fluor earnings call transcript

No, it's difficult at this point because they're all running at kind of zero margin at this point for the lost projects. 13 pages (7503 words) — Published Nov 02, 2017. We have a lot of strength in the company. During today’s presentation, we will be making forward-looking statements, which reflect our current analysis of existing trends and information. Pictured Is A Change Of Command Ceremony In Germany. And we look forward to speaking with the investment community on a more regular and consistent cadence going forward. So I would suggest that's probably a better number to utilize moving forward. We are just significantly closer to the North American sale than we are the South American sale, but still slated for first half of ’21 for North America. We’ll take our next question from Michael Dudas with Vertical Research. This quarter, our Infrastructure segment booked the Oak Hill Parkway highway project in Austin for the Texas Department of Transportation. Well done, Carlos. But I would call this, most of the cash generation you're seeing is through organic decisions and actions that the company is taking currently. I really appreciate it. While we are not planning to provide 2021 guidance until our year end earnings call in February, I would like to point out a few items as we close out the fourth quarter and move into quarter one. But I just wanted to understand how much of that zero margin work sort of rolls off and becomes a margin tailwind into 2021? We are just significantly closer to the North American sale than we are the South American sale, but still slated for first half of '21 for North America. There were no significant charges incurred in the third quarter. We continue to engage with our clients on how to proceed successfully and safely and have provided notices asserting our rights under change of law and force majeure provision. 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. Yeah. The chemicals business is still a very steady business for us, and we don’t expect to see a decline there. You talked about margin being more like year-to-date, it seems like it'd be in that range. Jerry, I'd be glad to talk about that. And then I guess my second question just is on the bookings outlook, understanding COVID has implications. Today's call is being recorded. And now to Slide 5. Yeah. The Motley Fool - FLR earnings call for the period ending September 30, 2020. Good morning, and welcome to the Fluor Corporation’s 3Q 2020 Earnings Conference Call. He truly knows our company inside and out, and I wish him all the best in his role. Prepared Remarks: Operator. So we have been able to improve what we saw as a cash outlay relative to problem projects in ’21 and beyond and seeing some significant improvements in what that will entail. I hope that answers your question. It’s helpful. We are proactively ensuring our people have the mental and physical support they need to remain resilient and keep our business moving forward. 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. de C.V. February 24, 2017 at 11:00 a.m. Eastern regions of our operations. Fluor Corp (NYSE: FLR) Q2 2019 Earnings Call Aug 1, 2019, 5:30 p.m. And Sean, you're talking about the lost projects, if you will, that we're pulling into '21? Yeah. Yeah, Mike. Reconciliations of these amounts to the comparable GAAP measures are reflected in our earnings release and posted in the Investor Relations section of our website at investor.fluor.com. Also, it was a pleasure working with you. Got you. So the project side is starting to look good, but also we're having very serious discussions with investors. To date, impacts from COVID have been relatively modest and schedule impacts have been effectively mitigated. 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. I’d like to start by providing an update on the effects of the pandemic on our operations as well as discuss — as we will discuss in greater detail. Yeah. That was certainly not an easy task here. And also maybe in the Government and Diversified Services, maybe a bit of some observations on recompetes, opportunities to grow backlog and generate better work in those two end markets. As we stand today, our cash balance is north of $2 billion, and we expect to maintain cash at this level through the end of the year. We are monitoring restrictions in various states and countries with rising cases, and we'll keep you updated on any major impacts to our business that we might see. The company will report its earnings for Q3 2020 on 12/10/2020. Q3 2020. And then maybe one more quickly for Joe. And Carlos, congratulations on really stabilizing the business and the financials. And then later on when we're in a position to assess additional impacts, we'll negotiate back. Today's conference is being recorded. Image source: The Motley Fool. Reconciliations of these amounts to the comparable GAAP measures are reflected in our earnings release and posted in the Investor Relations section of our website at investor.fluor.com. So I can't tell you the magnitude, but I can tell you that it's obviously a recognized cost and schedule impact that we're working with the clients to address in an equitable way. Good morning, gentlemen. 