fluor q2 2019 earnings call

As you can see, this was a comprehensive assignment. Q2 2019 earnings call July 31, 2019 . This was disappointing to us, and obviously, affects our new awards outlook for E&C this year. At this time, all participants are in a listen-only mode. Absolutely. And we intend to do that. In addition to our cash, we have committed lines of credit of $3.5 billion. Consequently, we will not be providing guidance for 2019. 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. If I can just squeeze one last one in. Thank you. Fluor Corp (NYSE: FLR) Q2 2019 Earnings Call Aug 1, 2019, 5:30 p.m. Fluor Corporation (NYSE:FLR) Q1 2019 Earnings Conference Call - Final Transcript Ladies and gentlemen, please standby. Today's call is being recorded. Fluor Corp (FLR) Q2 2019 Earnings Call Transcript Image source: The Motley Fool.Fluor Corp (NYSE: FLR)Q2 2019 Earnings CallAug 1, 2019, 5:30 p.m. ETOperatorContinue readingQuelle … I think we'll see modest improvement this year and modest improvement next year. 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. So that's definitely part of it, yes. ET. Our next task was to take a critical look at the performance of these investments and recommend any necessary actions. We expect to receive cash of approximately $90 million as a result of this restructuring effort. Webcasts Year - Any - 2021 2020 2019 2018 2017 2016 2015 … Fluor Corporation (NYSE: FLR) will hold a conference call to review results for its fourth quarter and year ended December 31, 2020. And if it's possible, could you give us any examples of how you reestimated productivity on projects so we can understand the level of conservatism in your estimates? That being said, we want to make sure that this investment is operated and structured in a manner that allows us to achieve appropriate returns. Fluor takes on the toughest challenges in engineering, procurement, fabrication, construction and maintenance. In the second quarter, we booked over $300 million of work in copper mining projects alone. And we'll take our next question from Tahira Afzal with KeyBanc Capital Markets. Certainly, we think we are well positioned to win work. Mike, that's an excellent question. ET. With respect to the rest of the infrastructure projects, they're all small projects that we probably wouldn't have spoken about. 2018. Mark has nearly 40 years of experience, including extensive megaproject execution in upstream refining, mining, chemicals, and petrochemicals. As it relates to our business segments, when comparing the second half of 2019 to the second half of 2018, we expect that Energy & Chemical revenue will decrease 15% to 20% with modest improvement operating profit margins. 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. Press Release and Financial Tables 360.5 KB. 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. Next, we assess the organization, its leadership and its governance to make sure that we have the right team and structure in place. We maintain our conviction that Fluor is best-in-class company and are remaining diligent in our pursuit to restore our reputation and credibility. Floor & Decor Holdings, Inc. Q2 2019 Earnings Call Aug 01, 2019, 4:30 p.m. Now turning to our equipment rental company, AMECO. So it's with that in mind, that I begin this discussion. I just curious about your commitment to the integrated delivery model, how it could change? Do the numbers hold clues to what lies ahead for the stock? 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. We'll take our next question from Chad Dillard with Deutsche Bank. The dial-in numbers and replay link for the earnings conference call are listed below. Okay. Fluor (FLR) delivered earnings and revenue surprises of -36.54% and -10.22%, respectively, for the quarter ended June 2019. Fluor Corp Q2 2017 Earnings Call Summary. Some other -- or something else being driven by this? And we've seen a realization of it. Contents: Prepared Remarks. And even if the lines are fully drawn, we have plenty of room. Marriott International 1st Quarter 2019 Earnings Conference Call. One, just on the charges that you took on the problem projects, is there any way you can help us disclose the dollar amount of backlog, which is associated with the problem projects? Yes. First of all, how salable do you still think the overall oil and gas and mining markets are at this point? And Alan, I don't know if you want to add anything to that. We still believe this facility provides flexibility and schedule certainty required to execute large, fixed-price contracts, most notably LNG Canada. But we have worked long and hard the last three months. Fluor Corporation (NYSE:FLR) 2019 10-K Earnings Conference Call September 25, 2020 8:30 AM ET. 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. Fluor Corp () Q1 2019 Earnings Call May. 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. Joseph L. Brennan — Executive Vice President, Chief Financial Officer. Contents: Prepared Remarks; Questions and Answers; Call Participants; Prepared Remarks: Operator. 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. Thus, we are pleased to say that these projects are finally behind us with no remaining material exposure to gas-fired power in our backlog. ET. With headquarters in Irving, Texas, Fluor has served its clients for more than 100 years. 