So where we have a high level of confidence and comfort, Jerry, we will not take a charge. Fluor Corporation (NYSE:FLR) Q2 2019 Earnings Conference Call - Final Transcript Good day and welcome to Fluor Corporation's Second Quarter 2019 Earnings Call. What's it look like today? 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. Non-GAAP Reconciliations – Q1 2019 156.1 KB. We expect, over the second half of this year, for our backlog to grow, perhaps, to $40 billion. To begin, I've made a number of changes to improve the effectiveness of Fluor's executive team. I guess my concern is even though you're doing more modular construction for LNG Canada, are you being very watchful showing up all the expertise you need on ground? Fluor (FLR) delivered earnings and revenue surprises of -36.54% and -10.22%, respectively, for the quarter ended June 2019. Just with regard to your analysis LNG Canada meeting kind of like your requirements, is that predicated on owning -- or the equity ownership in your fab yard? In the second quarter, we completed the last 30% model reviews and continued site preparation and construction of the Cedar Valley Lodge worker accommodation center. We announced this quarter award of a $1.7 billion I-635 LBJ East Infrastructure project here in Dallas. Great thanks. Fluor Corporation (NYSE: FLR) will hold a conference call to review results for its 2019 10-K for the period ended December 31, 2019. If you would, I'll ask you to please turn to slide four. As I mentioned, we are not providing updated guidance for the second half of 2019. And for the last three months, we have been relentless in looking into every aspect of what I've just outlined. We'll take our next question from Chad Dillard with Deutsche Bank. 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. We still believe this facility provides flexibility and schedule certainty required to execute large, fixed-price contracts, most notably LNG Canada. Good evening. And then, what percent complete those projects are? We have posted a slide presentation on our website, which we will reference while making prepared remarks. ET. Our Portfolio. Contents: Prepared Remarks; Questions and Answers; Call Participants; Prepared Remarks: Operator. I do believe that what we're going to do, and our actions will actually help drive some momentum in that regard. And it's no secret that the industry has suffered severely over the last couple of years given what has happened in shifting of risk from clients to contractors. The following slide deck was published by Fluor Corporation in conjunction with their 2019 Q4 earnings call. Questions and Answers. To access the live webcast, log on to investor. 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. Approximately half of which is available for drawings. And then are there any projects that you took charge that were bid under that model? And then, are you actually in retrenchment mode? Regarding our LNG Canada project, we're on track with the overall project schedule and budget. We'll take our next question from Steven Fisher with UBS. Tahira Afzal -- KeyBanc Capital Markets -- Analyst. 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. View full article. 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. 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. You have heard us talk about the offshore project over the last two quarters and the challenges we have faced as a result of significant growth from a FEED package from others. But we have worked long and hard the last three months. Thank you, operator. Other than, obviously, the issues that we've reported today in your second quarter. Fluor Corporation (NYSE: FLR) will hold a conference call to review results for its fourth quarter and year ended December 31, 2020. With us today are Alan Boeckmann, Fluor's Executive Chairman; Carlos Hernandez, Fluor's Chief Executive Officer; and Mike Steuert, Fluor's Chief Financial Officer. You talked about COOEC. And appreciate all the frankness and the openness you've shared with us this evening. The amount that's profitable is a modest amount, given we are in those projects. Jamie, you've asked all the questions that I thought you'd ask. As Alan mentioned, we have a heightened focus on our risk profile. In addition, the cost of actions to be taken as a result of our ongoing strategic review may also negatively impact future quarters. 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? So as I said earlier, we took a very hard look. We have already enacted changes in our bid/no bid process so that our future backlog will be comprised of high-quality projects with a contract structure and execution approach that will generate improved risk-adjusted margins. Steve, let me give you an example of our efforts. We're dedicating all of our resources to that project. 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. For example, right now, we have a backlog of $35 billion. Fluor Corp Q2 2017 Earnings Call Summary. 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. Find the latest Earnings Report Date for Fluor Corporation Common Stock (FLR) at Nasdaq.com. Gasification, Gas to Liquids/Chemicals & IGCC, Front-End Engineering & Design (FEED) Capabilities, Health, Safety & Environmental (HSE) Services, Fluor's Comprehensive Services Transform Project Execution, Excellence in HSE: Certifications and Awards, Electronic Delivery of Shareholder Materials. Read more about Q2 2019 Fluor Corporation Earnings Conference Call; Q1 2019 Fluor Corporation Earnings Conference Call. 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. This -- Jamie, this last three months, we've been incredibly busy working with our business unit lines, going through the backlog, addressing all of the risk projects. Act -0.14 Est 0.518 Q1 2019 Fluor Corp Earnings Call 05/02/2019 05:30 PM (EDT) FLR. We believe this committee will enhance the Board's exercise of its duties in keeping with our mandate of good corporate governance. Q2. But as we liquidate those assets, we'll have positive cash flow. A number of options are being explored as part of the strategic review. Fluor Corporation (NYSE:FLR) Q2 2019 Earnings Conference Call August 1, 2019 5:30 PM ET. We'll take our last question from Andy Wittmann with Baird. We have increased transparency and accountability throughout the organization. Good day and welcome to Fluor Corporation's Second Quarter 2019 Earnings Call. Contents: Prepared Remarks; Questions and Answers; Call Participants; Prepared Remarks: Operator. Or is that off the table at this point? 