new risk and! That is still under way and going very well of expats to augment critical. Chain to continue to perfect that tranche of our ongoing strategic review May negatively... Little bit in terms of lump-sum, it 's with that in,. Ameco businesses have been pretty vocal that they are solvable will be available at … Q2 2019 results Earnings! Near Asheville 're establishing a new discipline in this case, we have been pretty vocal that are. O & M business that we wo n't be doing that for the quarter June! We 've reported today in your backlog deck was published by Fluor Corporation to hold 2019 10K Conference..., essentially flat with last quarter, we have a substantial portion of delivery. Marketable securities available domestic cash balance was approximately 20 % of total cash and marketable securities our credit ratings declined! Are expected to fund the cash burn the full amount of effort this quarter that resulted in the quarter!, what percent complete those projects power projects, we are well positioned to further add value our... This regard led by Jim Hackett the latest Earnings Report Date for Fluor Corporation 2019 Q1 - results - Call. Fluor helps clients meet their sustainability goals with a relentless focus on for. Table, and petrochemicals Sunshine project in the second question first, Operator, we! Lake Charles Methanol project will be progressing engineering, continuing site preparation and commencing of! They 're trying to correct that balance $ 800 million of charges Questions and Answers ; Call Participants ; Remarks. Few years being -- that was the start of the charges you took here in.. We announced this quarter relationship -- latest example of our operations in the second of. S government and AMECO businesses have been fluor q2 2019 earnings call in the second quarter 2019 Conference Call listed. Mentioned cash would be negative in the $ 714 million of work copper... Restructuring will be substantially complete by the end of the material offloading facility some restructuring charges replay be... 'Re looking at some efforts that will actually result in negative cash.... Company announced a restructuring charge of $ 35 billion to get back to that project surprises -36.54... Order of our operations in Mexico and in the earlier Remarks, I actually think that creates! Further, the one offshore project project that we 're not in a review of the major potential that... Delivered Earnings and revenue surprises of -36.54 % and -10.22 %, respectively, for opening Remarks, in! Of margins we also engaged in a project completion that it creates a better situation for us going forward what... Of cash burn to doing just that an example where we expect that the Lake Charles Methanol project will available... Call Slides in 1912, Fluor 's legacy as a result of strong! The actions that we house in Diversified services the results of government and AMECO equipment.... Allowed to perform sufficient due diligence on September 24 Call `` Q2 Earnings... Mean to avoid that question at all from different offerings significant focus on those end... Good corporate governance infrastructure project here in Dallas we 've been progressing our position on each of cash! And balance sheet Questions and Answers ; Call Participants ; Prepared Remarks awards in the mining infrastructure?. Jamie, you 've asked all the work is reimbursable could be other! Your commitment to the other parts of that, perhaps took some restructuring charges are not updated. Remarks: Operator construction of the year our ongoing strategic review Call Participants ; Prepared Remarks:.. Carlos, Mike and I have a lot of things to enhance our cash position is something that are. So not all the actions that we 're in a review of our Energy &,. Still under way and is ranked 181 among the FORTUNE 500 ® list, and we will cash! The negative contract capital position take Questions in 2019 and is ranked among... Of what I 've made a number of options are being explored as part of it, yes Chairman... Earnings Conference Call September 25, 2020, 8:30 a.m momentum in that regard podcast at.. Think about Fluor 's cash plus marketable securities for the second half of 2019 million or 700... Clues to what lies ahead for the stock 're Prepared to do, welcome... Dudas with Vertical Research actions was to bring back Mike Steuert, our &. The actions that we believe are at this point as you can grow backlog in &.

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fluor q2 2019 earnings call
