fluor earnings call q3 2019

The actions we have taken over the last few months reflect the reality of our industry. Yeah, that was a long-standing dispute that we had with a client, and it had been in arbitration for several years. Michael Stephan Dudas -- Vertical Research Partners, LLC-Partner -- Analyst. We do see the cash flow generation capability of the business going forward remaining fairly solid even with the sale of government and American equipment. Hi, good morning everyone. Fluor (FLR) delivered earnings and revenue surprises of 86.84% and -16.08%, respectively, for the quarter ended September 2019. I guess, second -- on the asset sale, given some of the transactions that have been announced, since you announced the decision to sell the government business, sort of where we are in the process and whether you're more optimistic? I'll pass it along. Our earnings announcement was released this morning and we have posted a slide presentation on our website, which we will reference while making prepared remarks. So we don't see a significant change in profile. Fluor will host a conference call at 8:30 a.m. Eastern time on Friday, September 25, which will be webcast live on the Internet and can be accessed by logging onto investor.fluor.com. That's a great question. The other segment includes our two fixed-price government projects; Radford [Phonetic] and Warren, and our investment in new scale. Is that like, making you look at different parts of the energy market, different parts of the mining market relative, given the risk mitigation you're trying to portray through the organization? [Operator Instructions] A replay of today's conference call will be available at approximately 10:30 a.m. Eastern Time today, accessible on Fluor's website at investor.fluor.com. Thanks, Jason, and good morning. So, like maybe offset the dilution there. That was actually the result of what we had, a pretty favorable or balanced terms and conditions and that is in, I think the $25 million to $30 million range. Well, I'll let Mike answer the question as to whether we anticipate future impairments. Carlos, when you're looking at the projects that you're waiting FID on And from the risk standpoint that you renegotiate or rethinking about it for, how do those, those contracts that are waiting for award, how does that fit in relative to what was done, because those were looked on quite a bit in the past. Hey, guys. We either mitigated them, negotiated them out, or properly priced them in. Maybe we have that, but I didn't think you quantified it. Please go ahead, your line is open. Act 0.65 Est 0.518 Q2 2019 Fluor Corp Earnings Call 08/01/2019 05:30 PM (EDT) FLR. Do you agree with the assessment from few of your competitors and partners? Actually I think it is more than $20 million range. Fluor Corporation (NYSE:FLR) today announced financial results for its year ended December 31, 2019.Results for 2019 were a net loss from continuing operations of … Just a quick follow-up. ET. But I, we're not the point yet that we can really break it out with the amount of definitive that I would like to and perhaps we will in February, but I am cautiously optimistic that we'll see some net of all the other special items, we'll see some positive cash growth throughout the latter half of 2020 and as we move into 2021. Fluor’s 2019 Sustainability Report highlights how we are making a lasting impact on the world. Jason Landkamer -- Director, Investor Relations. In infrastructure and power, that segment you have now, what's the power part of that business? Restructuring of stores [Phonetic] continues to progress on schedule, and we anticipate this business will deliver improved results in 2020. So, there will be projects we will walk away from, for sure, but as I said earlier, I think that overall, we are in a very positive position in our, in our industry because of our ability to execute the large projects, our relationship with our clients, and the fact that others are not capable of managing risk, I think as we will be able to do so. In the third quarter, we recorded revenue of $3.8 billion, down slightly from Q2 and earnings from continuing operations attributable to Fluor of $19.1 million or $0.14 per share. We have engaged in discussions with our customer for a number of months now, in de-risking the project. Fluor reported its Q3 earnings on December 10th with GAAP EPS of $0.14, which missed expectations by $0.09. Yeah, one of the, one of the differences between some of the competitors that have exited the mega infrastructure P3 of their large infrastructure projects is, we do have the capacity in the balance sheet to take on those projects, but we're not going to take on projects, for example, where we don't have the right team to execute. I appreciate that Carlos. We also held a number of meetings with the client over the last several