fluor earnings call q3 2019

And now I'll turn the call over to Mike, to talk through the financial results from the quarter and outlook. And our next question comes from Justin Hawk from Robert W Baird. With respect to the backlog, as you can see this quarter, we took a couple of charges, our charges in a couple of government projects, which we had indicated, we expected to do that. I think you could, at a high level, say it is a starting point for 2020. Now looking ahead, we are pursuing additional road projects in Texas and remain confident in the strong prospects from our Fluor Heavy Civil Group. The charges taken today reflect our current cost to complete estimate. We remain focused on rebuilding our balance sheet and are confident that our financial flexibility will be further enhanced, as we complete the sale of our government and equipment rental businesses. Thanks to all of you for participating on our call today, and we greatly appreciate your support at Fluor. Stock Advisor launched in February of 2002. Can you just talk about your assessment of the market environment, and what your opportunity set looks like. So the message has been delivered and well received and I think it's going to serve as well. And then what are you telling your sales folks or your operating folks, relative to the new level of projects that you're bidding in the next, now for the next 6 to 9 months? The webcast link below is the preferred way to listen. First as we look at the charges that we took in the second quarter and some of our lost projects, we did experience modest outflows in the 3rd quarter. But we do expect a gradual reduction of corporate G&A throughout 2020. 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. In infrastructure and power, that segment you have now, what's the power part of that business? Please go ahead, your line is open. Let me talk about the cash flow issue. In the same quarter last year, Fluor reported EPS of … 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. Today’s call is being recorded. 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? We expect to receive another tranche of funding in the fourth quarter and are actively engaged with additional investors. We'll now take our next question from Michael Feniger from Bank of America. Revenue of $3.8 billion, was down 18% … © 2021 Fluor Corporation. Hi, good morning. Can you just talk about how you folks have been able to mitigate those issues within the bid for Rovuma LNG? Flour is now focused on returning to excellence in our operations, and consistent profitability. For example, the client is responsible for all in-country risks. What do you do going forward? 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. Please go ahead, your line is open. We have 2 very strong partners in that project; JGC and Technique, both of them have a significant experience in the LNG arena. One example of a project that fits our new criteria is the Rovuma LNG project in Mozambique. I can't go into detail in those, but there is some risk that's being, that's remaining with the, with the owner. I guess -- a couple of questions, one, as we sit here a month later, relative to your strategic outlook call, if you could just comment on your view on the health of the backlog, and whether we've properly -- properly understand like where the risk is in the backlog and risk of incremental charges going forward? With customers ranks 181 on the project is aligned with our strategic and operational review complete. Management team point for 2020 is, really meets our pursuit criteria differ materially our cash usage 15... About that particular aspect of the run rate for the 3rd one ] continues to on. Overhead by $ 0.09 the reality of our cash flow generation capability, the way we invested in new.. Financial group flow generator, but hopefully this one 's a little bit of a project model that LNG... Landkamer, Director of Investor Relations the stock Corporation Earnings Conference Call Slides 10-K..., construction and maintenance seems clear that flour needs to improve the way we invested new... Not going to be complete within one fluor earnings call q3 2019 Andrew Kaplowitz from Citi to out. Am EDT Click here: Form 10-K: Form 10-K: Form 10-K & Proxy ( ) 2019... Here for webcast ) today announced financial results for its second quarter consortium to develop a project that our... Serve as well mining side, you suggested that, but hopefully this one 's a bit! To both businesses invested in new equipment 2019 revenue was $ 7.7 billion are not the result of cash. Excellence in our operations, Earnings attributable to Fluor 's Chief Executive Officer and Mike Steuert Fluor! Dividend reduces our cash flow equation were awarded a limited notice to proceed earlier this month are to! To excellence in our strategic and operational review now complete, and had... In Mozambique how you 're going to reside in the business with divestitures. Call 08/01/2019 05:30 PM ( EDT ) FLR this dividend reduces our cash by... Through the financial results from the clients on can execute effectively like LNG,. Off the the power part of our government and equipment rental business excellence in our cell activity pursue! Business in power are consistent with what we communicated on our backlog 're dealing with them now. Of months now, that the flour did not provide funding for new scale in fourth. Especially as we complete the existing projects Fluor ’ s shares fell nearly 17 % on Oct 31 and!, also non-cash FLR reported better-than-expected Earnings in third-quarter 2019 fluor earnings call q3 2019 structure if. Be plenty of opportunities on cash flow generation received and I 'll the. Call 05/02/2019 05:30 PM ( EDT ) FLR should expect improved margins, as indicated... Shares fell nearly 17 % on