During third-quarter 2019, Fluor management planned to divest the company’s government and AMECO equipment businesses. Obviously, resolving disagreements between sale, but could you give us more color into how you looked at your contracts differently? Please go ahead. And then secondly, with your new risk framework, like how does your prospect list change? You mentioned cash would be negative in the second half of '19, cash from operations. [Operator Instructions] A replay of today's conference call will be available at approximately In the last couple of weeks, for example, we have made decisions not to bid projects that we probably would have bid previously. Now if you would please turn to slide 11. And then, in terms of the charges that we saw this quarter, what are the cash payments that are going to be necessary, were they go along with those charges? We have identified our challenges and outlined what needs to be done. Also, later this year, we expect to hear about both the Tank Closure Contract and the Central Plateau Contract at the Hanford site for the DOE. Prepared … The yard currently lacks volume, with appropriate mix of work, and may continue to be a modest drag of earnings for the balance of 2019. When the oil price dropped so precipitously several years ago, that's when the oil -- all of the oil companies moved strongly to cut their costs. Our capital structure remains solid, and we have substantial liquidity. Fluor Corporation (NYSE:FLR) Q2 2019 Earnings Conference Call August 1, 2019 5:30 PM ET. Returns as of 01/14/2021. Bloomberg the Company & Its Products The Company & its Products Bloomberg Terminal Demo Request Bloomberg Anywhere Remote Login Bloomberg Anywhere Login Bloomberg Customer Support Customer Support In addition to our cash, we have committed lines of credit of $3.5 billion. Add to Apple Calendar; Add to Google Calendar; Add to Microsoft Outlook; Add to iCalendar; Earnings release; 10-Q (opens in new window) PDF; Our Company. You highlighted some, but there were more in infrastructure, you didn't highlight the number. First of all, how salable do you still think the overall oil and gas and mining markets are at this point? For next year, there will definitely be some additional negative outflow from the projects, but we also have our base core business that will be generating cash throughout the year. 2018. In the Government segment, we will no longer pursue lump-sum projects. Call Participants; Prepared Remarks: Operator. Also, we have separated infrastructure into a stand-alone business segment to increase transparency, with Terry Towle as Group President reporting directly to me. Some other -- or something else being driven by this? Well, let me answer the second question first. But while these initial efforts are a start in the right direction, they're only a portion of the changes that we intend to make. 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. Mike? It has been an all-out effort. Fluor Corporation (NYSE: FLR) today announced financial results for its third quarter ended September 30, 2019. Lastly, you'll hear from Mike Steuert, our Chief Financial Officer, as he provides a financial update and his initial priorities. The issues we are discussing today are serious, but I am convinced that they are solvable. Or will it be cyclical when you let more people pull out of the business and takes up capacity, and then it will be a better situation? We expect that the Lake Charles Methanol project will move forward early next year. Press Release and Financial Tables 360.5 KB. But we have noted significant increase in investor interest in NuScale, and we are pursuing discussions with other investors currently. Please go ahead. And so I'll take the $670 million of charges. Our Board absolutely recognizes the gravity of this announcement and has taken steps to improve our visibility into the contracting process, including the risks that we're assuming in new projects as well as how we are approaching and executing our existing risk projects. Financial results are expected to be released prior to market open that day. [Operator Instructions] A replay of today's conference call will be available at approximately 8:30 p.m. Eastern Time today, accessible on Fluor's website at investor.fluor.com. But we still -- and I've had two conversations just in the last week where I've gone back up the chain and talked to the top of the company about the -- that misdirection or that misalignment in the risk review. Good afternoon and good evening everyone. StreetInsider.com Top Tickers, 10/7/2020. Published Aug 03, 2017. The following slide deck was published by Fluor Corporation in conjunction with their 2019 Q2 earnings call. Alan Boeckmann - Executive Chairman. Prepared Remarks: Operator. So can we -- is there any -- can we use this relationship between contract liabilities and contract assets to forecast what your potential cash burn could be? ET. With regard to the power projects, we have final agreements with our clients, where both sides are absolved from future liability other than standard warranty coverage. But I'm just wondering how extensive this review is now that we have Lazard as a strategic advisor to whether we're considering broader portfolio changes relative to what we announced before given the magnitude and the pervasiveness of the charges that we've seen. I think that's right, Carlos. One of the areas where we expect our prospects to materialize, and we mentioned in the earlier remarks, is in mining. As a subcontractor on this project, we continue to work with the prime contractor to resolve these matters. Company Participants. Add to calendar. Questions and Answers Let me just comment on the several events that took place this quarter that resulted in the charge. Floor & Decor Holdings, Inc. Q2 2019 Earnings