months, to reach an agreement on items that were critical to de-risking our execution profile. Thank you to everyone joining us today. We expect to receive another tranche of funding in the fourth quarter and are actively engaged with additional investors. [Operator Instructions] We'll now take our next question from Andrew Kaplowitz from Citi. ET. [Operator Instructions] We'll pause for just a brief moment to allow everyone an opportunity to signal for questions. Yeah, Mike, at this point that's not really impacting, we're basically doing FEEDs and feasibility studies are -- we have some projects ongoing as well, but, but at this point, it's not impacting our visibility into the future in an adverse way. And then when you look back, it seems like you have shared most of the investments that the previous management made over the last several years with the notable exception of new scale. Stock Advisor launched in February of 2002. ET. Fluor Corp (FLR) Q4 2019 Earnings Call Transcript FLR earnings call for the period ending December 31, 2019. One example of a project that fits our new criteria is the Rovuma LNG project in Mozambique. And in addition, we're optimistic with what we can do for creating some of other assets. Mining EPC awards for 2019 continue to track our expectations from last year, as we continue to work on feed and feasibility studies for large mining EPC projects, that we expect to be awarded in 2020 and 2021. David T. Seaton -- Chief Executive Officer. Carlos M. Hernandez -- Chief Executive Officer. With respect to the transactions it's, it's very early in the process, but I can tell you that there is significant interest with respect to both businesses. Welcome to Fluor's third quarter 2019 conference call. American equipment was not a significant cash flow generation capability, the way it was managed and the way we invested in new equipment. And my last question on the government business that you have up for sale, I understand that process is ongoing, and you can't share much but can you let us, share with us, how you think, whether it's going to be one large transaction or are you seeing multiple buyers and it could be broken up into pieces? 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. As you know there have been a number of players in the space that have left the oil and gas, because of the, the environment that has existed for several years. Analysts expect Fluor earnings of $0.28 per share. We'll now take our next question from Sean Eastman from KeyBanc Capital Markets. You know, it probably will reduce a little bit, but not in a significant way. I'll let someone else get in. Thanks to all of you for participating on our call today, and we greatly appreciate your support at Fluor. © 2021 Fluor Corporation. Yeah, let me just add something to that. These sales along with the monetization of surplus real estate and other non-core investments are expected to generate in excess of $1 billion in aggregate proceeds. And then when you step back, it seems clear that Flour needs to improve the way it invests it's cash. Let me talk about the cash flow issue. And we're not going to take terms, and conditions that unduly put risk on us, and we're not going to agree to schedules that we can't--we can't meet. We now have probably review projects, and every significant project comes to review to myself and the corporate management team. Fluor Corp (NYSE: FLR) Q2 2019 Earnings Call Aug 1, 2019, 5:30 p.m. Ladies and gentlemen, this concludes today's question-and-answer session. Now looking ahead, we are pursuing additional road projects in Texas and remain confident in the strong prospects from our Fluor Heavy Civil Group. ET. And then just lastly, Mike, I mean, I wanted to follow up on the cash flow question that Jamie asked, if you can't quantify it, are you thinking that the net burn through the first half of 2020 will be a bit less than you were thinking a few months ago? Pockets of risk if you will. Fluor Corporation’s FLR reported better-than-expected earnings in third-quarter 2019. For continuing operations, earnings attributable to Fluor for the third quarter were a net loss of 782 million. Fluor Corporation (NYSE: FLR) will hold a conference call to review results for its third quarter ended September 30, 2019. 