Thank you, operator, and welcome to Fluor’s third quarter 2020 conference call. Good morning, gentlemen. Several of our larger clients are slowing work to ensure they can meet their year end cash flow obligation. With respect to oil and gas, obviously, oil prices are a big form factor there. And then obviously commodities have been rising relatively recently here. Well, in terms of earnings, we’re on plan. But I just wanted to understand how much of that zero margin work sort of rolls off and becomes a margin tailwind into 2021? ET. During this call, we may discuss certain non-GAAP financial measures. Good afternoon, and welcome to the Fluor Corporation's First Quarter 2019 Earnings Conference Call. 2019-08-02 seekingalpha.com - Good day, and welcome to the Fluor Corporation’s Second Quarter 2019 Earnings Call. 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. I think it varies by business segment. And so that $200 million is nominally somewhere between $50 million to $75 million at this point. We're burning some of that backlog, obviously, we're not replacing the entire backlog. Today's conference is being recorded. This is particularly evident when you look at the Infrastructure segment. 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. And then, it’s impressive, as you guys mentioned, no product charges on execution in the last three quarters yet. Okay, that’s fair. Mr. Hernandez, at this time, I will turn back the conference to you for any additional or closing remarks. Thank you very much. Any context you can provide there on that? There's lots going on there. Yeah. 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. NYSE; Przemysł; Construction & Engineering; Recent call transcripts of Fluor Corporation. Hi. And I think also it is starting to make our mark in those industries where we can see potential growth. 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? Yeah. 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. Operating revenues fell 65% year-over-year to $4 billion. I strongly believe I'm leaving the company stronger and more resilient than when I was named CEO in May of 2019. And now, with that operator, we will open the line for questions. But the Direct Finance Corporation of U.S. announced lifting their prohibition on lending for nuclear projects internationally. Pile capping, concrete foundations placement and paving has started for train one. 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? 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. Prepared Remarks: Operator. 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. And we’ve seen over the last — even during this last administration, a very strong bicameral support for this effort. And even year-to-date, the cash from ops, it looks like the $144 million is up from a year ago, even with some of the losses that you guys talked about this year. Great. 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. Our team around the world has worked tirelessly over the last several months to get us to this point, and we are proud and grateful for the diligence and hard work. Turning to Slide 7. While we continue to work on site, the priority continues to be the safety and well being of our people. No, it's difficult at this point because they're all running at kind of zero margin at this point for the lost projects. Questions and Answers. We've had improvement in execution as it relates to those problem projects. And then later on when we're in a position to assess additional impacts, we'll negotiate back. We are seeing we are going through those processes. We believe that's a reasonable expectation. Cumulative Growth of a $10,000 Investment in Stock Advisor, Fluor Corp (FLR) Q3 2020 Earnings Call Transcript @themotleyfool #stocks $FLR, 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, 5 No-Brainer Stocks to Buy if Joe Biden Wins in November, Copyright, Trademark and Patent Information. A telephone replay will also be available for seven days through a registration link, also accessible on Fluor’s website at investor.fluor.com. That’s helpful. And we've seen over the last -- even during this last administration, a very strong bicameral support for this effort. 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. And now, with that operator, we will open the line for questions. I think they are very comfortable, especially our oil and gas customers are very much — have expressed to us very much the desire for us to be available to them as a contractor that can execute their large capital projects. Fluor Corp (FLR) Q3 2020 Earnings Call Transcript. 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. But right now, we’re looking at about $0.5 billion projects that we’re continuing to execute from the previous two, three years that will flow into ’21. Now turning to Slide 6. We have a lot of strength in the company. 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. But right now, we're looking at about $0.5 billion projects that we're continuing to execute from the previous two, three years that will flow into '21. Thank you. I'll take the question. I'd like to now speak a bit about the CEO succession. 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. 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. This transcript is produced by AlphaStreet, Inc. But the Direct Finance Corporation of U.S. announced lifting their prohibition on lending for nuclear projects internationally. We are proactively ensuring our people have the mental and physical support they need to remain resilient and keep our business moving forward. Yeah. I'll take the first one. So -- and they represent the lion's share of that balance. We greatly appreciate your support of Fluor. And it looks like actually maybe there was a rescoping going through the Q, but the reconciliation shows that maybe something came back in. I know that some of you remember David when he was last with the company. Although this agreement is subject to approval by the Maryland Board of Public Works, it will result in Fluor and its joint venture partners avoiding additional project costs. 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. The Motley Fool - FLR earnings call for the period ending September 30, 2020. Like I said before, it’s not something we can negotiate all at once because situation or the effects are pretty lengthy. 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. Good morning, everyone. Today's call is being recorded. FLR earnings call for the period ending June 30, 2019. In Energy & Chemicals, the segment continues to make progress on executing its backlog in a pandemic constrained environment. You can see this reflected in this quarter's results from discontinued operations. This segment includes the fixed price Radford and Warren projects that were previously part of the Government segment as well as our NuScale initiative. As previously mentioned, we are planning a strategy game in early 2021. Fluor Corp (FLR) Q3 2020 Earnings Call Transcript. Is it likely that the cash balance comes down, gets drawn down through 2021? Yeah. Quarterly Results Earnings per share were down 80.00% over the past year to $0.14, which ... Business Wire - 1 month ago. I understand that’s kind of normal course of the business. 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? 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. 108.44K Followers. He has a deep understanding of our operations and opportunities and has a particular focus on effective risk management. We'll take our next question from Justin Hauke with Robert W. Baird. And he brings a unique combination of deep insight into Fluor and an outsider’s perspective. Yeah. That concludes today's question-and-answer session. So the project side is starting to look good, but also we’re having very serious discussions with investors. Contents: Prepared Remarks. (Operator Instructions) A replay of today's conference will be available at approximately 10:30 a.m. Eastern time today, accessible on Fluor's website at investor.fluor.com. 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 don't want to have to scoop David Constable here. So just to follow-up on Jamie’s question about the project deferrals and activities. Fluor Corporation to Hold 2019 10K Earnings Conference Call IRVING, Texas--(BUSINESS WIRE)--Fluor Corporation (NYSE: FLR) will hold a conference call to review results for its 2019 10-K for the period ended December 31, 2019. 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 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? The company reported a GAAP net loss of $755 million, Aphria Inc. (NYSE: APHA) reported second-quarter 2021 earnings results on Thursday. And now, I'll turn the call over to Joe to provide a financial update. I mean, you’ve talked about these mining projects in the past. Fluor Corp. operates as a holding company. So we expect to see growth in Government, ATLS and even mining as we proceed into next year. Fluor is now current with its financials. In August, we announced that NuScale received final design certification by the NRC. 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. Good day and welcome to Fluor Corporation's Second Quarter 2019 Earnings Call. 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