543 is the number that came out of backlog for Purple Line. Thanks, Carlos, and good morning, everyone. Thanks, Jason, and good morning, everyone. And then maybe one more quickly for Joe. Fluor Corp Q3 2017 Earnings Call Transcript. Cumulative Growth of a $10,000 Investment in Stock Advisor, Fluor Corp (FLR) Q3 2020 Earnings Call Transcript @themotleyfool #stocks $FLR, 3 Big Reasons Fluor Stock Jumped 52.2% in November, Why Shares of Construction and Materials Companies Are Falling Today, Why Fluor Stock Jumped 28.8% in October and Is Rallying Further, 5 No-Brainer Stocks to Buy if Joe Biden Wins in November, Copyright, Trademark and Patent Information. He has a deep understanding of our operations and opportunities and has a particular focus on effective risk management. We will now take our final question from Michael Feniger with Bank of America. And that would be a better thought process around how you could view E&C moving forward. We greatly appreciate your support of Fluor. The timing is the issue and getting these projects onboard as well as investors onboard is taking a lot of our attention. So we’re on our way. Thanks for that question. If you go back into the 3% -- nominally 3.1% run rate in E&C and you view some of the impacts that are dragging that number down to the 3%, they're really non-recurring issues. Ongoing COVID impact and travel restrictions in China are hampering the progress, but mitigation actions are being taken. A telephone replay will also be available for seven days through a registration link, also accessible on Fluor’s website at investor.fluor… Thanks a lot, Carlos, and best wishes to you. This quarter, our Infrastructure segment booked the Oak Hill Parkway highway project in Austin for the Texas Department of Transportation. Fluor slips after Q3 miss; says current with all financial filings . 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? The majority of our projects have continued to safely and successfully progress in the field, and the projects we identified as problem projects last year have been holding to their revised cost forecast and schedule. 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? Call Participants. So I can’t tell you the magnitude, but I can tell you that it’s obviously a recognized cost and schedule impact that we’re working with the clients to address in an equitable way. Today's conference is being recorded. How do you guys feel about in general NuScale going into '21? Despite the impact of COVID, we see a number of positive developments across the company. While we are not planning to provide 2021 guidance until our year end earnings call in February, I would like to point out a few items as we close out the fourth quarter and move into quarter one. But we're replacing it with the backlog we're taking in, and this is really an important point. Contents: Prepared Remarks . 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. Ongoing COVID impact and travel restrictions in China are hampering the progress, but mitigation actions are being taken. This represents a tremendous accomplishment during the current pandemic and eliminates a high profile project risk. (Operator Instructions) A replay of today's conference will be available at approximately 10:30 a.m. Eastern time today, accessible on Fluor's website at investor.fluor.com. I think you guys mentioned that $500 million number for the Infrastructure segment, specifically. Finally, our offshore project work continues and we are still planning to complete the fabrication and pre-commissioning work in 2021. Thanks. Revenues were C$160.5 million, an increase of 33% compared to the previous year. So that number may look or change as we get into discussions in Investor Day. 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? 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 Corp (NYSE: FLR) Q2 2019 Earnings Call Aug 1, 2019, 5:30 p.m. Good morning, and welcome to the Fluor Corporation's 3Q 2020 Earnings Conference Call. 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. How big of an opportunity is it to rightsize the cost structure and rightsize the footprint? Categories Earnings Call Transcripts, Industrials, Fluor Corp (NYSE: FLR) Q3 2020 earnings call dated Dec. 10, 2020, Jason Landkamer — Director, Investor Relations, Carlos M. Hernandez — Chief Executive Officer, Joseph L. Brennan — Executive Vice President, Chief Financial Officer, Andrew Kaplowitz — Citi Research — Analyst, Steven Fisher — UBS Investment Research — Analyst, Sean Eastman — KeyBanc Capital Markets — Analyst, Justin Hauke — Robert W. Baird & Co. — Analyst, Michael Dudas — Vertical Research Partners — Analyst, Michael Feniger — Bank of America Merrill Lynch — Analyst. Did you say or can you say — do you expect a resolution on the force majeure decision in 2021 on LNG Canada in particular or could that take then beyond that? Shares of Fluor (NYSE:FLR) decreased 1.2% in pre-market trading after the company reported Q3 results. I can give you a sense. He truly knows our company inside and out, and I wish him all the best in his role. 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fluor earnings call transcript 2021