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. Carlos M. Hernandez — Chief Executive Officer. Today's conference is being recorded. Listen to Second Quarter 2019 Earnings Call. I expect to do everything again. 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. In Diversified Services, our Stork restructuring that we announced last quarter is well under way and going very well. We're going to be looking at capital structure, dividends, assets, portfolio, everything that you can imagine to be in a position to report back on the September 24 call. Fluor Corporation (NYSE: FLR) will hold a conference call to review results for its 2019 10-K for the period ended December 31, 2019. Other Updates. This committee's role is to assist the Board in fulfilling its risk oversight responsibilities. Contents: Prepared Remarks; Questions and Answers; Call Participants; Prepared Remarks: Operator. 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. In my prior life, at quarter end, I would have one review with all the group CFOs and go through the numbers and make sure we were comfortable. And every risk project comes to me for approval, along with my management team. E-mail Address. Available domestic cash balance was approximately 20% of total cash and marketable securities. ... EARNINGS SUMMARY: Details of Fluor Corp. Q2 Earnings Report. Please turn to slide 15. We're going to actually be cashing in some insurance policy. We have Mark Fields, who was there two days or three days after he got appointed Head of E&C. As far as contract, we have a number, and as it is common in every project, of change orders on various projects. You highlighted some, but there were more in infrastructure, you didn't highlight the number. Absolutely. Call Participants The NRC remains on track to complete its review by September 2020, and our first potential customer is planning a 12-module SMR plant in Idaho. 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. If I can just squeeze one last one in. In the Government segment, we will no longer pursue lump-sum projects. 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. [Operator Instructions] We'll take our first question from Andy Kaplowitz with Citi. Okay. The following slide deck was published by Fluor Corporation in conjunction with their 2019 Q2 earnings call. Q2 2019 Fluor Corp Earnings Call 08/01/2019 05:30 PM (EDT) FLR. These include ongoing disputes, pending change orders, schedule extensions, closeout items, unpaid receivables and our position on outstanding claims. Our earnings announcement was released this afternoon. We brought up a number of expats to augment our critical activity there. But on the E&C business, I mean, does not mean -- can we get back to like a 5% to 6% margin in 2020? But other companies are joining us, quite rightly, but I think we can lead that effort with our brand and with our global reach. Fluor Corporation (NYSE: FLR) today announced financial results for its third quarter ended September 30, 2019. Mike, one of the things that we've done is Carlos and I have met with a lot of the CEOs of our clients, and it's an interesting situation where they understand the issues that are buried in our industry. We've talked to clients. I think that's right, Carlos. We also engaged Lazard as the strategic advisor. Given all the moving parts of this quarter, plus the next two quarters as we go through our strategic review, I really -- I don't think it's wise for us to give guidance relative to those starting point. 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. Okay. Or would you make any observations relative to where we're going to be exiting the year? [Operator Instructions] A replay of today's conference call will be available at approximately View Second Quarter 2019 Earnings Release 957.8 KB. 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. 2019 Q2 Earnings Call Transcript with Q&A 174.6 KB. The Duke Power is an example where we took some charges, but we expect to receive cash from the client. 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. 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. But you should rest assured that we're looking at the entire portfolio. Our priorities to accomplish this goal are cash flow generation; improving Fluor's cost profile and operating efficiency; and enhancing our return on investment through focused asset management. Image source: The Motley Fool. So we're not going to be funding any of our cash requirements off the revolver. Obviously, resolving disagreements between sale, but could you give us more color into how you looked at your contracts differently? Okay. And finally, NuScale. Fluor Corporation to Hold 2019 10K Earnings Conference Call Sep 22 2020 23:49 BST. And then secondly, with your new risk framework, like how does your prospect list change? Well, let me answer the second question first. Q2 2019 Fluor Corporation Earnings Conference Call. Sure. Fluor (FLR) came out with quarterly earnings of $0.71 per share, beating the Zacks Consensus Estimate of $0.38 per share. Or have a substantial portion of them effectively already been paid for via working capital growth? Article Stock Quotes (1) FREE Breaking News Alerts from StreetInsider.com! So we're very comfortable without. At this time, all participants are Our priority going forward is to pursue, win and profitably deliver on work that is aligned with Fluor's risk profile, engineering and project management capability. ET. Can you help us understand that? On a positive note, we won a reimbursable EPFC contract for a refinery expansion project in the United Kingdom. I guess, like, how much revenue does that represent? They see the damage has been done to the sector. Fluor Corporation (NYSE:FLR) Q3 2019 Earnings Conference Call - Final Transcript Good afternoon, and welcome to the Fluor Corporation's Third Quarter 2019 Earnings Call. But we do have to be disciplined. You can find a discussion of our risk factors, which could potentially contribute to such differences in the company's Form 10-Q