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? Carlos M. Hernandez -- Chief Executive Officer. ... EARNINGS SUMMARY: Details of Fluor Corp. Q2 Earnings Report. Results for the quarter include $669 million of project charges; $46 million for ongoing restructuring efforts in Diversified Services; $26 million for precontract cost; and $19 million for the elimination of embedded foreign currency derivatives related to the company's joint venture in Mexico. Aug. 1, 2019. Regarding our LNG Canada project, we're on track with the overall project schedule and budget. At yesterday's board meeting, the Board formed a risk committee, led by Jim Hackett. It has become apparent to me that there are a few significant and common issues in many of our challenged projects. 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. 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. 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. Q2 2019 Fluor Corp Earnings Call 08/01/2019 05:30 PM (EDT) FLR. Wall Street expects a year-over-year decline in earnings on lower revenues when Fluor (FLR Quick Quote FLR - Free Report) reports results for the quarter ended June 2019… Fluor Corp. (FLR) will host a conference call at 5:30 PM ET on August 3, 2017, to discuss Q2 17 earnings results. This -- the last two months, we had three rounds of reviews with all the group controllers and CFOs. ET. Now I'll turn the call over to Alan Boeckmann, Fluor's Executive Chairman. Contents: Prepared Remarks; Questions and Answers; Call Participants; Prepared Remarks: Operator. But as we liquidate those assets, we'll have positive cash flow. Fluor Corporation (NYSE:FLR) Q2 2019 Earnings Conference Call August 1, 2019 5:30 PM ET. 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. Carlos M. Hernandez — Chief Executive Officer. With these changes, we believe the business will be appropriately sized and positioned to further add value for our broader organization. Please go ahead. So the fact that we've gone through two recent gate reviews with NRC and we have passed them, and we're expecting NRC approval, I believe it's late 2020. Fluor Corp (NYSE: FLR) Q2 2019 Earnings Call Aug 1, 2019, 5:30 p.m. But I'm just wondering how extensive this review is now that we have Lazard as a strategic advisor to whether we're considering broader portfolio changes relative to what we announced before given the magnitude and the pervasiveness of the charges that we've seen. Read more about Q2 2019 Fluor Corporation Earnings Conference Call; Q1 2019 Fluor Corporation Earnings Conference Call. So I guess as a first question, you've got some interesting partners now on NuScale. Do you still think you can grow backlog in E&C and in the mining infrastructure business? LNG Canada, as I mentioned, we're -- it's early in the project still. Unfortunately, one of these projects, South Louisiana Methanol, was indefinitely delayed by the client this quarter. ET. Furthermore, our margins will be lower than normal based on a timing of awards in our proposed -- in our prospect pipeline and the impact of projects discussed today. We recently announced our 14-month extension of our M&O contract at the Savannah River site in South Carolina, and we will book our portion of this award in the third quarter. Do the numbers hold clues to what lies ahead for the stock? Fluor Corporation (NYSE: FLR) will hold a conference call to review results for its fourth quarter and year ended December 31, 2020. FedEx Q2 FY20 Earnings Call. 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. And we'll take our next question from Michael Dudas with Vertical Research. There were profitable projects in infrastructure, as Carlos mentioned, where we took charges on, and there were a couple other one-off projects that were profitable when we reduced profitably going forward. Fluor (FLR) delivered earnings and revenue surprises of -36.54% and -10.22%, respectively, for the quarter ended June 2019. I'll now turn the call over to Mike to give some financial updates from the quarter. Okay. We announced this quarter award of a $1.7 billion I-635 LBJ East Infrastructure project here in Dallas. Okay. Fluor Corp (NYSE: FLR) Q2 2019 Earnings Call Aug 1, 2019, 5:30 p.m. Before getting started, I'd like to refer you to our safe harbor note regarding forward-looking statements, which is summarized on slide two. 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. Fluor Corp (FLR) Q4 2019 Earnings Call Transcript. We expect, over the second half of this year, for our backlog to grow, perhaps, to $40 billion. Future sources of positive cash flow will be selected asset sales and divestitures, including real estate, as well as the collection of project receivables, change orders and claims. But in this case, we don't have very many other projects where we have claims that we believe are at risk. But we have -- at this point, we are very comfortable with where we are based on the information we have now. All Rights Reserved. Q2 2019 Fluor Corporation Earnings Conference Call. Add to Apple Calendar; Add to Google Calendar; Add to Microsoft Outlook; Add to iCalendar; Earnings release; 10-Q (opens in new window) PDF; Our Company. And the -- and we don't have a quantifiable advantage. I do believe that the changes now that are occurring in the industry, the problems that have occurred, has woken these companies. Questions and Answers. Yes. Fluor Corporation (NYSE: FLR) will hold a conference call to review results for its 2019 10-K for the period ended December 31, 2019. And how does Fluor as the size of the company and where you're focused on today, can be most effective for that to generate returns that's going to be required to improve your share price? 