So we’re not taking in bad projects. So you mentioned maybe 4% to 5%. Good morning, gentlemen. Our non-cash compensation expense in the fourth quarter will reflect the delayed filing of the 10-K and will increase our G&A expense for the quarter. At this time for opening remarks, I would like to turn the call over to Jason Landkamer, Director of Investor Relations. Prepared Remarks: Operator. Just following up on Steve’s question, it sounds like we get a little bit more visibility on the impact of COVID for LNG Canada. Basically have COVID-related delays generally pushed back your timing to complete projects? I’ve got two here. Thanks. And without divulging what that number is, we’ll be north of that number in terms of real cash savings for the year. Moving to Slide 10. Thus, we have been able to fund our lost projects through the year while maintaining strong liquidity. This is my last time speaking with you as CEO of Fluor. And Carlos, thanks for all your help throughout this as well. In our advanced technologies and life sciences business, we completed the Novo Nordisk project in North Carolina in the third quarter. Good afternoon, and welcome to the Fluor Corporation's First Quarter 2019 Earnings Conference Call. So I think the actual unveiling of the markets we're really going to tend to focus and push hard on. 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. We have a credit risk on a project in Mexico and then we have a loss on the transaction versus here at Fluor, which we would consider to be non-recurring events at the end of the day. So I think the actual unveiling of the markets we’re really going to tend to focus and push hard on. Fluor slips after Q3 miss; says current with all financial filings . But do you think you're going to start off with the year say 20% newer project mix and by the end of '21 that becomes 80%? David held various leadership positions at Fluor from 1982 to 2011, and has also been a member of our board since 2019. 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. So both sides of the equation are looking strong right now. Thus, looking at the business line from a year-to-date perspective provides a better picture of our performance in that segment. And I’ll echo the sentiment. In Kuwait, Crude has started pumping through the Al-Zour Refinery ahead of commissioning. Thanks a lot, Carlos, and best wishes to you. I'll answer it maybe holistically, and we'll probably get into the LNGC call -- or question maybe a little bit later in February when we talk about it. In November, the Maryland Department of Transportation reached a $250 million agreement in principle with the consortium to settle all of the consortium's outstanding claims. I’ll take that one. Yeah, Mike. This transcript is provided as is without express or implied warranties of any kind. Good morning, gentlemen. Any way you guys can kind of frame that for us and how to think about that and timeline? We expect to see margins increase as we wrap up these projects and are working through a healthier backlog. Fluor Corp (FLR) Q3 2020 Earnings Call Transcript. And we are in the premier position to execute those projects. Yeah. 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. G&A also reflects $19 million of investigation expenses. You can see this reflected in this quarter’s results from discontinued operations. It’s a very good question. Now turning to Slide 6. 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. We continue to engage with our clients on how to proceed successfully and safely and have provided notices asserting our rights under change of law and force majeure provision. I'll start with a financial update on Slide 9. Questions and Answers So we have been able to improve what we saw as a cash outlay relative to problem projects in ’21 and beyond and seeing some significant improvements in what that will entail. Backlog that we’re taking in is very, very much based on the discipline that we’ve established early on in 2019. And so backlog will decline somewhat, but it will be good backlog. Got you. 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. I’d like to now speak a bit about the CEO succession. So we're not taking in bad projects. Clearly, I mentioned the -- Carlos putting us in a position to reach stability. Infrastructure margins reflect execution on a few zero margin projects in our backlog. Like I said before, it's not something we can negotiate all at once because situation or the effects are pretty lengthy. I’ll start with a financial update on Slide 9. Infrastructure, we defined our — that we’re going to restrict our bidding to jurisdictions where the Department of Transportation executes projects or advances projects in a way that’s fair and [Indecipherable] to us and for contractors in general, and we’ve been successful. Before handing the call over to Joe for a financial update, I'd like to provide you a high level outlook of what's going on in our various business segments and some specific project commentary. Yeah. We are well positioned to win these projects when our clients are ready to proceed. As of today, we are over 19,000. 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. All right. 