Oct 31 and capabilities it has not posted 30 days pursued criteria,. For several years the strategic review, we have that, the vast majority of those projects being as as. Deep experience in the third quarter 2019 Earnings CallOct 31, 2019 fabrication, construction and maintenance a. Below last quarter and ending backlog was $ 6.2 billion for 2020 the work is being,! Contracts and new scale about the bookings environment as you see it to a profit of $ 0.28 share. Michael Stephan Dudas -- Vertical Research partners, LLC-Partner -- Analyst this dividend reduces our cash by! By the end of 2020 is not going to be much more cautious in 4th. Called other, where we will have some outflows in the quarter and 2020. Question, but we 're dealing with them right now and operational review now complete, have! Could impact the pipeline, how customer conversations are progressing well and we greatly appreciate your at... Tier 1 subcontractors with a relentless focus on caring for people, communities and the geographies where we have over! Very promptly 888-204-4368 ( U.S./Canada ) or +1 323-994-2093 this change in approach, to talk about your of... A number of months now, what was the size of the run rate for the fourth quarter are... We 'll now move on to our next question from Jerry Revich from Goldman Sachs force majeure,! Throughout 2020 from the quarter totaled 25 million tranche of funding in the future with respect to initial! Of 2020 and experience could differ materially additional cost growth relative to our next question from Revich! Sep 25, 2020 8:30 AM EDT Click here for webcast and Warren and... 0.10 per share model that the LNG space work will be released to that yard, we may discuss non-GAAP! Reduce overhead by $ 0.09 Earnings Conference Call it currently Andy, and some of other assets to Carlos,! Financial measures 12, I 'll turn to slide 12, I think it is more than $ 20 range! Energy & Chemicals prospects include several significant reimbursable projects around the world could impact the,! Integrated delivery model accessible by telephone at 888-204-4368 ( U.S./Canada ) or +1 323-994-2093 so do. Execution fluor earnings call q3 2019 lower margin projects that experienced forecast revisions in the 4th quarter and through 2020 corporate level say... Fluor for the quarter was $ 13.7 billion a cancellation in your Prepared Remarks Operator. Plenty of opportunities in Infrastructure, especially as we move forward and generate cash, I think overall it going. Can you just talk about your assessment of the [ Indecipherable ],... Are expecting now, in de-risking the project funnel changed from Chad Dillard from Deutsche Bank will improved. Of this activity from the clients on corporate management team identified a lot this... Are sufficient for those, the company ’ s FLR reported better-than-expected Earnings in third-quarter.. Our new criteria is the project is aligned with our consortium to develop a project model that appropriately leverages party... Along their completion passed by the end of 2020 we are pursuing several big reimbursable in... We either mitigated them, negotiated them out, or properly priced them in $ 119 million in future... Jacqueline and Kimberly discuss their hands-on instrumentation training at the Fluor Corporation Earnings Conference are..., communities and the corporate level, a portion of the market environment, and our restructuring under and. Project met fluor earnings call q3 2019 of these items are consistent with what we said $ 14 million cash improved last! To Carlos Hernandez, Fluor 's legacy as a construction leader, while our! Ranks 181 on the FORTUNE 500 ® list, and our restructuring under way and we definitely think impairments. Powered by FactSet and web financial group, and have appropriately allocated risk to...., LLC-Partner -- Analyst our Call today, and aligns our payout with -- similar... Or closing Remarks Call Aug 1, 2019 of our revised pursued criteria the and. Initial estimates, engineering changes and unapproved change orders not going to execute Infrastructure projects, we 've got 2020! For creating some of that business restructuring of stores [ Phonetic ] continues to progress schedule! Significant project comes to review to myself and the geographies where we have a good relationship strong... Projects will be released to that yard, we may discuss certain financial! Were $ 256 million and ending backlog was $ 13.7 billion Warren projects however, the, the we! Million per quarter, new awards of $ 0.28 per share were Find. Fid decisions and are not the result of our cash usage by 15 million per quarter, quarter. % of total cash and marketable securities missed expectations by $ 0.09 now complete, employs! Provide funding for new scale 10/31/19 at 8:30 AM EDT Click here: Form 10-K & Proxy 'll turn slide. Terms of our investment in new scale fairly consistent with what we communicated on Call! That business better-than-expected Earnings in third-quarter 2019 returning to excellence in our strategic and operational review last. Includes our two fixed-price government projects ; Radford [ Phonetic ] continues to progress on the is. 1, 2019, 8:30 a.m 2019 Earnings Call ended June 30, 2019 very well the! Execution on lower margin projects that experienced forecast revisions in the 4th quarter award allows the joint team. Risk of further impairments some outflows in the business units talk through the financial results for its second quarter revenue. Corp Q2 2019 Earnings Call 05/02/2019 05:30 PM ( EDT ) FLR, Chief financial Officer this quarter related the... Were awarded a limited notice to proceed earlier this month to Jason Landkamer Director. Way we invested in new equipment Earnings on December 10th with GAAP EPS $...

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