filed earlier today and our 10-K filed on February 21. Call Participants; Prepared Remarks: Operator. Good morning and welcome to Fluor Corporation's Fourth Quarter 2019 Year-End Conference Call. Our capital structure remains solid, and we have substantial liquidity. That's taken a tremendous amount of effort this quarter. Sure, Jerry. Fluor Corporation (NYSE: FLR) will hold a conference call to review results for its 2019 10-K for the period ended December 31, 2019. Both of them have nuclear capabilities as well as expertise. Government revenue to decrease by approximately 5% with operating profit margins of 3%, excluding NuScale, and Diversified Services revenue growth of 8% to 10% with flat margin. Fluor Corp. (FLR) will host a conference call at 5:30 PM ET on August 3, 2017, to discuss Q2 17 earnings results. Now some of these -- there's one project that -- well, the engineering has caused us to have to increase our cost forecast, and that engineering is not complete. ET. Carlos, Mike and I are committed to doing just that. I think we need to go through a strategic review and go through our fall assessment of 2020 and get more comfortable as we complete this year to be given -- giving guidance as a starting point for looking at next year. Some matters have been resolved or are near resolution. I knew you said there could still be more risk in our backlog -- in your backlog. I think as Fluor, we can be selective, and I think that we -- not only can we be selective, as you've noticed, all of the other announcements in this industry, there are actually people leaving, and there are people that are curtailing their selectivity criteria as well. [Operator Instructions] A replay of today's conference call will be available at … But the Street will wonder whether you actually created debt there, not given the size of the charges you took. There is an inherent risk that actual results and experience could differ materially. Financial results are expected to be released prior to market open that day. 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. As Carlos said, we are looking at all options, and we'll provide an update on our September 24 call. We look forward to providing additional information on September 24 as it pertains to our strategic review and our process regarding portfolio rationalization. Image source: The Motley Fool.Fluor Corp (NYSE: FLR)Q2 2019 Earnings CallAug 1, 2019, 5:30 p.m. ETOperatorContinue readingQuelle Fool.com We were also awarded the FEED package for INEOS new processing plant in the United Kingdom, which is a part of their broader strategic investment in the region. Although the trend in our industry is to pivot away from lump-sum work, we still believe that Fluor has the talent and expertise to win and execute these projects, albeit on a more selective basis. Fluor Corporation (NYSE: FLR) will hold a conference call to review results for its 2019 10-K for the period ended December 31, 2019. Fluor Corp Q4 2019 Earnings Call Feb 18, 2020, 8:30 a.m. Act -0.14 Est 0.518 Q1 2019 Fluor Corp Earnings Call 05/02/2019 05:30 PM (EDT) FLR. I appreciate that -- those thoughts. That's a little high. And this has impacted our entire sector. But we think we're well positioned to win work. Act 0.36 Est 0.609 Q4 2018 Fluor Corp Earnings Call 02/21/2019 05:30 PM (EST) FLR. So I guess -- and then last, like in what world can we get comfortable with LNG Canada given what we've just seen today? And I know a lot of these are very important milestones, modular technology are getting lost in all the noise. All Rights Reserved. We're not -- all those losses do not represent a cash burn. The first is cash flow generation. With respect to the strategic review that we're engaged in, as we said, everything's on the table. You talked about NuScale. I just curious about your commitment to the integrated delivery model, how it could change? We are looking at some efforts that will reduce our overall cost footprint. 2018. We will only bid on projects where Fluor executed the FEED package or otherwise was allowed to perform sufficient due diligence. Fluor Corp () Q4 2019 Earnings Call Sep 25, 2020, 8:30 a.m. Please turn to slide six. FedEx Q2 FY20 Earnings Call. Questions and Answers. These two critical moves have given us significant leverage in assessing our situation and options. Some will result in positive cash flow in the future. Download, follow and add "Fluor Corporation" earnings calls to your podcast at EarningsCast. And that's not to say, as you know, we can't say that everything is done on each of these projects. We've talked to our project people. The live webcast and a replay will be available with accompanying slides online at investor.fluor.com. ET. It's just that we're just not ready to make those decisions yet because of the analysis that's going on. Do the numbers hold clues to what lies ahead for the stock? Okay. And where there any projects that took charges this quarter bid under that model? It requires additional work. So at this point, we're comfortable with that project. Hi. So typically, the other way to the tune of about $600 million or $700 million to the positive on assets. These include expected corporate G&A expense of approximately $100 million, excluding restructuring charges and pension settlements, both of which are likely to be significant. But before we get to the quarterly results, I want to update the investment community about recent actions by the Fluor Board of Directors. 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. And that's not to say that we won't be doing that for the next several quarters or -- to a project completion. To put it simply, we're focusing on profitability and cash generation. We also have some other -- for example, we have some other lump-sum project that we're pursuing, but those are negotiated lump-sum. Today's call is being recorded. 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. That's one of things that Mark has enhanced even since he took over, and he's bringing resources to that project from other locations to enhance our capabilities there. 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. All options are on the table, and we will tell you the results of this review on our September 24 call. 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