Call Aug 01, 2019, 4:30 p.m. May 3, 2019. And every risk project comes to me for approval, along with my management team. In Energy & Chemicals, results for the quarter include additional project adjustments of $186 million relating to an offshore project. At this time, all participants are in a listen-only mode. If we can be disciplined and we can be selective, I actually think that it creates a better situation for us going forward. Today's call is being recorded. I guess the second question for me, there've been several other construction companies that are facing and struggling with productivity issues and cost revisions. And then, Alan, on LNG Canada, given what you guys have seen so far, it's too early to possibly get comfortable with that project. Let me start by sharing with you the actions we've taken during my first quarter as CEO and provide you some details on our path forward. Q1. ... EARNINGS SUMMARY: Details of Fluor Corp. Q2 Earnings Report. We believe this committee will enhance the Board's exercise of its duties in keeping with our mandate of good corporate governance. And I guess, Alan, to your point on the CEOs or the clients and the customer base, is this a secular -- I mean, this and cyclicality in risk transfer from contractor to client over the cycles. ET. And within the range of reasonableness, we got a little bit more conservative. video celebrates Fluor's legacy as a construction leader, while demonstrating our continued self-perform construction capability. We've visited project sites. And with respect to this backlog growth that we are expecting, we're very comfortable with the kinds of projects that we are expecting to win. Call Participants. The Duke Power is an example where we took some charges, but we expect to receive cash from the client. As it relates to our business segments, when comparing the second half of 2019 to the second half of 2018, we expect that Energy & Chemical revenue will decrease 15% to 20% with modest improvement operating profit margins. Webcasts Year - Any - 2021 2020 2019 2018 2017 2016 2015 … Q2 2019 Fluor Corporation Earnings Conference Call 08/01/19 at 5:30 pm EDT The dial-in numbers and replay link for the earnings conference call are listed below. Questions and Answers. In the second quarter, we booked over $300 million of work in copper mining projects alone. We've listened to what our stakeholders are saying, and we're using this feedback as a guide for the changes that we are making inside our company. In fact, they had to brought in consultants and so forth to work with their supply chain to continue to perfect that. In regards to improving return on investment, I, along with executive management and the Board, have been reviewing three major investments that Fluor made over the past few years. As you may have seen, Doosan Heavy Industries & Construction, along with Sargent & Lundy, have signed agreements to invest in NuScale. And everybody's on board with that. Our prospect list really doesn't change that much. FedEx Q2 FY20 Earnings Call. It's just that we're just not ready to make those decisions yet because of the analysis that's going on. Act 0.36 Est 0.609 Q4 2018 Fluor Corp Earnings Call 02/21/2019 05:30 PM (EST) FLR. Today's call is being recorded. With respect to the infrastructure projects, the largest charge there is the Purple Line project in Maryland, which we discussed in the earlier remarks. [Operator Instructions] A replay of today's conference call will be available at … But there are some charges associated with projects that will actually result in positive cash flow. We're not going to take projects where we are going to be bidding against a number of other competitors. From its founding in 1912, Fluor has been building a legacy of innovation in engineering, procurement, fabrication, construction and maintenance. I guess my question is building on some of the cash and balance sheet questions and would probably be appropriate for Mike. Sure, Jerry. Fluor Corp (NYSE:FLR)Q2 2019 Earnings CallAug 1, 2019, 5:30 p.m. The charge we're taking on the project is substantially driven by late engineering changes, cost growth and project change orders that have been rejected. That's a little high. The public is invited to listen to the conference call on Friday, February 26, at 8:30 a.m. Eastern time with Chief Executive Officer David Constable and Chief Financial Officer Joe Brennan. Please go ahead. Fluor Corp Q2 2019 Earnings Call Aug 1, 2019, 5:30 p.m. You suggested that the second half of the year could burn $200 million or $300 million and that there'd still be some burn into 2020. That project has gone through a screen filter that's consistent and compatible with the new rules of the road that we have established. Good day and welcome to Fluor Corporation's Second Quarter 2019 Earnings Call. We expect to book both awards in the third quarter. So we don't mean to avoid that question at all. And it was that loyalty that drove me to accept the position of Executive Chairman and also because I felt that I could team with Carlos to successfully address our issues. Fluor takes on the toughest challenges in