Market data powered by FactSet and Web Financial Group. I'd like to turn the call back over to Mr. Hernandez for any additional or closing remarks. 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. Or would you start considering repatriating some of the foreign domiciled cash? We do have time for one more question. For example, a project like Tappan Zee, where there is dispute with them -- with the owner, and projects like that. Listen to Second Quarter 2019 Earnings Call. 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. No additional funding for NuScale in the second half of the year due to the recent impending new investment from Doosan and Sargent & Lundy. However, there are a couple of cost estimates we can guide to. Q2 2018 proforma excl. What was before the new framework was implemented? I appreciate that -- those thoughts. Okay. With respect to the strategic review that we're engaged in, as we said, everything's on the table. Image source: The Motley Fool. So obviously annoying to see that for yourselves. ET. I'm wondering if you can help us understand the likely path of margins from here, particularly in the E&C business because that's the one, if you look at the guidance that you have for the second half of this year, relative to what maybe we should think would be normalized, has perhaps the most room for upside. Exiting these low to negative margin markets will result in a restructuring charge of approximately $120 million, with $37 million recognized this quarter. The project is expected to complete at the end of 2020. Mike, as many of you know, previously served as our CFO from 2001 until 2012 and rejoined Fluor in June. Contents: Prepared Remarks; Questions and Answers; Call Participants; Prepared Remarks: Operator Now turning to our equipment rental company, AMECO. It'll certainly be more than half, but it won't be the full amount of those charges. Given the cash that we have on hand domestically, and our ability to repatriate foreign cash over time, and we have a lot of other actions that I mentioned -- we're going to -- starting right away, selling some excess real estate. We expect to include -- conclude our strategic review within the next 8 weeks and to explain our path forward in detail during a webcast on September 24 at 8:00 a.m. Eastern Time. Our next task was to take a critical look at the performance of these investments and recommend any necessary actions. Q4. One of our first actions was to bring back Mike Steuert as CFO. ET. These restructuring efforts respond to a shift in the type of services demanded by our clients. Q2. Our restructuring will be substantially complete by the end of the year. Thank you. The live webcast and a replay will be available with accompanying slides online at investor.fluor.com. The second part of our assignment was to evaluate and modify as necessary our bidding and execution strategies to ensure that going forward, we can have a high-quality and reliably profitable backlog. 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. Alan Boeckmann — Executive Chairman. But the Street will wonder whether you actually created debt there, not given the size of the charges you took. 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. Please turn to slide six. Do the numbers hold clues to what lies ahead for the stock? And Mike, if I could just squeeze a quick one in on cash. 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? Two, my second question is, in terms of how we're thinking about the strategic review, when you guys were first on the road, you talked about cutting investment and restructuring Stork. On a positive note, we won a reimbursable EPFC contract for a refinery expansion project in the United Kingdom. Fluor's cash plus marketable securities for the quarter totaled $1.9 billion, essentially flat with last quarter. And that's not to say, as you know, we can't say that everything is done on each of these projects. Let me comment on what has happened internally within the company. Sure, Jerry. Read more about Q2 2019 Fluor Corporation Earnings Conference Call; Q1 2019 Fluor Corporation Earnings Conference Call. The webcast link below is the preferred way to listen. Due to legal and right-of-way delays, we have revised our project forecast based on increases to our cost forecast and changes to the time line. We didn't give out specific numbers, but some of the charges relate to cost growth. Marriott International 1st Quarter 2019 Earnings Conference Call. Okay. And we'll take our next question from Michael Dudas with Vertical Research. Well, that's certainly part of the derisking of that project that we have, our modules being built at the fabrication yard in China. Act 0.36 Est 0.609 Q4 2018 Fluor Corp Earnings Call 02/21/2019 05:30 PM (EST) FLR. These include Texas, Arizona, California, Virginia and North Carolina. Now if you would please turn to slide eight. That project has gone through a screen filter that's consistent and compatible with the new rules of the road that we have established. We expect to book both awards in the third quarter. And as a result of that, perhaps took some charges that are reflected in the $714 million of charges this quarter. Please go ahead. We believe this committee will enhance the Board's exercise of its duties in keeping with our mandate of good corporate governance. 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. Fluor Corp Q4 2019 Earnings Call Feb 18, 2020, 8:30 a.m. So I guess as a first question, you've got some interesting partners now on NuScale. Fluor takes on the toughest challenges 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. To begin, I've made a number of changes to improve the effectiveness of Fluor's executive team. Returns as of 01/14/2021. 