I think you can assume that there will be a focus on that. ATLS going very well. Moving to Slide 10. And then I guess my second question just is on the bookings outlook, understanding COVID has implications. 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. And then, it’s impressive, as you guys mentioned, no product charges on execution in the last three quarters yet. Thanks a lot, Carlos, and best wishes to you. We’ll take our next question from Sean Eastman with KeyBanc Capital Markets. The changes we made in this company were necessary to set us up for the next chapter. Fluor Corp (FLR) Q3 2020 Earnings Call Transcript The Motley Fool. And then in the Infrastructure segment, I wonder if you can just give us a sense of how the mix of legacy projects versus newer projects will trend over the course of the year, and it sounds like the legacy ones will become a smaller piece. Although we did see increased project execution activity on our LNG project, the effects of COVID and normal project adjustments were reflected in Q1 because of our delayed reporting schedule this year. And again, we've mentioned -- we mentioned mining. That concludes today's question-and-answer session. But I guess how advanced is that first half '21 expectation? Thanks. Like I said before, it’s not something we can negotiate all at once because situation or the effects are pretty lengthy. 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. While this sale is still progressing, the pandemic has slowed progress on getting this transacted. And Carlos, thanks for all your help throughout this as well. We've had improvement in execution as it relates to those problem projects. What we did take out of backlog was $543 million. There is no question that there will be compensation to the contractor for impacts beyond our control. And now, I'll turn the call over to Joe to provide a financial update. But what’s the dollar amount now associated with the problem projects that’s in backlog? Over 50 Finance December 10, 2020 comments off. Yes, hi. There’s lots going on there. 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. Contents: Prepared Remarks. In terms of the backlog, we’re going to — where are we now today, Joe? The web replay will be available for 30 days. So just to follow-up on Jamie’s question about the project deferrals and activities. And Alan, I would think that the incoming administration would be net positive towards this, I would think, given decarbonization, but I don’t know if you have any observations there? Thank you, operator, and welcome to Fluor’s third quarter 2020 conference call. (Photo: Business Wire) Today's conference is being recorded. Thanks for squeezing me in. David held various leadership positions at Fluor from 1982 to 2011, and has also been a member of our board since 2019. Results for the quarter includes $30 million of foreign currency transaction losses, $22 million of NuScale expenses and $19 million of internal investigation expenses. During this call, we may discuss certain non-GAAP financial measures. 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. The Radford project is nearly complete with the site teams rapidly working off to punch list items. Right now, we’re nominally about $500 million that we’re going to be pulling from previous backlog into 2021 and beyond. And we’re in the process of resolving some of those to this point in time. There were no significant charges incurred in the third quarter. 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. Call Participants. ET. We can flex the level of personnel at our offices as local restrictions and community spread of the virus changes. I guess, how many other projects out there right now that there are some need for resolution? I hope that answers your question. And again, it's not necessarily the same business group that was in the past. Fluor last issued its earnings data on December 10th, 2020. The web replay will be available for 30 days. ET Prepared … Revenue and segment profits were negatively impacted as execution activities will deferred on a few large mining projects due to the COVID-19 pandemic. If you go back into the 3% -- nominally 3.1% run rate in E&C and you view some of the impacts that are dragging that number down to the 3%, they're really non-recurring issues. As of today, we are over 19,000. I think to the extent that I mentioned earlier, Michael, that we are executing our loss provision projects more effectively and efficiently than we had anticipated back in September have all been benefits. 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. And then maybe one more quickly for Joe. Is it Justin, sorry? [Operator Instructions] A replay of today’s conference will be available at approximately 10:30 AM Eastern Time today, accessible on Fluor’s website at investor.fluor.com. In May, the … Fluor Corp (NYSE:FLR) Q3 2020 Earnings Call Dec 10, 2020, 8:30 a.m. But I’m going to let Alan take that one. To date, impacts from COVID have been relatively modest and schedule impacts have been effectively mitigated. Thank you, operator. 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. We're burning some of that backlog, obviously, we're not replacing the entire backlog. And generally speaking, we are negotiating with the clients on the effects of the COVID impacts, both as to schedule and as to cost. Its revenue for the quarter was down 17.8% compared to the same quarter last year. Image source: The Motley Fool. Second one is just on the AMECO sale. 