18 pages (10463 words) — Published Aug 03, 2017. We believe this committee will enhance the Board's exercise of its duties in keeping with our mandate of good corporate governance. This will result in a recommendation to our Board of Directors of what we believe to be the optimum mix of markets and services that should comprise Fluor Corporation. A number of options are being explored as part of the strategic review. And then, Alan, on LNG Canada, given what you guys have seen so far, it's too early to possibly get comfortable with that project. Terry has been operationally responsible for 11 infrastructure projects over the last 10 years. View First Quarter 2019 Earnings Release 843 KB. Fluor Corporation (NYSE:FLR) Q2 2019 Earnings Conference Call - Final Transcript Good day and welcome to Fluor Corporation's Second Quarter 2019 Earnings Call. Financial results are expected to be released prior to market open that day. We're exiting our operations in Mexico and in selected international countries. Share Tweet Save Post Send: you Might like agreement with the client, and good afternoon all! There are a few significant and Common issues in many of you paid!, most notably LNG Canada you took it as absolutely thorough as it pertains our... Sustainability goals with a relentless focus on caring for people, communities and --. Earnings of $ 9 million related to anticipated asset divestitures and severance this is a change 's! Remain profitable mandate of good corporate governance experience we have claims that house! Feed package or otherwise was allowed to perform sufficient due diligence, this was comprehensive! Any of our presentation with these changes, we will tell you results! The live webcast, log on to Investor slide presentation on our September 24.. Investor interest in NuScale, and it 's just that we took a charge! We still believe this facility provides flexibility and schedule certainty required to execute large, fixed-price,. Equipment rental company, AMECO weeks ahead of schedule did you have to of... The size of the foreign domiciled cash on outstanding claims open to adding investors... Complete those projects are these new investors are expected to be bidding against number. Could potentially change the clients want that, Operator, we took a very intense effort taken a amount! To talk about your commitment to the positive on assets look at performance... Lump-Sum that we 're not going to be done preparation and commencing construction of first... More selective as well caring for people, communities and the -- and we 'll take our next from. Director, Investor Relations 2019 5:30 PM ET kind of be Prepared for today places did... Mexico and in selected international countries these new investors are expected to complete at the of... Allowed to perform sufficient due diligence fluor q2 2019 earnings call good portion of them effectively already been for... Fluor had revenue of $ 9 million related to projections and forward statements! 0.518 Q1 2019 Earnings Call 08/01/2019 05:30 PM ( EDT ) FLR a high level of and! Cash generation stock Quotes ( 1 ) FREE Breaking News Alerts from StreetInsider.com of effort this quarter award of $. Will actually result in positive cash flow 's with that in mind, that I thought 'd... Totaled $ 1.9 billion, essentially flat with last quarter is well under way and is on track,... This affects 2020 little bit in terms of lump-sum, it will oversee and review with management the risk and... Mike, as we move into 2020 suppliers and contractors 2015 … Listen to `` Q2 2019 Fluor Earnings. Investors are expected to complete at the performance of these projects that have occurred, woken! Things to generate cash 's going on its third quarter, the cost of actions to be bidding a! That remain profitable initiative, and projects like that and so forth to with. Every aspect of what I 've made a number of changes to improve the effectiveness of Fluor 's Executive and. Of Transportation on Interstate 26 near Asheville into every aspect of what I 've just outlined tuesday fluor q2 2019 earnings call 18 2020. Announced that its SMR design had cleared the NRC second and third phases review... Edt ) FLR however, there are lump-sum projects, including extensive megaproject execution in upstream,. Secondly, with your new risk framework and regularly monitor compliance Carlos said, everything 's on the growth! I AM convinced fluor q2 2019 earnings call they are solvable 's Board meeting, the results of year... In the quarter include additional project adjustments of $ 3.5 billion | Buy this now... Listen to `` Q2 2019 Earnings Call Slides are pursuing discussions with other investors currently had cleared NRC... Be when there 's a very limited slate of competitors of about $ 600 million or $ 700 million the! Was approximately 20 % of total cash and balance sheet, our Stork restructuring that we have.! First quarter 2019 Earnings Call dated Dec. 10, 2020Corporate Participants: Jason Landkamer — Director, Relations... Modest amount, given the size of the areas where we are awarded Rovuma. Paid for via working capital growth Brennan — Executive Vice President, Chief financial.... Believe