10/31/19 at 8:30 am EDT Click here for webcast. Sangita Jain -- KeyBanc Capital Markets -- Analyst. I'm just curious if you could talk about the strikes going on in Latin America, it's been a lot in the press. And following the strategic review, I'm just curious if you guys had any time to reflect on how this business without government services, how we should be thinking about free cash flow conversion going forward,the balance sheet structure going forward, and with the proceeds you're going to be getting, I mean, why wouldn't we see any notable buyback? Earnings per share were … Q3 2019 Fluor Corp Earnings Call 10/31/2019 08:30 AM (EDT) FLR. A telephone replay will also be available through 7:30 p.m. Eastern Time on November 6th, through a registration link also accessible on Flour's website at investor.fluor.com. 2020 Q3 Earnings Documents ... News Release Conference Call Transcript 2019 10-K Earnings Conference Call Slides Form 10-K: Form 10-K & Proxy. With our strategic and operational review now complete, and our restructuring under way. [Indecipherable]F. In Rovuma, the way we have structured that contract is that the risk lies with the party that's best, best able to manage the risk. The mining and Industrial group reported new awards of $119 million in the third quarter and ending backlog was $6.2 billion. Act -0.14 Est 0.518 Q1 2019 Fluor Corp Earnings Call 05/02/2019 05:30 PM (EDT) FLR. At this time, for opening remarks, I would like to turn the call over to Jason Landkamer, Director of Investor Relations. Thanks for taking our questions. Our employees remain our greatest asset and I thank them for their ongoing hard work and dedication for Fluor. We'll now take our next question from Steven Fisher from UBS. Our available domestic cash improved from last quarter and now represents 28% of total cash and marketable securities. We have some warranty issues, but you're right, there's not any substantially new, any new business in power. Okay, thank you.,that's helpful. I was thinking of something else. So, I can't say that we're seeing a lot of, lot of growth, but we're not going to see much deterioration either. And so as it relates to those 3. We're going to have a very modest capex going forward for continuing operations at, absent the Amico Equipment Rental business. We continue to act with urgency and have undertaken these changes to strengthen Fluor and put the company on a path to deliver consistent and profitable growth. But no you're absolutely right, in terms of our investment experience. So, congratulations on the contractor selection. So until LNG Canada and some of the other big energy projects ramp-up, is this going to be the swing factors segment for overall profitability, do you think? Okay, that's helpful. © 2020 Fluor Corporation. Let's turn to slide 8. During today's call and slide presentation, we will be making forward-looking statements, which reflect our current analysis of existing trends and information. But we are pleased with how the businesses are performing as we exit this year, and are going to be setting fairly high expectations for performance in next year. but that resides in the Diversified Services segment. Good morning, and welcome to the Fluor Corporation’s Third Quarter 2019 Earnings Call. Q2 2019 Fluor Corporation Earnings Conference Call. So, I think we are well positioned in infrastructure, but we're not going to get ahead of our skis and take more work than we can execute effectively. Let's turn to slide 6. This higher than anticipated tax rate this quarter is due to the company being impacted by this valuation allowance and certain foreign charges that could impact tax- could not be tax benefited. Today’s call is being recorded. Most of our capex is really going to be to support our IT infrastructure and our office buildings, and we just see modest requirements there going forward in terms of investment. Good afternoon, and welcome to the Fluor Corporation's Third Quarter 2019 Earnings Call. As it relates to the adjustment of our deferred tax assets, I want to again point out, that while we removed these assets from our balance sheet for technical accounting reasons, they are still available to Flour for tax purposes. Fluor’s Energy & Chemicals segment reported a segment profit of $85 million, compared to $50 million in the third quarter of 2018. [Operator Instructions] we'll now move on to our next question from Chad Dillard from Deutsche Bank. Please go ahead, your line is open. Fluor ranks 181 on the FORTUNE 500 ® list, and employs a workforce of more than 45,000 worldwide. So that yard, we expect will be performing better than it has in the past. Hi, this is Sangeetha for Sean. We also created a segment called Other, where we will keep our two fixed price government contracts and new scale. The second quarter was a net loss attributable to Fluor of $555 million, or $3.96 per diluted share, compared to net earnings of $115 million, or $0.81 per diluted share a year ago. In discontinued operations, Which includes our government and AMECO in North American businesses, we reported earnings of $40 million or $0.28 per diluted share in the quarter. So, I'm looking forward to it. And now I'll turn the call over to Mike, to talk through the financial results from the quarter and outlook. Cumulative Growth of a $10,000 Investment in Stock Advisor, Fluor Corp (FLR) Q3 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. Fluor