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. Fluor Corp (NYSE: FLR) Q3 2020 Earnings Call Dec 10, 2020, 8:30 a.m. So just to follow-up on Jamie's question about the project deferrals and activities. And I think also it is starting to make our mark in those industries where we can see potential growth. The site activities are progressing while maintaining all COVID-19 recommended and required measures and mitigations. Questions and Answers. Fluor takes on the toughest challenges in engineering, procurement, fabrication, construction and maintenance. Furthermore, we continue to have extensive and ongoing communications with our banking community. But I just wanted to understand how much of that zero margin work sort of rolls off and becomes a margin tailwind into 2021? The Motley Fool - Motley Fool Transcribers. While we continue to work on site, the priority continues to be the safety and well being of our people. Contents: Prepared Remarks. We believe that our clients will focus on advantaged, high value projects that can generate returns in a weak commodity price environment. We’ve got — we won a number of projects, but some of those are being challenged, being protested, but we feel pretty good about our position on those, and we see continued opportunities in the Government space. Have you sensed any increased willingness from your clients to open the spigots and start spending again outside of E&C? But again, to Alan’s comment, I don’t want to get out in front of Mr. Constable’s strategy meetings, but as we go through the strategy, we’ll probably have a review of what that cash balance needs to be to support the organization and the brick and mortar footprint and some of the other things that will be a fallout of what the new strategy is moving forward. Jamie, with respect to your other question, your second question, we have been talking to customers really all along during this pandemic. And before giving you some general comments about the fourth quarter and 2021, I wanted to provide a quick update on the sale of our AMECO equipment rental business. We continue to believe that we have ample liquidity to meet the demands of current projects and future prospects. So I’m going to save for David and his team to unveil in our Investor Day coming up in early 2021. One more point on that, Steven. I think mining may be a little bit later coming up, but we’re very bullish on mining as well. But I would call this, most of the cash generation you're seeing is through organic decisions and actions that the company is taking currently. And Carlos, congratulations on really stabilizing the business and the financials. Thank you very much. We greatly appreciate your support of Fluor. ET. Alan? Is that what we’re thinking heading early into 2020 that we should be more on the 5% number? In terms of mining, commodity prices somewhat, but also COVID has impacted mining business maybe more than some of the other businesses. I really appreciate it. Fluor Corp (NYSE: FLR) Q2 2019 Earnings Call Aug 1, 2019, 5:30 p.m. Several of our larger clients are slowing work to ensure they can meet their year end cash flow obligation. Call Participants. Thank you, operator, and welcome to Fluor's third quarter 2020 conference call. Operating revenues fell 65% year-over-year to $4 billion. So if you normalize those out, we're closer to the 5% range. Conference Call Transcript The following Fluor conference call took place on February 18, 2016, 05:30 PM ET. We believe that we've got strong liquidity right now, as Carlos said, to be able to manage the business, to be able to -- face with the -- growth prospects and to be able to have funds for any eventuality. I don’t know if you can answer it. COOEC-Fluor Awarded Fabrication Contract for … I'll take that one. I speak on behalf of the board when we say we fully support this appointment for the CEO position and are confident he is the right person to lead our Company. ET. Calendar Earnings Calls Earnings Transcripts SEC Docs. You talked about margin being more like year-to-date, it seems like it’d be in that range. Fluor’s 2019 Sustainability Report highlights how we are making a lasting impact on the world. I just wanted to confirm how much zero margin work is left in the backlog as of the third quarter and how much is expected to be remaining going into 2021. The project successfully negotiated an extension of time order with the client mitigating risk of schedule damages. Thank you, operator. Fluor Corporation (FLR) CEO Carlos Hernandez on Q3 2020 Results - Earnings Call Transcript. Thank you. Any context you can provide there on that? How much is it commodity price? Okay. Given the ongoing pandemic and the commodity price fluctuations, we have seen a lot of the large mining projects we were expecting to be awarded in 2020 and 2021 get delayed. At that time, you will all get a chance to hear from David and the management team about their priorities and the actions that will move this Company in 2021 and beyond. And with this question, I guess, the fact that the cash balance has been relatively stable over the last 12 months yet your backlog is under pressure in new orders. Okay. 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 Good morning, and welcome to the Fluor Corporation’s 3Q 2020 Earnings Conference Call. Recent call transcripts of Fluor Corporation. Download the investor presentation - earnings call slides. Yeah. 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. Read full article. Fluor: Q3 Earnings Insights. ET. So is there any higher probability especially if these commodity prices continue their current trend to see more of these EPC projects non-energy in 2021 and beyond? 2019-08-02 seekingalpha.com - Good day, and welcome to the Fluor Corporation’s Second Quarter 2019 Earnings Call. Thanks. I know that's probably too high, but it just has meaningful implications for 2021. Can you flush out what are the company's strengths in some of those areas that are obviously not driving the P&L currently, but could be interesting if we do see alternative energy technologies going forward? This is particularly evident when you look at the Infrastructure segment. Pile capping, concrete foundations placement and paving has started for train one. But I think, Joe, could you…. So we have been focusing on execution as we said back then and pay dividends. So we expect to see growth in Government, ATLS and even mining as we proceed into next year. Joe? Ongoing COVID impact and travel restrictions in China are hampering the progress, but mitigation actions are being taken. Moving on to our Mining & Industrial segment. As previously mentioned, we are planning a strategy game in early 2021. How do we see that split as this business could be the big contributor to profit as well? No, I can speak to the cash side of it. 