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. Add to calendar. Contents: Prepared Remarks; Questions and Answers; Call Participants; Prepared Remarks: Operator. Listen to "Q2 2019 Fluor Corp Earnings Call". We've been progressing our position on each of the investments and putting a significant focus on those. Good evening everyone. And we evaluate those change orders. Fluor Corp Q2 2019 Earnings Call Aug 1, 2019, 5:30 p.m. And we'll take our next question from Tahira Afzal with KeyBanc Capital Markets. But could you actually have an outflow next year, given the project shortage you're taking now? And how much is still profitable? With respect to the rest of the infrastructure projects, they're all small projects that we probably wouldn't have spoken about. Garry is particularly well suited for this role as he has provided support and has been instrumental in developing resolution strategies on a number of challenging projects during his career. Good day and welcome to Fluor Corporation's Second Quarter 2019 Earnings Call. That represents, single-digit revenue, less than 10% as we look forward for the company. 0 shares: Share Tweet Save Post Send : You Might Like. And even if the lines are fully drawn, we have plenty of room. All Rights Reserved. We recently won a $263 million project with North Carolina Department of Transportation on Interstate 26 near Asheville. I encourage all of you to put that date and time on your calendar. We look forward to providing additional information on September 24 as it pertains to our strategic review and our process regarding portfolio rationalization. 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. Now if we would turn to slide nine, please. Hi good morning. Please go ahead. Floor & Decor Holdings, Inc. Q2 2019 Earnings Call Aug 01, 2019, 4:30 p.m. Additionally, we're making changes to how we approach engineering and project management to ensure our projects are staying in sequence with work not commencing until the appropriate reviews are complete. Today's conference is being recorded. Well, a couple of things. But we have -- at this point, we are very comfortable with where we are based on the information we have now. Fluor (FLR) delivered earnings and revenue surprises of -36.54% and -10.22%, respectively, for the quarter ended June 2019. We're still on schedule and on budget. At this time, all participants are in a listen-only mode. Event Details Date: May 2, 2019 5:30 pm – 6:30 pm Categories: Conference Calls 888-254-3590 Conference ID: 9132841 Listen to Webcast We've visited project sites. Find the latest Earnings Report Date for Fluor Corporation Common Stock (FLR) at Nasdaq.com. If you would please turn to slide three. Although this project has taken -- was taken into backlog at the end of 2018, we have completed additional reviews and can confirm that LNG Canada conforms to the revised risk criteria we announced today. The Duke Power is an example where we took some charges, but we expect to receive cash from the client. In the last couple of weeks, for example, we have made decisions not to bid projects that we probably would have bid previously. Great. Fluor Corporation 2019 Q1 - Results - Earnings Call Slides. Alan? Some are for cash that's already been spent, that was on approved change orders, things like that, that we took off our books where we spent the cash, but just don't expect the collection on the revenue side. We're not going to walk away from different offerings. We expect that the Lake Charles Methanol project will move forward early next year. Fluor (FLR) delivered earnings and revenue surprises of -36.54% and -10.22%, respectively, for the quarter ended June 2019. 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. Mike, that's an excellent question. We'll take our next question from Jamie Cook with Credit Suisse. ET. 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. These include ongoing disputes, pending change orders, schedule extensions, closeout items, unpaid receivables and our position on outstanding claims. That's helpful. Welcome to Fluor's Second Quarter 2019 Conference Call. For example, right now, we have a backlog of $35 billion. Got you. Okay. I also recognize that our markets have changed, and I have personally observed that clients today have transferred significant risk and liabilities to contractors. This quarter, a Stork-led consortium was awarded a four-year framework agreement for plant turnaround services for Ecopetrol on two refineries in Colombia. Aug. 1, 2019. Finally, turning to slide 16. Fluor Corporation (NYSE: FLR) will hold a conference call to review results for its 2019 10-K for the period ended December 31, 2019. But is this somehow more secular? Wall Street expects a year-over-year decline in earnings on lower revenues when Fluor (FLR) reports results for the quarter ended June 2019. Some other -- or something else being driven by this? As Carlos mentioned and as stated in our earnings release and 10-Q, these charges are in large part the result of management's efforts to resolve, or at least progress, a number of project matters during the quarter. Fluor Corporation to Hold 2019 10K Earnings Conference Call Sep 22 2020 23:49 BST. View Second Quarter 2019 Earnings Release 957.8 KB. Q1. Please go ahead. Moving to the underlying cost profile of our businesses. May 3, 2019. Event Details Date: August 1, 2019 5:30 pm – 6:30 pm Categories: Conference Calls Listen to Webcast Contents: Prepared Remarks. A telephone replay will also be available through 7:30 p.m. Eastern Time on August 8 through a registration link, also available on Fluor's website at investor.fluor.com. It has been an all-out effort. The amount that's profitable is a modest amount, given we are in those projects. 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. If I can just squeeze one last one in. Mike mentioned some of those. To put it simply, we're focusing on profitability and cash generation. 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. And then are there any projects that you took charge that were bid under that model? As Carlos said, we are looking at all options, and we'll provide an update on our September 24 call. Let me just comment on the several events that took place this quarter that resulted in the charge. You talked about COOEC. 