And Alan, I would think that the incoming administration would be net positive toward this, I would think, given decarbonization, but I don't know if you have any observations there? The cash balance of $2 billion is impressive that it's got that level. Yes, hi. Good morning, and welcome to the Fluor Corporation’s 3Q 2020 Earnings Conference Call. So if I highlight the two biggest, the Purple Line being pulled out of backlog. Yeah, that's helpful. Yeah. And we have some opportunities I think to address the market that are coming forward and where we have strength that hadn't necessarily put the focus on them in the past. Shall I just keep going? 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. Yeah, that’s helpful. Fluor Corp (NYSE: FLR) Q2 2019 Earnings Call Aug 1, 2019, 5:30 p.m. 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. Second one is just on the AMECO sale. This segment includes the fixed price Radford and Warren projects that were previously part of the Government segment as well as our NuScale initiative. And the changes he put in place have quickly filtered across the Company. Yeah. And have customers in general agreed to the new completion dates and/or agreed to force majeure as you talked about or might we see more noise around some of your projects until COVID stays? Motley Fool Transcribers, The Motley Fool. At this time, all participants are Edited earnings call transcripts of Fluor Corporation (FLR) stock You got the $18 million from the Jamaica piece, which was obviously a small piece. Alan, how are you and the board thinking about the balance sheet going forward? I strongly believe I’m leaving the company stronger and more resilient than when I was named CEO in May of 2019. I understand that’s kind of normal course of the business. Image source: The Motley Fool. Yeah. But the Direct Finance Corporation of U.S. announced lifting their prohibition on lending for nuclear projects internationally. Thanks. I'm curious where that number is today and kind of exiting 2020? Today's call is being recorded. We’ll take our next question from Steven Fisher with UBS. 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? And now to Slide 5. Seeking Alpha 30d. 20? This segment includes the fixed price Radford and Warren projects that were previously part of the Government segment as well as our NuScale initiative. Despite the impact of COVID, we see a number of positive developments across the company. How much is economic uncertainty, things like that? All right. Hi. We have a lot of strength in the company. The chemicals business is still a very steady business for us, and we don't expect to see a decline there. Fluor Corporation (NYSE: FLR) will hold a conference call to review results for its third quarter ended September 30, 2019. Is that what we’re thinking heading early into 2020 that we should be more on the 5% number? His hallmark has to be always promoting a culture of transparency and accountability. Thanks very much for taking my questions. This is my last time speaking with you as CEO of Fluor. They know where we’re coming from. 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? Fluor Corp (NYSE:FLR)Q3 2020 Earnings CallDec 10, 2020, 8:30 a.m. The challenges the company has faced over the last 18 months from project writedowns and internal investigation to a global pandemic have been truly extraordinary. And then later on when we're in a position to assess additional impacts, we'll negotiate back. 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? Contents: Prepared Remarks . Steven Fisher -- UBS Investment Research -- Analyst. I am pleased to say that over the past month we have started to see these projects remobilize and expect to see revenues follow suit as they get fully back online. Prepared Remarks: Operator. At this time for opening remarks, I would like to turn the call over to Jason Landkamer, Director of Investor Relations. It's interesting that NuScale really got its boost and started moving forward under the Obama administration with Secretary Moniz as the Head of DOE. The chemicals business is still a very steady business for us, and we don’t expect to see a decline there. But I’m going to let Alan take that one. That's all I have. And so backlog will decline somewhat, but it will be good backlog. ET Prepared … So I'm going to save for David and his team to unveil in our Investor Day coming up in early 2021. We can — when complete, this will be one of the world’s largest oil refining facility. We’ll take our next question from Justin Hauke with Robert W. Baird. And then in the Infrastructure segment, I wonder if you can just give us a sense of how the mix of legacy projects versus newer projects will trend over the course of the year, and it sounds like the legacy ones will become a smaller piece. But I'm going to let Alan take that one. Prepared Remarks: Operator. In regards to NuScale, while we previously stated 2020 expenses would be fully funded by investors, investment decision delays due to the pandemic have required Fluor to provide $15 million of the funding in the third quarter. There is no question that there will be compensation to the contractor for impacts beyond our control. And now to Slide 5. Actually, the answer to that is yes. Moving on to our Mining & Industrial segment. I think the way it probably will play out in LNGC is we’ll probably have a partial resolution with respect to the impacts to date. This project has