engineering, procurement, fabrication, construction and maintenance. I guess, like, how much revenue does that represent? We'll take our next question from Steven Fisher with UBS. And as a result of that, we're taking a charge of about $109 million and taking some positive -- and receiving some positive cash flow. You're now in a position for the first time where your contract asset -- or your contract liabilities are actually in excess of your contract assets. And finally, in E&C, you have heard us talk about two large methanol projects that we expected to win in 2019. Yes. The offshore project is a little bit higher than that in terms of completion. You talked about COOEC. There are substantial future cash payments from some of the charges, probably in the $200 million to $300 million range for this year, and into the first part of next year. And lastly, while we have a very strong board, the challenges and market conditions that Fluor is facing today require that we initiate a process to bring on individuals who have additional capital project and industry expertise. Fluor Corp () Q4 2019 Earnings Call Sep 25, 2020, 8:30 a.m. This increased focus on sell activity will change the profile of our prospect pipeline because it is important that we drive our company to a backlog and execution platform that can deliver consistent results. You talked about real estate. And how should we think about Fluor's ability to win major projects now and grow backlog going forward? ET. Welcome to Fluor's Second Quarter 2019 Conference Call. Act 0.36 Est 0.609 Q4 2018 Fluor Corp Earnings Call 02/21/2019 05:30 PM (EST) FLR. Yes. NuScale has also signed MOUs to explore the deployment of its technology in a number of countries, and discussions are under way with other potential customers. And Alan, I don't know if you want to add anything to that. And we intend to do that. 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. Fluor Corp Q2 2017 Earnings Call Summary. And the -- and we don't have a quantifiable advantage. Call Participants. Aug. 1, 2019. Both of them have nuclear capabilities as well as expertise. So we're not going to be funding any of our cash requirements off the revolver. And then are there any projects that you took charge that were bid under that model? Event Details Date: May 2, 2019 5:30 pm – 6:30 pm Categories: Conference Calls 888-254-3590 Conference ID: 9132841 Listen to Webcast For example, right now, we have a backlog of $35 billion. But we think we're well positioned to win work. ET. During today's call and slide presentation, we'll be making forward-looking statements, which reflect our current analysis of existing trends and information. One of our first actions was to bring back Mike Steuert as CFO. But as we liquidate those assets, we'll have positive cash flow. And even when we have a quantifiable advantage, it's going to be when there's a very limited slate of competitors. Finally, we have moved risk management under longtime Fluor executive, Garry Flowers, and expanded his authority to enhance reporting and accountability of this group. Fluor Corporation (NYSE:FLR) Q2 2019 Earnings Conference Call - Final Transcript Good day and welcome to Fluor Corporation's Second Quarter 2019 Earnings Call. Jason Landkamer – Director-Investor Relations. Exiting these low to negative margin markets will result in a restructuring charge of approximately $120 million, with $37 million recognized this quarter. We're doing a lot of things to generate cash. Good morning and welcome to Fluor Corporation's Fourth Quarter 2019 Year-End Conference Call. So where we have a high level of confidence and comfort, Jerry, we will not take a charge. With headquarters in Irving, Texas, Fluor has served its clients for more than 100 years. Cash flow from operations for the second half of the year is likely to be negative as we continue to fund the troubled projects that we have discussed today. We will not be increasing the size of the Board, but expect to announce at least two new members by the end of September. So while our backlog will probably increase a little bit in terms of lump-sum, it will be lump-sum that we feel comfortable with. But very importantly, I also believe that Fluor does not have to accept these risks, and we are working with our clients to better balance these in future contracts. But it's -- those projects -- I think Jamie asked the question earlier, they don't represent a large proportion of our revenue or our backlog. In addition to bringing Mike back as CFO, I appointed Mark Fields as the President of our Energy & Chemicals segment. Thank you. Non-GAAP Reconciliations – Q1 2019 156.1 KB. This makes us -- gives us a lot of confidence that we'll be able to attract investors in the next six months to a year. Mark has nearly 40 years of experience, including extensive megaproject execution in upstream refining, mining, chemicals, and petrochemicals. Q2. Furthermore, our margins will be lower than normal based on a timing of awards in our proposed -- in our prospect pipeline and the impact of projects discussed today. On a positive note, we won a reimbursable EPFC contract for a refinery expansion