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? 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? How much is it commodity price? While we do see a pipeline of projects, we will only pursue the ones that fit our revised criteria as we focus on delivering consistent profitability. And do you have a sense of where backlog could actually bottom or stabilize and when? I think the — several things have happened over the last six months that have been incredibly positive for the NuScale business and its development. 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. 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 can -- when complete, this will be one of the world's largest oil refining facility. Yeah. Any way you guys can kind of frame that for us and how to think about that and timeline? Jamie, with respect to your other question, your second question, we have been talking to customers really all along during this pandemic. So we wouldn't come off of that $200 million range. The cash balance of $2 billion is impressive that it’s got that level. Yeah. Mr. Hernandez, at this time, I will turn back the conference to you for any additional or closing remarks. Any context you can provide there on that? I guess, I mean, I understand you're not being pushed back. 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 Okay. Fluor Corporation to Hold Fourth Quarter & Year End Earnings Conference Call. And also maybe in the Government and Diversified Services, maybe a bit of some observations on recompetes, opportunities to grow backlog and generate better work in those two end markets. And the changes he put in place have quickly filtered across the Company. FLR earnings call for the period ending September 30, 2018. Warren has had an effective construction campaign through the summer and fall weather window, overcoming early design complications and making substantial progress with early structural work. I’ve got two here. Hi. And now, with that operator, we will open the line for questions. The module offloading facility, all roads and bridges required to transfer the modules to site will be ready in advance of receiving the first module in 2021. Right now, we're nominally about $500 million that we're going to be pulling from previous backlog into 2021 and beyond. But it’s the balance sheet now that’s our strong focus. And that's also true in the advanced technologies and life sciences, where we're actually working on some COVID-related facilities as well as other pharmaceutical-type of projects. Good day and welcome to Fluor Corporation's Second Quarter 2019 Earnings Call. We’re very pleased with the execution of all of our projects given what we took over in May of ’19. In Government, third quarter reflects the return to a near normal results driven by solid performance and active management of work levels despite the global pandemic compared to the second quarter. How big of an opportunity is it to rightsize the cost structure and rightsize the footprint? Yeah. Okay. Okay. Fluor Corp (NYSE: FLR) Q2 2019 Earnings Call Aug 1, 2019, 5:30 p.m. Is that something that we should be thinking about going forward? FLR earnings call for the period ending September 30, 2018. We believe that’s a reasonable expectation. Michael Feniger -- Bank of America Merrill Lynch -- Analyst. Fluor Corp (FLR) Q3 2020 Earnings Call Transcript The Motley Fool. Thanks. We now anticipate that we will divest this business in the first half of 2021. 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. I'll now turn the call over to Carlos Hernandez, Fluor's Chief Executive Officer. Well, in terms of earnings, we’re on plan. 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? 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. So we have been focusing on execution as we said back then and pay dividends. Okay, thanks. We’ll take our next question from Michael Dudas with Vertical Research. So we expect to see growth in Government, ATLS and even mining as we proceed into next year. During today’s presentation, we will be making forward-looking statements, which reflect our current analysis of existing trends and information. And then maybe one more quickly for Joe. As an investor, I look forward to seeing great things in Fluor’s future. We're very pleased with the execution of all of our projects given what we took over in May of '19. During today's presentation, we will be making forward-looking statements, which reflect our current analysis of existing trends and information. And then later on when we’re in a position to assess additional impacts, we’ll negotiate back. Prepared Remarks: Operator. 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. And we thank you for your patience as we confronted the challenges of 2020. Thanks for that question. Thanks, Jason, and good morning, everyone. 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. How do you guys feel about in general NuScale going into '21? Up in Kitimat, progress continues to be made on the LNGC, LNG Canada project, despite ongoing challenges presented by the government imposed restrictions due to the COVID-19 pandemic. But your initial margin guidance for E&C before you had to pull it was 3% to 5% margin. And then, it's impressive, as you guys mentioned, no product charges on execution in the last three quarters yet. It’s a very good question. Over the past two months, we have started to see volumes increasing after lockdown down restrictions lifted, especially in Europe and Latin America. So we don’t think that will change at all. 