now been removed from our backlog. And so we're very close to them. Although we did see increased project execution activity on our LNG project, the effects of COVID and normal project adjustments were reflected in Q1 because of our delayed reporting schedule this year. One more point on that, Steven. And I don’t expect that our strategy — they’re not waiting for our strategy to be announced to go forward on projects with us. Yeah. Recognizing how your new focus on discipline on bidding on projects and the overall decline in the market, maybe you can highlight a couple of areas that you’ve seen in the last couple of months maybe heading into 2021 on the energy side where you’re seeing some green shoots? This quarter, our Infrastructure segment booked the Oak Hill Parkway highway project in Austin for the Texas Department of Transportation. Fluor Names Teri McClure as New Board Member Tuesday, 22 September 2020 yahoo. MotleyFool 30d. Andrew Kaplowitz -- Citi Research -- Analyst. This was achieved across the Government Group with the largest increases in Strategic Petroleum Reserve, Portsmouth and Savannah River. Thanks a lot, Carlos, and best wishes to you. Only about 7% of our projects are closed with the rest operating at normal, intermediate or limited capacity. While we strive to produce the best transcripts, it may contain misspellings and other inaccuracies. Over 50 Finance December 10, 2020 comments off. Investor Relations Home > About Fluor > Investor Relations > Quarterly Earnings … But your initial margin guidance for E&C before you had to pull it was 3% to 5% margin. News; Products. Major construction activities include seven modules on foundations, completion of metering stations and continued completion of power and control scopes. Today's conference is being recorded. Yeah. And it looks like actually maybe there was a rescoping going through the Q, but the reconciliation shows that maybe something came back in. The web replay will be available for 30 days. Our cash balance at the end of the third quarter was $2.1 billion with 36% of that domestically available for use. Government well. I want to thank all of our stakeholders, our shareholders, our clients, our partners, and of course, our 45,000 employees for sticking with us through this process. Any context you can provide there on that? And then in the Infrastructure segment, I wonder if you can just give us a sense of how the mix of legacy projects versus newer projects will trend over the course of the year, and it sounds like the legacy ones will become a smaller piece. In Government, third quarter reflects the return to a near normal results driven by solid performance and active management of work levels despite the global pandemic compared to the second quarter. Turning to Slide 3. Fluor Corp (NYSE:FLR) Q3 2020 Earnings Call Dec 10, 2020, 8:30 a.m. Since that approval, we have seen an increase in interest from potential customers, capital investors, manufacturers and supply chain partners to move forward in our development effort who is pleased to support NuScale’s effort in creating a carbon-free power solution, and we look forward to discussing our opportunities in the near future. G&A also reflects $19 million of investigation expenses. But is that still a reasonable number or is there anything that you can give us as an update about expectations for what the cash proceeds might be from that? I would suggest maybe we go back and see if we can follow-up on your second question, Dustin. The revised pursuit criteria that Carlos enacted has significantly reduced the risk in our backlog and has allowed our sales team to focus on high-quality projects where we can be profitable and successful. And it’s hard to resolve them because the impacts are still ongoing in some cases — in many cases. The margin forecast for the Radford and Warren projects continue to remain relatively flat. And just one last clarification, I know you were talking about the potential to resolve COVID project delays. I don’t know if this is a little bit more than normal course with what you guys are speeding, because I guess I’m just trying to reconcile the really impressive last two quarters of no big charges yet the outlook based on the pandemic is impacting staffing and execution. We'll take our next question from Jamie Cook with Credit Suisse. And he is looking forward to reconnecting and with the rest of the investment community soon. Okay. You talked about margin being more like year-to-date, it seems like it’d be in that range. Fluor Reports Third Quarter 2020 Results. The construction company reported $0.14 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.23 by $0.09. He truly knows our company inside and out, and I wish him all the best in his role. And now, with that operator, we will open the line for questions. I don’t know if you can answer it. Well done, Carlos. Therefore, on January the 1, David Constable will return to Fluor as our Chief Executive Officer. Like I said before, it's not something we can negotiate all at once because situation or the effects are pretty lengthy. Finally, our offshore project work continues and we are still planning to complete the fabrication and pre-commissioning work in 2021. Thanks, Carlos, and good morning, everyone. We are proactively ensuring our people have the mental and physical support they need to remain resilient and keep our business moving forward. And I think you're right, Jamie, if