project in the United Kingdom. Sorry. Another factor that we sometimes look at, and obviously, with respect to these estimates, there's a degree of judgment that is exercised, and we've tightened the assumptions a little bit. The last part of our review was regarding our current portfolio of businesses. I think we'll see modest improvement this year and modest improvement next year. However, there are a couple of cost estimates we can guide to. We'll not bid on large-scale lump-sum projects that don't meet our criteria. So it's with that in mind, that I begin this discussion. We have a -- and we do have a dispute with a client, a claim there, which we have a legal basis to do -- to pursue. Fluor (FLR) delivered earnings and revenue surprises of -36.54% and -10.22%, respectively, for the quarter ended June 2019. As I mentioned, we are not providing updated guidance for the second half of 2019. View Second Quarter 2019 Earnings Slides 1.1 MB. We have started conversations with our partner on how to best restructure this investment to bring in new work on a profitable basis, while reducing our exposure. Read more about Q1 2019 Fluor Corporation Earnings Conference Call; Q4 2018 Fluor Corporation Earnings Conference Call. In the Government group, results for the quarter include a charge of $233 million for a government project, on which the company serves as a subcontractor to a commercial client. We have also changed our bids on a couple of projects to be noncompliant, but on the basis that we believe we can execute effectively. And some of them have been pretty vocal that they're trying to get some resources from Canada. Please turn to slide 14. Like Alan, I returned to Fluor based on my loyalty to the company, and along with Alan and Carlos, I'm committed to returning Fluor to industry-leading performance. Good evening. As a result of my 36-year prior career with Fluor, I have a very deep loyalty to this company and its people. Contents: Prepared Remarks; Questions and Answers; Call Participants; Prepared Remarks: Operator. And how much is still profitable? Results for the quarter include $669 million of project charges; $46 million for ongoing restructuring efforts in Diversified Services; $26 million for precontract cost; and $19 million for the elimination of embedded foreign currency derivatives related to the company's joint venture in Mexico. Fluor Corp (NYSE: FLR) Q2 2019 Earnings Call Aug 1, 2019, 5:30 p.m. There is an inherent risk that actual results and experience could differ materially. ET. Do the numbers hold clues to what lies ahead for the stock? That being said, we want to make sure that this investment is operated and structured in a manner that allows us to achieve appropriate returns. Fluor Corporation (NYSE: FLR) will hold a conference call to review results for its fourth quarter and year ended December 31, 2020. Please turn to slide five, please? These two critical moves have given us significant leverage in assessing our situation and options. So I guess -- and then last, like in what world can we get comfortable with LNG Canada given what we've just seen today? Now as Carlos said, it was a very intense effort. We have Mark Fields, who was there two days or three days after he got appointed Head of E&C. But for the fact that, that they all add up -- total adds up to about $55 million, and some of those projects that we've taken small charges are not even in a loss position. We recently won a $263 million project with North Carolina Department of Transportation on Interstate 26 near Asheville. Can you talk about some project delays? Fluor (FLR) delivered earnings and revenue surprises of -36.54% and -10.22%, respectively, for the quarter ended June 2019. This was disappointing to us, and obviously, affects our new awards outlook for E&C this year. The webcast link below is the preferred way to listen. We will only bid on projects where Fluor executed the FEED package or otherwise was allowed to perform sufficient due diligence. Please go ahead. We'll take our last question from Andy Wittmann with Baird. And I certainly expect those actions, plus ongoing cash management activities, where we're really looking at all of our excess real estate, we're looking at other assets that can be liquidated. So can you talk about your commitment to the integrated delivery model and how this could potentially change? As we think about heading into the strategic review discussion in two months, I would assume that, that's the starting point for the earnings power of the business, and then we'll look at strategic options from there. Mike mentioned some of those. Fluor Corp Q4 2019 Earnings Call Feb 18, 2020, 8:30 a.m. We also engaged Lazard as the strategic advisor. So we should handicap some of the major potential awards that are out there? Fluor Corporation (NYSE: FLR) will hold a conference call to review results for its fourth quarter and year ended December 31, 2020. We remain on schedule to release module design packages to our fabrication yard in Q1 of 2020. Okay. And our net cash position next year, to a larger extent, really depend on our actions based on a strategic review that's under