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? Specifically, in Energy & Chemicals, it’s important to note that our higher than normal operating margins for Q3 do not properly represent our performance in the quarter. It was good working with you. The public is invited to listen to the conference call on Friday, September 25, 2020, at 8:30 a.m. Eastern time with Executive Chairman Alan Boeckmann, Chief Executive Since we last spoke, we have been -- we have seen our projects continue to come back online and recover from the initial rounds of regulatory lockdowns and COVID cases. Hi, gentlemen. 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. 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. Conference Call Transcript The following Fluor conference call took place on July 30, 2015, 05:30 PM ET. But I would suggest that if I give you guidance around what that run rate may look like going forward, I'd say somewhere between $35 million to $45 million at this point. And that's going to be a very important part of the going forward strategy. This transcript is provided as is without express or implied warranties of any kind. The banking giant reported a 13% growth in Q4 revenue to $4.48 billion, surpassing the, © 2020 AlphaStreet Inc. All Rights Reserved, DAL Earnings: All you need to know about Delta Air Lines Q4 2020 earnings results, Aphria Inc. (APHA) reports Q2 2021 Earnings. The company earned $3.80 billion during the quarter, compared to analyst estimates of $3.96 billion. Fluor slips after Q3 miss; says current with all financial filings . New awards for the quarter include a cell-based influenza vaccine manufacturing facility in Australia. And now moving to our Other segment on Slide 8. MotleyFool 30d. I know that some of you remember David when he was last with the company. So I think I don’t want to be able to — don’t really want to say much more, but those are our main goals going through the strategy session. 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. Actually we've viewed a number of prospects in the mining area as we have a process of very disciplined about how we guide on whether to bid a project or not to bid a project and then what we submit as a proposal. The site preparation and piling work for train one is complete, and train two is well underway. And that would be a better thought process around how you could view E&C moving forward. So I'm going to save for David and his team to unveil in our Investor Day coming up in early 2021. 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. The problem is that obviously we don’t know what the final COVID impacts are going to be until we get past the pandemic. Jerry, I’d be glad to talk about that. At this time, all participants are The web replay will be available for 30 days. We expect to see margins increase as we wrap up these projects and are working through a healthier backlog. In August, we announced that NuScale received final design certification by the NRC. So yes, I'm optimistic that mining will actually begin to resurface as a major activity area for us. Fluor Corp (NYSE: FLR) Q3 2018 Earnings Conference Call Nov. 01, 2018, 5:30 p.m. In Kuwait, Crude has started pumping through the Al-Zour Refinery ahead of commissioning. We are very well progressed in discussions on the North American side and continue to develop a transactional strategy for the South American side. Investor Relations Home > About Fluor > Investor Relations > Quarterly Earnings … ET. 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. 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%? And then in terms of — maybe just to pick up on the strength of the company along the areas where there is perceived growth, hydrogen infrastructure, obviously copper, you alluded to. Good morning. Our overall segment profit margin of 3.4% for the quarter is evidence of the work we have done over the last 18 months to stabilize the business. I'd like to now speak a bit about the CEO succession. We’ll take our next question from Jerry Revich with Goldman Sachs. Fluor Corporation (NYSE:FLR) Q1 2019 Earnings Conference Call - Final Transcript Ladies and gentlemen, please standby. Joseph L. Brennan -- Executive Vice President, Chief Financial Officer. We will now take our final question from Michael Feniger with Bank of America. This project has now been removed from our backlog. 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. But -- so, I'm going to be very general. Thanks. He has a deep understanding of our operations and opportunities and has a particular focus on effective risk management. I'll try turning it over again so my colleagues get a chance. Fluor slips after Q3 miss; says current with all financial filings SA Breaking News 12/10 08:26 ET. In terms of cash that we’re going to spend, go ahead and answer. Thank you very much. Fluor Corp (NYSE:FLR) Q3 2020 Earnings Call Dec 10, 2020, 8:30 a.m. Alan, how are you and the board thinking about the balance sheet going forward? We'll take our next question from Sean Eastman with KeyBanc Capital Markets. And he brings a unique combination of deep insight into Fluor and an outsider’s perspective. So it’s still — we’re working with the clients on some of these projects and have already reached some preliminary resolutions, which are favorable, but we still have a number of them to be resolved. 