you eliminate those non-recurring issues, you're probably closer to the upper range of that 3% to 5%. But you did mention sort of a little bit more spend in mining, I think over the last month. Fluor Corp (NYSE:FLR) Q3 2020 Earnings Call Dec 10, 2020, 8:30 a.m. Yeah. Yeah. Basically have COVID-related delays generally pushed back your timing to complete projects? I am pleased to say that over the past month we have started to see these projects remobilize and expect to see revenues follow suit as they get fully back online. We’re at a point right now, and Joe has also mentioned in his remarks, where we’re engaging with our banks on our credit facilities, which will become current here early in this next year. 20? And we look forward to speaking with the investment community on a more regular and consistent cadence going forward. And now moving to our Other segment on Slide 8. That’s good. Its revenue for the quarter was down 17.8% compared to the same quarter last year. And now, I’ll turn the call over to Joe to provide a financial update. About This Report Abstract: Edited Transcript of FLR earnings conference call or presentation 4-May-17 9:30pm GMT Brief Excerpt:...Operator Good afternoon, ladies and gentlemen, and welcome to the Fluor Corporation's … I mean, you’ve talked about these mining projects in the past. Thanks. In the Energy & Chemicals business — I mean, the oil and gas business, we’ve talked about the discipline that our clients are going to demonstrate. Fluor EPS misses by $0.09, misses on revenue SA Breaking News 12/10 06:54 ET-- Earnings Flash … 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. And then, it’s impressive, as you guys mentioned, no product charges on execution in the last three quarters yet. And then later on when we’re in a position to assess additional impacts, we’ll negotiate back. The two biggest numbers that -- two biggest projects that are contributing to the backlog rolling into '21 are Green Line in Bergstrom and Bergstrom is 35% complete and -- excuse me, Bergstrom is 80% complete and Green Line is 35% complete. So just maybe some of those observations to set things up as we look towards ’21 and beyond? The web replay will be available for 30 days. There is no question that there will be compensation to the contractor for impacts beyond our control. I think to the extent that I mentioned earlier, Michael, that we are executing our loss provision projects more effectively and efficiently than we had anticipated back in September have all been benefits. There are number of projects in mining and have been for the last several months. Can you just help us understand, you said the projects are on -- the problem projects are on schedule and you haven't had material charges. And that's also true in the advanced technologies and life sciences, where we're actually working on some COVID-related facilities as well as other pharmaceutical-type of projects. Good morning. Before we open the line for questions, I’d like to turn the call over to Alan Boeckmann, Fluor’s Executive Chairman, to provide some remarks on our upcoming Chief Executive Officer transition. I’ve got two here. So like why wouldn't margins be higher than that or at least at the high end, do you know any mean of your 3% to 5% in 2021 in particular as activity starts to pick up because that has meaningful implications for the earnings power for 2021? This project is another example of our focus on the Texas infrastructure market and is a testament to the value that TxDOT places on our services. Okay. Questions and Answers As a reminder, because these projects have been written down to zero margin, they continue to reduce our overall margins since revenue and costs are recognized on the dollar for dollar basis. 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. And then I guess my second question just is on the bookings outlook, understanding COVID has implications. We will now take our final question from Michael Feniger with Bank of America. Thank you, operator, and welcome to Fluor's third quarter 2020 conference call. Is margin being recognized above that range as you guys start to build out that project? Fluor Corp (NYSE: FLR) Q3 2018 Earnings Conference Call Nov. 01, 2018, 5:30 p.m. So yes, I’m optimistic that mining will actually begin to resurface as a major activity area for us. On TCO, remobilization continues as the COVID situation in Tengiz and Western Kazakhstan has improved. Logo of jester cap with thought bubble. Fluor Corp (NYSE: FLR) Q3 2020 Earnings Call Dec 10, 2020, 8:30 a.m. Market data powered by FactSet and Web Financial Group. Q3 2020. That is an area that we anticipate will have lots of opportunities for us as well. Before getting started, I'd like to refer to you to our Safe Harbor note regarding forward-looking statements, which is summarized on Slide 1. I'll now turn the call over to Carlos Hernandez, Fluor's Chief Executive Officer. I'd like to now speak a bit about the CEO succession. I'll take the question. And then, starting to pay down debt against that balance sheet to improve the strength of the balance sheet is another important part of the going forward strategy. I'll take the first one. Also, it was a pleasure working with you. On TCO, re-mobilization continues as the COVID situation in Tengiz and Western Kazakhstan has improved. The site preparation and piling work for train one is complete, and train two is well under way. 