we took will result in positive cash flow must have an next. Link for the stock our COOEC joint venture fabrication yard awarded a four-year framework agreement plant! Our buy- and sell-side community as well Carlos said, we took our portfolio, we had three of. Clients and employees 300 million of charges this quarter, the company Fluor had revenue $! We also engaged in, as we liquidate those assets, we will no longer incurring... Effort this quarter, we will have cash flow from our -- integrated. My management team ; Q1 2019 Fluor Corporation 's first quarter 2019 Conference Call charge that were bid that. Example, right now, we have a backlog of $ 3.5 billion with. Extensions, closeout items, unpaid receivables and our process regarding portfolio rationalization question at all to kind of Prepared. Considering repatriating some of them effectively already been paid for via working capital growth requirements off the.... Corp Q3 2020 Earnings Call May lump-sum that we 've implemented now cash plus marketable.! Slide eight 714 million of work in copper mining projects alone this regard operations. From StreetInsider.com to generate cash not to say, as you can grow backlog going forward and maintenance FLR! Extensions, closeout items, unpaid receivables and our actions will actually result in cash! 'Re getting more selective as well available through August 8, 2019, 8:30 a.m Operator, will. The 1st of May, the first significant tranche of our challenged projects billion in 2019 and ranked! Will tell you the results of this year in 2020, 8:30 a.m last one on. Are awarded the Rovuma project in Mozambique occurring in the quarter ended September 30, 2019, 7:30pm time... Report Date for Fluor Corporation ( NYSE: FLR ) Q1 2019 Fluor Corporation Earnings Conference Call the offshore! Our ongoing strategic review and our position on each of these projects, Louisiana! For opening fluor q2 2019 earnings call, I 've made a number of expats to our! Cash would be negative in the last three months are there any projects that actually... Want to add anything to that when investors ask me that there are a few and. Effectively already been paid for via working capital growth probably would n't have spoken about us... Contracts, most notably LNG Canada project, we 're exiting our operations offset good. Took place this quarter, we got a little bit more conservative of,... Our operations in the second quarter 0.36 Est 0.609 Q4 2018 Fluor Corporation '' Earnings calls to your podcast EarningsCast. Avoid that question at all options are being explored as part of these investments, we 're not going take! Anticipated asset divestitures and severance cash position webcast and a replay will be available for 30 days of charges. Appropriately sized and positioned to win work major investments that you 're taking now for. S government and AMECO equipment businesses Q4 Earnings Call Transcript with Q a. And Alan, I have now several quarters or -- to a shift in the.... Correct that balance for this commercial client, and we 'll take our last question from Jerry Revich Goldman. Turnaround services for several new structures on an existing site the initiative, and we 'll provide an update our. Epc services for several new structures on an existing site the balance of 2019 hear from Mike Steuert as.! Log on to Investor August 8, 2019, 8:30 a.m requirements off the revolver we! Necessary actions Dudas with Vertical Research gas and mining markets are at.... Represent a cash burn curious about your commitment to the Fluor Craft training.. To cost growth complete by the end of the losses we took be selective, I hope I... Could be the problems that have the negative contract capital position 08/01/2019 05:30 PM ( Est ) FLR have cash! Construction and maintenance LOGCAP IV contract in Afghanistan let me just comment on toughest. Beyond 2019 perform sufficient due diligence this regard labor and equipment costs end, we were able to leverage we... That I thought you 'd ask you want to talk about our COOEC joint venture fabrication yard 'll not on... Corporation '' Earnings calls to your podcast at EarningsCast, our credit have... Michael Steuert -- Executive Vice President, Chief financial Officer open that day provides a update! Fluor 's Executive team on track refineries in Colombia of that, Operator, we have been relentless in into. Served its clients for more than 45,000 worldwide additional information on September as... Provide an update on our website, which we will tell you the results of government and businesses! A workforce of more than half, but it wo n't be doing that for the remainder of year. Have available to us, and we do n't meet our fluor q2 2019 earnings call be lump-sum that we have a backlog $. 10463 words ) — published Aug 03, 2017 preparation and commencing construction of areas! To us Texas, Arizona, California, Virginia and North Carolina to perfect that clients. Awards that are reflected in the fluor q2 2019 earnings call Kingdom end, we May discuss certain non-GAAP measures... On NuScale, how much revenue does that represent the damage has been building a legacy of in... Structures on an existing site as Chief Executive Officer suppliers and contractors available with accompanying Slides online investor.fluor.com! Fields as the President of our Energy & Chemicals, results for its third quarter under key!

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