Corporation -- Moody's confirms Fluor's Ba1 CFR; changes outlook to negative (Moodys) 10.12.20 Fluor Corp (FLR) Q3 2020 Earnings Call Transcript ( MotleyFool ) Find the latest Earnings Report Date for Fluor Corporation Common Stock (FLR) at Nasdaq.com. In addition, as you mentioned we are working on asset sales, we're also working on selling a lot of other non-core investments or other assets that will positively impact cash flow and we have, we have some claims and some other assets on the balance sheet that we hope to monetize over the next year as well. Conference Call. Yeah, thanks for fitting me in. Corporate G&A for the third quarter was $10 million compared to 61 million a year ago. The charges taken today reflect our current cost to complete estimate. We are currently reviewing operational plan for 2020, and we expect to issue 2020 guidance for the full year at the end of our call in February. For example, the client is responsible for all in-country risks. Fluor announces $1.7B loss in delayed 2019 earnings report as SEC investigation continues The company also suspended guidance for 2020 due … In fact that has actually caused a project for us to be canceled by the owner, because we wouldn't agree on what the owner wanted for the. Okay, that's very helpful, thanks. Flour is now focused on returning to excellence in our operations, and consistent profitability. Please go ahead, your line is open. But as we work our way through those, I think we should expect improved margins, as Mike indicated. I think you could, at a high level, say it is a starting point for 2020. Sure, Jamie. So when we've seen the cost overruns in terms of productivity and labor hours, It's been in part due to a function of tight project timing. The webcast link below is the preferred way to listen. Most of those, the vast majority of those projects will be well along their completion passed by the end of 2020. Fluor's cash plus marketable securities for the quarter were 1.85 billion, slightly below last quarter. And it seems like Infrastructure and Power profit dollars will still be pretty immaterial in the fourth quarter, but you are putting some new big projects in there, like the I635. So the message has been delivered and well received and I think it's going to serve as well. Michael Feniger -- Bank of America -- Analyst. Where we've had issues with projects in the past, it's been either a function of timing overruns, issues getting change orders approved, or engineering design issues. From its founding in 1912, Fluor has been building a legacy of innovation in engineering, procurement, fabrication, construction and maintenance. The conference ID is 3597615. Fluor Corporation (NYSE: FLR) today announced financial results for its second quarter ended June 30, 2019. well, first of all, we've mentioned in the past, changes we've made in our cell activity or pursue criteria. Fluor Corp () Q1 2019 Earnings Call May. We are, one of things we are also doing is, we are also chasing, we're going to be chasing more mid cap type of work, which we had moved away from. Contents: Prepared Remarks; Questions and Answers; Call Participants; Prepared … Last month, we announced our plan to reduce overhead by $100 million. We worked closely with our consortium to develop a project model that appropriately leverages each party's strengths and capabilities. As highlighted in our strategic review, we have recorded $79 million in charges this quarter related to the Radford and Warren projects. They are now telling us, look we need we need Flour to be a successful company, we got to understand, we got to work together to the US projects and you, what we've already seen some of that, in some of the projects that we've talked about. If you would please turn to slide 5. Quarterly Earnings Documents Annual Reports SEC Filings ... Q3 2019 Fluor Corporation Earnings Conference Call. Please go ahead, your line is open. Usage by 15 million per quarter, last quarter 's Call Mike Steuert, Fluor 's cash plus securities. Would n't expect any further impairments hands-on instrumentation training at the corporate level, a lot of are. A good relationship with strong partners that have deep experience in the 4th quarter award the. 'S question-and-answer session n't expect any further impairments 'm just curious how you 're right, in of. Both businesses the numbers hold clues to what lies ahead for the quarter was $ 6.2 billion a! ) or +1 323-994-2093 s FLR reported better-than-expected Earnings in third-quarter 2019 the webcast link below is Rovuma... Energy & Chemicals segment were $ 14 million cash utilized by operating activities for fourth... Execute Infrastructure projects, and employs a workforce of more than $ 20 million range that experienced revisions. Securities for the Earnings Conference Call, D. 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