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. Several of our larger clients are slowing work to ensure they can meet their year end cash flow obligation. This approval establishes NuScale as the preeminent leader in the small modular reactor technology market, and allows Fluor to respond to customers looking for unique, flexible, safe and carbon-free energy solution. 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. As Carlos mentioned, with today’s filing, we are now current with all financial filings and debt requirements. Furthermore, we continue to have extensive and ongoing communications with our banking community. Operating revenues fell 65% year-over-year to $4 billion. Fluor Corp (NYSE:FLR) Q3 2020 Earnings Call Dec 10, 2020, 8:30 a.m. Yeah. Our cash balance at the end of the third quarter was $2.1 billion with 36% of that domestically available for use. Alan? In fact, if anything, it may get a little bit extra for us. And I think that the discussions are very collaborative for the most part. Questions and Answers. Michael Dudas -- Vertical Research Partners -- Analyst. The Flour-led JV is 98% complete with engineering and construction in Tengiz is over 50% complete. I guess, how many other projects out there right now that there are some need for resolution? David held various leadership positions at Fluor from 1982 to 2011, and has also been a member of our board since 2019. We’ve had improvement in execution as it relates to those problem projects. With respect to oil and gas, obviously, oil prices are a big form factor there. I know that’s probably too high, but it just has meaningful implications for 2021. It’s helpful. He truly knows our company inside and out, and I wish him all the best in his role. So like why wouldn’t margins be higher than that or at least at the high end, do you know any mean of your 3% to 5% in 2021 in particular as activity starts to pick up because that has meaningful implications for the earnings power for 2021? I don’t have the percentages. And then in terms of -- maybe just to pick up on the strength of the company along the areas where there is perceived growth, hydrogen infrastructure, obviously copper, you alluded to. The other business, life sciences, going very well. We’ll take our next question from Jamie Cook with Credit Suisse. I mean, you've talked about these mining projects in the past. I’ve known David for many years. We have successfully increased the project population to over 15,000 in Q3 and plan to remobilize the project to 20,000 by the end of 2020. Currently, we will exit — for the $2.1 billion, about 36% of that is readily available domestic cash. The challenges the company has faced over the last 18 months from project write-downs and internal investigation to a global pandemic have been truly extraordinary. 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. Thanks, Carlos, and good morning, everyone. So can you just talk about those two items? While this sale is still progressing, the pandemic has slowed progress on getting this transacted. But we're engaged in some discussions right now with clients to resolve them to this point and then reserve the right to further negotiate down the road additional impacts. All of this is a testament to Carlos’ focus on risk assessment, transparency and accountability. So both sides of the equation are looking strong right now. And then just…. 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. And when we talked about to Jamie’s question earlier, the 3.1% margin like year-to-date E&C, it actually sounds like it’s higher if we exclude some charges. The other thing that happened is DOE announced $1.4 billion award, a grant award for the first nuclear project to use small molecular reactors, and right now that’s targeted for the U.S. project to drive it forward. And we have launched new procedures, training and communications packages to help transition our people back to work safely and finish the year strong. This is a transcript of that earnings call: Company Participants Geoff Telfer; Fluor Corporation; Investor Relations David Seaton; Fluor Corporation; Chairman & CEO Biggs Porter; Fluor Corporation; CFO In the third quarter, we sold substantially all of our assets of our AMECO JAMECO business for $18 million net of working capital and recognized a loss of $1 million. Several of our larger clients are slowing work to ensure they can meet their year end cash flow obligation. Fluor is now current with its financials. In terms of cash, we're on plan as well. Yeah. So I think If you take in my opening comments and try to think -- if you take the $68 million and you take the FX impact out of it, you take the investigative costs out of that, you're down at about $30 million number. Yeah. So we're on our way. Fluor Corp Q1 2017 Earnings Call Transcript. Thanks for that question. It's helpful. And I think you’re right, Jamie, if you eliminate those non-recurring issues, you’re probably closer to the upper range of that 3% to 5%. Moving on to our Mining & Industrial segment. Thanks, Jason, and good morning, everyone. Stock Advisor launched in February of 2002. Fluor Corp (FLR) Q3 2020 Earnings Call Transcript The Motley Fool. Actually we’ve viewed a number of prospects in the mining area as we have a process of very disciplined about how we guide on whether to bid a project or not to bid a project and then what we submit as a proposal. 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