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. Fluor Corp Q4 2019 Earnings Call Sep 25, 2020, 8:30 a.m. We will only bid on projects where Fluor executed the FEED package or otherwise was allowed to perform sufficient due diligence. I think we'll see modest improvement this year and modest improvement next year. We're going to actually be cashing in some insurance policy. But again, we will have cash flow from our -- the rest of our operations offset a good portion of that. Great thanks. I think that's right, Carlos. Fluor Corp () Q4 2019 Earnings Call Sep 25, 2020, 8:30 a.m. For Energy & Chemicals, we will only pursue fixed price work where there is a limited bid slate, and we have identified a quantifiable advantage over other bidders or where it is a sole-source negotiated lump-sum agreement. With respect to the government project, for example, we have a number of change orders that are outstanding, and we met with the client and made a judgment as to whether we should take the charge at this time, and we decided that we should. 02.04.2019 - Fluor Corporation (NYSE: FLR) will hold a conference call to review results for its first quarter ended March 31, 2019. Today's call is being recorded. Tesla’s second-quarter earnings call is expected to be held on Wednesday, July 24, 2019 at 3:30 p.m. Pacific Time (6:30 p.m. Eastern Time). Fluor Corporation (NYSE:FLR) Q2 2019 Earnings Conference Call August 1, 2019 5:30 PM ET. They see the damage has been done to the sector. A couple of questions. Like how do I respond to that when investors ask me that? In the second quarter, we won a nine-month extension to the LOGCAP IV contract in Afghanistan. That doesn't mean that we're not going to pursue those change orders at a later date, but we thought it was prudent to do so at this time. 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. Good evening. 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. 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. 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. Our capital structure remains solid, and we have substantial liquidity. Call Participants And I know a lot of these are very important milestones, modular technology are getting lost in all the noise. Thank you, operator, and thanks to all of you for participating on our call today. Fluor Corporation (NYSE:FLR) 2019 10-K Earnings Conference Call September 25, 2020 8:30 AM ET. With these changes, we believe the business will be appropriately sized and positioned to further add value for our broader organization. Following CFIUS approval of these investments, we will no longer be incurring expenses for the remainder of this year. Like, was it as absolutely thorough as it could be? We are excited to be part of these projects. I'm sure that doesn't surprise you. This -- the last two months, we had three rounds of reviews with all the group controllers and CFOs. We took a $20 million -- $27 million restructuring cost last quarter, anticipating taking another $14 million in restructuring cost in the next two quarters. We've talked to our project people. Price US$ 54.00 | Buy this Report Now. We still believe this facility provides flexibility and schedule certainty required to execute large, fixed-price contracts, most notably LNG Canada. Logo of jester cap with thought bubble. 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. If we are successful, for example, on being awarded the Rovuma LNG project, I can assure you that this project has gone through increased scrutiny by Fluor and adheres to our newly revised risk management approach. And as we look at the implied earnings range of the back half margin commentary that you folks laid out, that implies earnings run rate in the low $2 range. ET. Cumulative Growth of a $10,000 Investment in Stock Advisor, Fluor Corp (FLR) Q2 2019 Earnings Call Transcript @themotleyfool #stocks $FLR, Fluor Corp (FLR) Q3 2020 Earnings Call Transcript, 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, Copyright, Trademark and Patent Information. Yes. 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. These two critical moves have given us significant leverage in assessing our situation and options. Thank you. And then secondly, with your new risk framework, like how does your prospect list change? Okay. IRVING, Texas--(BUSINESS WIRE)--Sep. 22, 2020-- Fluor Corporation (NYSE: FLR) will hold a conference call to review results for its 2019 10-K for the period ended December 31, 2019. But we do have to be disciplined. So I would expect, overall, I'd be very, very disappointed, if we cannot generate significant amounts of cash in 2020. But we have worked long and hard the last three months. Can you help us understand that? Mark has nearly 40 years of experience, including extensive megaproject execution in upstream refining, mining, chemicals, and petrochemicals. And finally, in E&C, you have heard us talk about two large methanol projects that we expected to win in 2019. We maintain our conviction that Fluor is best-in-class company and are remaining diligent in our pursuit to restore our reputation and credibility. Please turn to slide 13. Given the breadth of everything you had to accomplish, do you think that two to three months was enough time to really do everything that you needed to do, specifically on the backlog reviews? And Alan, I don't know if you want to add anything to that. This compares to earnings of $0.55 per share a year ago. And finally, NuScale. Company Participants. Act -0.14 Est 0.518 Q1 2019 Fluor Corp Earnings Call 05/02/2019 05:30 PM (EDT) FLR. Webcasts Year - Any - 2021 2020 2019 2018 2017 2016 2015 … On the revenue side, where we expect less revenue income, we've already expend some cash, and we won't see that -- so it'll be a portion. And at this point, we believe that, that project has -- would pass our new pursued requirements that we've implemented now. 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? Q2 2019 Fluor Corporation Earnings Conference Call. And finally, we're evaluating the rest of our organization to see what offerings or end markets are not consistent with our goals to drive long-term value for our shareholders. That's a little high. Interest in NuScale, and obviously, affects our new standards and third phases review. 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