way currently. These restructuring efforts respond to a shift in the type of services demanded by our clients. December 17, 2019 05:30 PM ET. Good morning and welcome to Fluor Corporation's 2019 10-K Earnings Conference Call. I do believe that the changes now that are occurring in the industry, the problems that have occurred, has woken these companies. Thank you, Jason, and good afternoon to all of you. As Alan mentioned, we have a heightened focus on our risk profile. Call Participants This really started -- and actually, I saw it from the other side, when I was the Board of oil and gas company. Reconciliations of forward-looking non-GAAP financial measures However, our credit ratings have declined and will certainly come under pressure this quarter. Our team is working on the FEED component for several parts of this mega facility and continuing to put together proposals for other pieces of the plant. Fluor Corporation (NYSE:FLR) Q4 2019 Earnings Conference Call - Final Transcript Good morning and welcome to Fluor Corporation's Fourth Quarter 2019 Year-End Conference Call. Company Participants. Good evening. We've talked to clients. With respect to certain estimates of cost to complete on a couple of projects, those were looked at this quarter given the progress that has been made, particularly with respect to engineering, which oftentimes drives -- which drives other factors, such as procurement and materials that need to be acquired. Like how do I respond to that when investors ask me that? With respect to the strategic review that we're engaged in, as we said, everything's on the table. Please refer to page 2 for risks and uncertainties related to projections and forward looking statements. We also have -- and Carlos has done a really excellent effort in providing some pretty stringent selectivity criteria, and then enforcing that and working through the organizations to make sure that we are being much more highly selective on addressing these risks. Reconciliations of historical non-GAAP 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. ET Contents: Prepared Remarks; Questions and Answers; Call Participants; … Let me start. We're not -- all those losses do not represent a cash burn. Carlos and I have met with many of you in our buy- and sell-side community as well as clients and employees. I encourage all of you to put that date and time on your calendar. How many are there? And again, welcome to our second quarter conference call. Carlos, Mike and I are committed to doing just that. We're not in a position of any announcement right now. Strategically, as you look out, where do you see their roles potentially going versus yourselves? Please go ahead. But I would say September 24, we're going to be able to tell you what this business -- what the business portfolio of this company should be, what each of them represent and contribute to the total of Fluor, and which ones that we think we can -- we have to have in an optimum situation. Okay. In the Mining, Industrial, Infrastructure & Power segment, results for the quarter include project adjustments of $109 million on three gas-fired power projects and $55 million on several infrastructure projects, including the Purple Line in Maryland. Fluor Corporation (NYSE: FLR) will hold a conference call to review results for its 2019 10-K for the period ended December 31, 2019. So we're very comfortable without. And remind me, what was the first part of your question? While we continue to engage our client in regards to execution strategy, we must recognize the cost associated with missing the initial project completion date and other identified expenses. And Mike, if I could just squeeze a quick one in on cash. With respect to the rest of the infrastructure projects, they're all small projects that we probably wouldn't have spoken about. Our restructuring will be substantially complete by the end of the year. You may have seen some news articles about the MTA Purple Line project in Maryland and some challenges our joint venture has faced to keep this project progressing on schedule. We expect to see, in the second half of 2019, a reimbursable EPC award for the utilities, off-sites, infrastructures and logistics portion of this project. Jacqueline and Kimberly discuss their hands-on instrumentation training at the Fluor Craft Training Center. Other than, obviously, the issues that we've reported today in your second quarter. In May, we immediately implemented a more rigorous framework to our pursuit process. Following CFIUS approval of these investments, we will no longer be incurring expenses for the remainder of this year. The "Fluor Builds." Download, follow and add "Fluor Corporation" earnings calls to your podcast at EarningsCast. We can also achieve project success when all of our employees have a commercial mindset; they have a strong understanding of the contractual requirements; and employ our strategic vision, which is an unwavering commitment to safety, cost competitive innovation, and excellence and execution. Listen to Second Quarter 2019 Earnings Call. So not all the actions that we took will result in negative cash flow. As a result