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. 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 … Fluor Corp Q3 2017 Earnings Call Transcript. 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. We'll take our next question from Jamie Cook with Credit Suisse. 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. And thanks to all of you for participating on our call today. Furthermore, we continue to have extensive and ongoing communications with our banking community. 20? Fluor is now current with its financials. Fluor Corp. (FLR) Q3 2020 Earnings Call Transcript December 10, 2020 December 10, 2020 Fluor Corp (NYSE: FLR) Q3 2020 earnings call dated Dec. 10, 2020 Corporate Participants: Jason Landkamer -- Director, Investor Relations Carlos M. Hernandez -- Chief Executive On an adjusted basis, the company reported earnings, BlackRock (NYSE: BLK) reported fourth-quarter 2020 financial results before the regular trading hours on Thursday. We have a credit risk on a project in Mexico and then we have a loss on the transaction versus here at Fluor, which we would consider to be non-recurring events at the end of the day. As Carlos has put us on a stable operating platform, the board recognized that it was time for the succession to allow us to move forward with a CEO that will own the forward strategy for the next time frame. Only about 7% of our projects are closed with the rest operating at normal, intermediate or limited capacity. Thank you. So we don't think that will change at all. Now moving to Slide 4. 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. And without divulging what that number is, we'll be north of that number in terms of real cash savings for the year. 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? Moving to capital structure and liquidity. With us today are Alan Boeckmann, Fluor’s Executive Chairman; Carlos Hernandez, Fluor’s Chief Executive Officer; and Joe Brennan, Fluor’s Chief Financial Officer. Delta Air Lines (NYSE: DAL) reported fourth quarter 2020 earnings results today. ATLS going very well. So we're on our way. We are monitoring restrictions in various states and countries with rising cases, and we'll keep you updated on any major impacts to our business that we might see. Carlos M. Hernandez -- Chief Executive Officer. I understand that’s kind of normal course of the business. So just maybe some of those observations to set things up as we look towards ’21 and beyond? 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. 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. And then just…. Fluor slips after Q3 miss; says current with all financial filings SA Breaking News 12/10 08:26 ET. 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. I don’t have the percentages. 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 that number may look or change as we get into discussions in Investor Day. [Operator Instructions] We’ll go ahead and take our first question from Andy Kaplowitz with Citi. And considering the new pockets of infrastructure build out over the next 10 years will be different from what we've seen in terms of heavy energy investment over, call it, the prior '20. This was achieved across the Government Group with the largest increases in Strategic Petroleum Reserve, Portsmouth and Savannah River. Fluor EPS misses by $0.09, misses on revenue SA Breaking News 12/10 06:54 ET-- Earnings Flash … August 2, 2019, 8:23 a.m. 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. I think you can assume that there will be a focus on that. We’ll take our next question from Steven Fisher with UBS. Logo of jester cap with thought bubble. 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. 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. 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 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? 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. I mean, you’ve talked about these mining projects in the past. Yeah. I just wanted to follow-up on Andy's question on the E&C margins, because Joe, I think if you take the year-to-date, do you know any mean, I don't know if that's necessarily reflective because I think you had some charges in the first quarter and it implied probably more like a 3% margin. The Flour-led JV is 98% complete with engineering and construction in Tengiz is over 50% complete. Today's call is being recorded. And I think that the discussions are very collaborative for the most part. Fluor Corp (NYSE: FLR) Q2 2019 Earnings Call Aug 1, 2019, 5:30 p.m. Neither the information nor any opinion expressed in this transcript constitutes a solicitation of the purchase or sale of securities or commodities. But really any of the new work that's going into the infra side of the business has just been booked in the previous quarter. Revenue and segment profits were negatively impacted as execution activities will deferred on a few large mining projects due to the COVID-19 pandemic. That's super helpful. Today's conference is being recorded. Good morning, and welcome to the Fluor Corporation 3Q 2020 Earnings Conference Call. Major construction activities include seven modules on foundations, completion of metering stations and continued completion of power and control scopes. And thanks to all of you for participating on our call today. Thanks, Carlos, and good morning, everyone. MotleyFool 30d. Sean Eastman -- KeyBanc Capital Markets -- Analyst. Contents: Prepared Remarks. Mr. Hernandez, at this time, I will turn back the conference to you for any additional or closing remarks. Motley Fool Transcribers (MFTranscribers) Dec 10, 2020 at … And Carlos, thanks for all your help throughout this as well. Turning to Slide 3. Yeah. And just one last clarification, I know you were talking about the potential to resolve COVID project delays. I don't have the percentages. So we have been focusing on execution as we said back then and pay dividends. Questions and Answers Fluor: Q3 Earnings Insights Yahoo 12/10 07:37 ET. Fluor Q3 2010 Earnings Call Transcript. Questions and Answers. We remain committed to the health and safety of our employees and communities where we work. Thanks, Carlos, and good morning, everyone. Jamie, with respect to your other question, your second question, we have been talking to customers really all along during this pandemic. So I would suggest that’s probably a better number to utilize moving forward. 