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. Fluor Corp Q4 2019 Earnings Call Transcript fool. But I'm just trying to understand how much bookings are being weigh down by customers waiting for you to come out with your sort of strategic update and which businesses will be of focus for now? Any context you can provide there on that? So we expect that that’s going to be a challenging area for a little while. 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. In terms of mining, commodity prices somewhat, but also COVID has impacted mining business maybe more than some of the other businesses. I understand that's kind of normal course of the business. That has gotten a lot of attention and has resulted in probably two fairly good opportunities to turn into projects here within 2021. Major construction activities include seven modules on foundations, completion of metering stations and continued completion of power and control scopes. The company reported a GAAP net loss of $755 million, Aphria Inc. (NYSE: APHA) reported second-quarter 2021 earnings results on Thursday. Recent call transcripts of Fluor Corporation. That's super helpful. But then we would have to do some weighted view relative to what we're putting into backlog. David held various leadership positions at Fluor from 1982 to 2011, and has also been a member of our board since 2019. de C.V. February 24, 2017 at 11:00 a.m. Eastern regions of our operations. So is that the way to think about E&C margin generally going forward? Questions and Answers Today's call is being recorded. Our cash balance at the end of the third quarter was $2.1 billion with 36% of that domestically available for use. Although we did see increased project execution activity on our LNG project, the effects of COVID and normal project adjustments were reflected in Q1 because of our delayed reporting schedule this year. Today's call is being recorded. On TCO, re-mobilization continues as the COVID situation in Tengiz and Western Kazakhstan has improved. All right. Conference Call Transcript The following Fluor conference call took place on February 18, 2016, 05:30 PM ET. It was good working with you. Currently, we will exit — for the $2.1 billion, about 36% of that is readily available domestic cash. What we did take out of backlog was $543 million. I don’t have the percentages. This represents a tremendous accomplishment during the current pandemic and eliminates a high profile project risk. I think you guys mentioned that $500 million number for the Infrastructure segment, specifically. If we just took the third quarter face value and adjust it for tax and G&A, it implies like a $0.50 number. Yeah. In fact, we had set a target of $100 million. Fluor Corp (FLR) CEO David Seaton on Q4 2018 Results - Earnings Call Transcript seekingalpha.com February 22, 2019 Edited Transcript of FLR earnings conference call or … The construction company reported $0.14 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.23 by $0.09. You got the $18 million from the Jamaica piece, which was obviously a small piece. The site activities are progressing while maintaining all COVID-19 recommended and required measures and mitigations. Thanks for that question, Andy. Good morning. I'd like to start by providing an update on the effects of the pandemic on our operations as well as discuss -- as we will discuss in greater detail. As with all our articles, AlphaStreet, Inc. does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company’s SEC filings. Well, in Energy & Chemicals, we didn’t specifically mention this today, I just want to mention now. [Operator Instructions] We’ll go ahead and take our first question from Andy Kaplowitz with Citi. Outside of NuScale, what are the company's capabilities today spilling the beans on the Strategy Day? Thanks. The other thing that happened is DOE announced $1.4 billion award, a grant award for the first nuclear project to use small molecular reactors, and right now that’s targeted for the U.S. project to drive it forward. We have a lot of strength in the company. SA Transcripts. There is an inherent risk that actual results and experience could differ materially. Prepared Remarks: Operator. Returns as of 01/14/2021. And now, with that operator, we will open the line for questions. 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%? Can we wake up in the middle of 2021 or end of 2021 when the vaccine’s out there, economy coming, yet there still are some litigation or charges? I know that some of you remember David when he was last with the company. And then you guys had previously talked about getting that domestic readily available cash balance up to sort of the $1 billion level. The web replay will be available for 30 days. (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. So we’re not taking in bad projects. Yeah. And so getting that done is an important step. And we are in the premier position to execute those projects. That’s super helpful. Read or listen to the conference call. Finally, we continue to see a COVID impact on our business. Sure. 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. Thank 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.