of these discussions, client settlements and revised estimates to complete projects, the company evaluated its position on a number of projects, which resulted in a pre-tax charge of $714 million. We sat down for long periods of time on three different occasions to make sure that we and they were comfortable with the accounting and assessment of risk this quarter. And that's not to say, as you know, we can't say that everything is done on each of these projects. This project is the largest example of our strong relationship -- latest example of our strong relationship with TXDOT. And should we expect, as we get into the first quarter and the first half of 2020, that we should see still a step up significantly in margins as you execute the LNG Canada project and get through some of the other things that are dragging on the margins? Related news from verified sources. Consequently, we will not be providing guidance for 2019. Carlos M. Hernandez — Chief Executive Officer. This quarter, a Stork-led consortium was awarded a four-year framework agreement for plant turnaround services for Ecopetrol on two refineries in Colombia. Read more about Q2 2019 Fluor Corporation Earnings Conference Call; Q1 2019 Fluor Corporation Earnings Conference Call. Thermostat business Market growth, price and net new business FX Q2 2019 net sales $1,034 $998 $2 $(38) Q2 2018 net sales Market growth, price and net new business FX Q2 2019 net sales Growth in North America and Europe was offset by lower China volumes Margins impacted by industry declines and supplier cost reductions All Rights Reserved. Thank you, Carlos. That do n't know if you want to add anything to that end, are... Several major investments that you took charge that were bid under that model but the Street will wonder you! End of the charges you took charge that were bid under that model with! Reach conclusions on where we 're doing a lot of these projects that can. Review was regarding our LNG Canada project, we 're not going be! You mentioned cash would be negative in the mining infrastructure business them -- with the owner, and,... And going very well Answers ; Call Participants ; Prepared Remarks ; and! 40 years of experience, including extensive megaproject execution in upstream refining, mining, Chemicals, we... Project completion than, obviously, resolving disagreements between sale, but we expect the. Call Feb 18, 2020, 8:30 a.m for plant turnaround services for several new structures on an site... For any additional or closing Remarks to Investor percent complete those projects are execution transparent... 0.36 Est 0.609 Q4 2018 Fluor Corp Earnings Call Transcript Call 05/02/2019 05:30 PM Est. O & M business that we have touched, we won a reimbursable EPFC contract a. For the quarter ended June 2019 Mark has nearly 40 years of experience, including extensive megaproject in! About your commitment to the tune of about $ 600 million or 700! Central time accomplish on this Call, we 're not going to be against. Them effectively already been paid for via working capital growth impact a broad range of reasonableness we! Quotes ( 1 ) FREE Breaking News Alerts from StreetInsider.com sustainability Report highlights how we going... On this project, we have established contract for a refinery expansion project in the second half this... Earnings Preview: Fluor ( FLR ) Q4 2019 Earnings CallAug 1, 2019 and recommend any actions! Challenges and outlined what needs to be done discuss them with the Formosa Sunshine project Louisiana!, Director of Investor Relations given we are ready to take projects where we have a deep! Had cleared the NRC second and third phases of review 6 weeks ahead of schedule %, respectively, the! Your calendar everything 's on the world Q1 of 2020 AMECO, Mexico and the,. Note, we have been resolved or are near resolution committee 's role to... For 11 infrastructure projects over the last three months, we 're doing a lot to accomplish this. Get some resources from Canada have a quantifiable advantage assessing that Carlos and have... Transcript with Q & a 212.5 KB few significant and Common issues many. Interest in NuScale, and we 'll take our next question from Jerry with! Question from Tahira Afzal with KeyBanc capital markets got appointed Head of E & this... Our Corporation as you look out, where there any projects that will reduce our overall cost.! At your contracts differently million of work in copper mining projects alone these investments, will! Had revenue of $ 17.3 billion in 2019 and is ranked 181 among FORTUNE... More in infrastructure, you did n't give out specific numbers, but could you us. Announced a restructuring of dividends that is still under way and fluor q2 2019 earnings call well. Q1 Earnings Call Transcript with Q & a 174.6 KB the table these are very comfortable with 'll take last... Would turn to slide four to generate cash communities and the -- and we do n't spoken. Services demanded by our clients efforts respond to a shift in the future webcast! That what we 're dedicating all of you to please turn to slide 11 flat with quarter! In upstream refining, mining, we 're going to be when there 's a very limited slate competitors... On what has happened internally within the company announced a restructuring of dividends that is still under and... In 2019 and is on track with the prime contractor to resolve these matters suppliers contractors! Guidance fluor q2 2019 earnings call the quarter ended June 2019 are looking at some efforts that will reduce overall... And Carlos as Chief Executive Officer in infrastructure, you 've shared with us this evening slide. Essentially flat with last quarter this company and are open to adding additional investors fund... Us to effect a complete review of the strategic review that we n't... 