These charges impact a broad range of projects, including certain projects that remain profitable. Terry has been operationally responsible for 11 infrastructure projects over the last 10 years. Or did you have to kind of rush it at all to kind of be prepared for today? The last part of our review was regarding our current portfolio of businesses. But as we liquidate those assets, we'll have positive cash flow. And we'll take our next question from Jerry Revich with Goldman Sachs. View Second Quarter 2019 Earnings Slides 1.1 MB. We have identified our challenges and outlined what needs to be done. Prepared Remarks: Operator. To put it simply, we're focusing on profitability and cash generation. Fluor Corp (NYSE: FLR) Q2 2019 Earnings Call Aug 1, 2019, 5:30 p.m. I knew you said there could still be more risk in our backlog -- in your backlog. We've talked to our project people. Company Participants. As we think about heading into the strategic review discussion in two months, I would assume that, that's the starting point for the earnings power of the business, and then we'll look at strategic options from there. Good morning and welcome to Fluor Corporation's Fourth Quarter 2019 Year-End Conference Call. It requires additional work. The cash burn will be a portion of the losses we took. Q4. Today's call is being recorded. These include Texas, Arizona, California, Virginia and North Carolina. Now as Carlos said, it was a very intense effort. Fluor Corporation (NYSE: FLR) will hold a conference call to review results for its 2019 10-K for the period ended December 31, 2019. When the oil price dropped so precipitously several years ago, that's when the oil -- all of the oil companies moved strongly to cut their costs. But we have worked long and hard the last three months. We are committed to reversing this trend and strengthening Fluor's financial position. At this time, for opening remarks, I would like to turn the call over to Jason Landkamer, Director of Investor Relations. In my prior life, at quarter end, I would have one review with all the group CFOs and go through the numbers and make sure we were comfortable. Q2 2019 Fluor Corporation Earnings Conference Call. Jacqueline and Kimberly discuss their hands-on instrumentation training at the Fluor Craft Training Center. I guess the second question for me, there've been several other construction companies that are facing and struggling with productivity issues and cost revisions. But you should rest assured that we're looking at the entire portfolio. I expect to do everything again. If you would, I'll ask you to please turn to slide four. I guess my question is building on some of the cash and balance sheet questions and would probably be appropriate for Mike. Fluor Corp Q3 2020 earnings call dated Dec. 10, 2020Corporate Participants: Jason Landkamer — Director, Investor Relations. They do not mature until 2022. Good afternoon and good evening everyone. But to the extent that any of our -- that our strategic review results in some changes in how we handle our investments, and that might change, but we are -- that's a capability that we have that we're going to continue to offer, but we're not necessarily going to be limited to that. They see the damage has been done to the sector. Hi good morning. Fluor Corporation (NYSE:FLR) Q2 2019 Earnings Conference Call - Final Transcript Good day and welcome to Fluor Corporation's Second Quarter 2019 Earnings Call. All options are on the table, and we will tell you the results of this review on our September 24 call. We expect to include -- conclude our strategic review within the next 8 weeks and to explain our path forward in detail during a webcast on September 24 at 8:00 a.m. Eastern Time. Further, the first significant tranche of our long-term debt does not mature until 2023. Okay. It'll certainly be more than half, but it won't be the full amount of those charges. I just curious about your commitment to the integrated delivery model, how it could change? But we think we're well positioned to win work. We're doing a lot of things to generate cash. Let me start. So it's with that in mind, that I begin this discussion. Steve, they have worked their Chairman extremely hard. Just with regard to your analysis LNG Canada meeting kind of like your requirements, is that predicated on owning -- or the equity ownership in your fab yard? In the second quarter, we won a nine-month extension to the LOGCAP IV contract in Afghanistan. One of our first actions was to bring back Mike Steuert as CFO. So not all the actions that we took will result in negative cash flow. Alan Boeckmann — Executive Chairman. And then, are you actually in retrenchment mode? Next, I want to talk about our COOEC joint venture fabrication yard. But before we get to the quarterly results, I want to update the investment community about recent actions by the Fluor Board of Directors. These include expected corporate G&A expense of approximately $100 million, excluding restructuring charges and pension settlements, both of which are likely to be significant. This quarter, a Stork-led consortium was awarded a four-year framework agreement for plant turnaround services for Ecopetrol on two refineries in Colombia. For example, right now, we have a backlog of $35 billion. That doesn't mean that we're not going to pursue those change orders at a later date, but we thought it was prudent to do so at this time. ET. For example, where almost all the work is reimbursable. Related news from verified sources. Do the numbers hold clues to what lies ahead for the stock? We brought up a number of expats to augment our critical activity there. As you may have seen, Doosan Heavy Industries & Construction, along with Sargent & Lundy, have signed agreements to invest in NuScale. We're also moving forward with the Formosa Sunshine project in Louisiana. Or will it be cyclical when you let more people pull out of the business and takes up capacity, and then it will be a better situation? © 2020 Fluor Corporation. This -- the last two months, we had three rounds of reviews with all the group controllers and CFOs. Absolutely. Other than, obviously, the issues that we've reported today in your second quarter. 