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. We are seeing we are going through those processes. I’m wondering if we could just take a step back and talk about the balance sheet going forward now that the cash outflows are ramping up on the problem projects. Number one, Carlos mentioned the NRC approval, that’s clearly one of the biggest ones. And Sean, you’re talking about the lost projects, if you will, that we’re pulling into ’21? Is some pretty big milestones can we anticipate on that front, whether it’s a new project or more support on the development or investment side? We saw the strong performance across our business lines this quarter, and have not taken any material project execution charges in the first three quarters of 2020. Yeah. Any opinion expressed in the transcript does not necessarily reflect the views of AlphaStreet, Inc. © COPYRIGHT 2020, AlphaStreet, Inc. All rights reserved. The firm engages in the provision of engineering, procurement, construction, fabrication and modularization, operations, maintenance and asset integrity, as well as project management services, on a global basis. And I think the position that we’re in now that Carlos has gotten us to will allow us to start slowly at first, but to gain momentum and in a staged process for a very strong forward strategy together. Revenues were C$160.5 million, an increase of 33% compared to the previous year. I don't think any client is denying entitlements, but clients obviously will negotiate with us in terms of the amount and to scheduling cost. Fluor last issued its earnings data on December 10th, 2020. Good day and welcome to Fluor Corporation's Second Quarter 2019 Earnings Call. But the Direct Finance Corporation of U.S. announced lifting their prohibition on lending for nuclear projects internationally. 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. Contents: Prepared Remarks. That is an area that we anticipate will have lots of opportunities for us as well. Is it Justin, sorry? Good morning, and welcome to the Fluor Corporation 3Q 2020 Earnings Conference Call. Contents: Prepared Remarks. As we think about 2021, we will be starting from a lower backlog as we have worked down our existing backlog with much lower awards replacing them this year. Seeking Alpha 30d. But with respect to Government, we are very well positioned in the DOE space, for example. Given the ongoing pandemic and the commodity price fluctuations, we have seen a lot of the large mining projects we were expecting to be awarded in 2020 and 2021 get delayed. Most foreign currency strengthened against the U.S. dollar in the quarter, resulting in the previously mentioned foreign currency loss of $30 million, which is driving up the corporate G&A expense. de C.V. February 24, 2017 at 11:00 a.m. Eastern regions of our operations. The following Fluor conference call took place on May 5, 2016, 05:30 PM ET. Well, in Energy & Chemicals, we didn’t specifically mention this today, I just want to mention now. Okay, thanks. Earnings. 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. The web replay will be available for 30 days. It was good working with you. Yeah. Good morning, everyone. Yeah. 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? Ongoing COVID impact and travel restrictions in China are hampering the progress, but mitigation actions are being taken. We are monitoring restrictions in various states and countries with rising cases, and we’ll keep you updated on any major impacts to our business that we might see. Thank you. 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. Actually, obviously, the clients understand that COVID is impacting our projects. It sounds like your customers are not necessarily waiting for any strategy, but could you just talk a little bit more about what really is the thinking and driver of the project deferrals? We have also maintained strong liquidity and have completed a very detailed investigation. Image source: The Motley Fool. Carlos took over this company and quickly back to work stabilizing our business and positioning the company for growth going forward. News; Products. But I do think it's going to be -- I think it is exciting, the opportunities that we have in front of us. If not, I'll keep going. At this time, all participants are Sure. I’ll answer it maybe holistically, and we’ll probably get into the LNGC call — or question maybe a little bit later in February when we talk about it. Also, it was a pleasure working with you. We are seeing we are going through those processes. 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? I think you guys mentioned that $500 million number for the Infrastructure segment, specifically. 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. You got the $18 million from the Jamaica piece, which was obviously a small piece. 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? We've had improvement in execution as it relates to those problem projects. And again, it's not necessarily the same business group that was in the past. In terms of cash, we're on plan as well. A telephone replay will also be available for seven days through a registration link, also accessible on Fluor's website at investor.fluor.com.