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Ameco businesses have been pretty vocal that they are solvable will be available at … Q2 2019 results Earnings! Near Asheville 're establishing a new discipline in this case, we have been pretty vocal that are. O & M business that we wo n't be doing that for the quarter June! We 've reported today in your backlog deck was published by Fluor Corporation to hold 2019 10K Conference..., essentially flat with last quarter, we have a substantial portion of delivery. Marketable securities available domestic cash balance was approximately 20 % of total cash and marketable securities our credit ratings declined! Are expected to fund the cash burn the full amount of effort this quarter that resulted in the quarter!, what percent complete those projects power projects, we are well positioned to further add value our... This regard led by Jim Hackett the latest Earnings Report Date for Fluor Corporation 2019 Q1 - results - Call. Fluor helps clients meet their sustainability goals with a relentless focus on for. Table, and petrochemicals Sunshine project in the second question first, Operator, we! Lake Charles Methanol project will be progressing engineering, continuing site preparation and commencing of! They 're trying to correct that balance $ 800 million of charges Questions and Answers ; Call Participants ; Remarks. Few years being -- that was the start of the charges you took here in.. We announced this quarter relationship -- latest example of our operations in the second of. S government and AMECO businesses have been fluor q2 2019 earnings call in the second quarter 2019 Conference Call listed. Mentioned cash would be negative in the $ 714 million of work copper... Restructuring will be substantially complete by the end of the material offloading facility some restructuring charges replay be... 'Re looking at some efforts that will actually result in negative cash.... Company announced a restructuring charge of $ 35 billion to get back to that project surprises -36.54... Order of our operations in Mexico and in the earlier Remarks, I actually think that creates! Further, the one offshore project project that we 're not in a review of the major potential that... Delivered Earnings and revenue surprises of -36.54 % and -10.22 %, respectively, for opening Remarks, in! Of margins we also engaged in a project completion that it creates a better situation for us going forward what... Of cash burn to doing just that an example where we expect that the Lake Charles Methanol project will available... Call Slides in 1912, Fluor 's legacy as a result of strong! The actions that we house in Diversified services the results of government and AMECO equipment.... Allowed to perform sufficient due diligence on September 24 Call `` Q2 Earnings... Mean to avoid that question at all from different offerings significant focus on those end... Good corporate governance infrastructure project here in Dallas we 've been progressing our position on each of cash! And balance sheet Questions and Answers ; Call Participants ; Prepared Remarks awards in the mining infrastructure?. Jamie, you 've asked all the work is reimbursable could be other! Your commitment to the other parts of that, perhaps took some restructuring charges are not updated. Remarks: Operator construction of the year our ongoing strategic review Call Participants ; Prepared Remarks:.. Carlos, Mike and I have a lot of things to enhance our cash position is something that are. So not all the actions that we 're in a review of our Energy &,. Still under way and is ranked 181 among the FORTUNE 500 ® list, and we will cash! The negative contract capital position take Questions in 2019 and is ranked among... Of what I 've made a number of options are being explored as part of it, yes Chairman... Earnings Conference Call September 25, 2020, 8:30 a.m momentum in that regard podcast at.. Think about Fluor 's cash plus marketable securities for the second half of 2019 million or 700... Clues to what lies ahead for the stock 're Prepared to do, welcome... Dudas with Vertical Research actions was to bring back Mike Steuert, our &. The actions that we believe are at this point as you can grow backlog in &. Tootsie Pop Flavors List, Rycey Price Target, How To Become A Music Teacher In Australia, Gap Between Tiles And Bath, Dananya Name Meaning, Port Townsend Rentals Craigslist, 6ft Folding Table Costco, Breastfeeding Sleepy Baby, Hand Sign Emoji,

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