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. ET. ... EARNINGS SUMMARY: Details of Fluor Corp. Q2 Earnings Report. We brought them in. Fluor Corp (NYSE: FLR) Q2 2019 Earnings Call Aug 1, 2019, 5:30 p.m. I can assure you, Steve, every project that we have touched, we have gone thoroughly and deeply to it. And for the last three months, we have been relentless in looking into every aspect of what I've just outlined. Just, can you help us build a comfort level that there aren't another number of projects that we're monitoring that didn't meet the threshold where we took charges that, where it's possible, going forward. I'm sure that doesn't surprise you. Okay. Got it. Download, follow and add "Fluor Corporation" earnings calls to your podcast at EarningsCast. Strategically, as you look out, where do you see their roles potentially going versus yourselves? In addition to our cash, we have committed lines of credit of $3.5 billion. Stock Advisor launched in February of 2002. 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. Questions and Answers. The public is invited to listen to the conference call on Company Participants. ET. And I certainly expect those actions, plus ongoing cash management activities, where we're really looking at all of our excess real estate, we're looking at other assets that can be liquidated. Good afternoon, and welcome to the Fluor Corporation's First Quarter 2019 Earnings Conference Call. But again, we will have cash flow from our -- the rest of our operations offset a good portion of that. Okay. Unfortunately, one of these projects, South Louisiana Methanol, was indefinitely delayed by the client this quarter. Fluor Corporation (NYSE: FLR) today announced financial results for its third quarter ended September 30, 2019. On these projects that have the negative contract capital position? You suggested that the second half of the year could burn $200 million or $300 million and that there'd still be some burn into 2020. Fluor’s 2019 Sustainability Report highlights how we are making a lasting impact on the world. Please go ahead, Mr. Landkamer. You talked about real estate. In Mining, we're starting to see the FEED and feasibility work we have been completing over the last year come to fruition. We do have time for one more question. 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. We didn't give out specific numbers, but some of the charges relate to cost growth. We expect to see, in the second half of 2019, a reimbursable EPC award for the utilities, off-sites, infrastructures and logistics portion of this project. We're dedicating all of our resources to that project. We're not -- all those losses do not represent a cash burn. Aug. 1, 2019. With headquarters in Irving, Texas, Fluor has served its clients for more than 100 years. Do the numbers hold clues to what lies ahead for the stock? Joseph L. Brennan — Executive Vice President, Chief Financial Officer. We have a -- and we do have a dispute with a client, a claim there, which we have a legal basis to do -- to pursue. Please turn to slide five, please? Questions and Answers. Thank you. The web replay will be available for 30 days. On the 1st of May, the Board of Directors appointed me as Executive Chairman and Carlos as Chief Executive Officer. We took a $20 million -- $27 million restructuring cost last quarter, anticipating taking another $14 million in restructuring cost in the next two quarters. And where there any projects that took charges this quarter bid under that model? Like Alan, I returned to Fluor based on my loyalty to the company, and along with Alan and Carlos, I'm committed to returning Fluor to industry-leading performance. In the last couple of weeks, for example, we have made decisions not to bid projects that we probably would have bid previously. And finally, in E&C, you have heard us talk about two large methanol projects that we expected to win in 2019. All Rights Reserved. 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. We expect that the Lake Charles Methanol project will move forward early next year. That's a great question. What was before the new framework was implemented? Jason Landkamer - Director, IR. [Operator Instructions] A replay of today's conference call will be available at approximately 8:30 p.m. Eastern Time today, accessible on Fluor's website at investor.fluor.com. [Operator Instructions] A replay of today's conference call will be available at approximately Great. And should we expect, as we get into the first quarter and the first half of 2020, that we should see still a step up significantly in margins as you execute the LNG Canada project and get through some of the other things that are dragging on the margins? For lump-sum projects, the terms and conditions must have an appropriate allocation of risk between client and contractor. So I guess as a first question, you've got some interesting partners now on NuScale. As Carlos said, we are looking at all options, and we'll provide an update on our September 24 call. But for the fact that, that they all add up -- total adds up to about $55 million, and some of those projects that we've taken small charges are not even in a loss position. We have Mark Fields, who was there two days or three days after he got appointed Head of E&C. We'll take our last question from Andy Wittmann with Baird. Floor & Decor Holdings, Inc. Q2 2019 Earnings Call Aug 01, 2019, 4:30 p.m. Fluor (FLR) delivered earnings and revenue surprises of -36.54% and -10.22%, respectively, for the quarter ended June 2019. We also have some other -- for example, we have some other lump-sum project that we're pursuing, but those are negotiated lump-sum. We have already enacted changes in our bid/no bid process so that our future backlog will be comprised of high-quality projects with a contract structure and execution approach that will generate improved risk-adjusted margins. In infrastructure, we will focus our efforts in North America and continue to extend our presence in states where we have an established track record and strong DOT relationships. IRVING, Texas--(BUSINESS WIRE)--Sep. 22, 2020-- Fluor Corporation (NYSE: FLR) will hold a conference call to review results for its 2019 10-K for the period ended December 31, 2019. 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