10 December 2020: Q3 2020 Earnings Call Transcript Q4 2019. Good morning. Today's conference is being recorded. Second one is just on the AMECO sale. As we have previously discussed, in the third quarter, we terminated our contract with the Maryland Department of Transportation for the Purple Line project. Jason Landkamer -- Director, Investor Relations. We've had improvement in execution as it relates to those problem projects. ET. Additionally, I think, it's important to note even again in this call that Fluor has not taken any significant project charges in the last nine months. Can you give us a little more color into how you and your customers are adjusting to COVID-related delays, especially in your problem projects? Is it likely that the cash balance comes down, gets drawn down through 2021? And he is looking forward to reconnecting and with the rest of the investment community soon. And Alan, I would think that the incoming administration would be net positive toward this, I would think, given decarbonization, but I don't know if you have any observations there? 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. A telephone replay will also be available for seven days through a registration link, also accessible on Fluor’s website at investor.fluor… And I'll echo the sentiment. And now, I'll turn the call over to Joe to provide a financial update. Fluor Corporation's (FLR) CEO Carlos Hernandez on Q2 2019 Results - Earnings Call Transcript | Seeking Alpha. Good day and welcome to Fluor Corporation's Second Quarter 2019 Earnings Call. (Ope rator 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. I really appreciate it. And then you guys had previously talked about getting that domestic readily available cash balance up to sort of the $1 billion level. 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. 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. I don’t want to have to scoop David Constable here. The Flour-led JV is 98% complete with engineering and construction in Tengiz is over 50% complete. Thanks a lot, Carlos, and best wishes to you. Justin Hauke -- Robert W. Baird & Co. -- Analyst. The site activities are progressing while maintaining all COVID-19 recommended and required measures and mitigations. Fluor’s 2019 Sustainability Report highlights how we are making a lasting impact on the world. In fact, we had set a target of $100 million. At this time, all participants are We'll take our next question from Steven Fisher with UBS. We remain committed to the health and safety of our employees and communities where we work. January 08, 2020 04:20 PM Eastern Standard Time . Good morning, and welcome to the Fluor Corporation’s 3Q 2020 Earnings Conference Call. Call Participants. In the meantime, I’ve been working closely with David to ensure a smooth transition. And we look forward to speaking with the investment community on a more regular and consistent cadence going forward. As Carlos mentioned, with today's filing, we are now current with all financial filings and debt requirements. Our cash balances are kind of a function of a number of the initiatives that we've put into place, the least of which is the bidding principles and what is going into backlog and the cash that it's generating, I think one. The timing is the issue and getting these projects onboard as well as investors onboard is taking a lot of our attention. Fluor Corp (FLR) Q3 2020 Earnings Call Transcript The Motley Fool. Generally, the company reports earnings in line with the consensus. 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. But what’s the dollar amount now associated with the problem projects that’s in backlog? 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. You can see this reflected in this quarter’s results from discontinued operations. 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. ET Prepared … Earnings. 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. 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. Image source: The Motley Fool. Pile capping, concrete foundations placement and paving has started for train one. Questions and Answers. Yeah. And so we're very close to them. Fluor EPS misses by $0.09, misses on revenue SA Breaking News 12/10 06:54 ET-- Earnings Flash … Fluor helps clients meet their sustainability goals with a relentless focus on caring for people, communities and the environment. Like I said before, it's not something we can negotiate all at once because situation or the effects are pretty lengthy. 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. Okay. No, I can speak to the cash side of it. Michael Feniger -- Bank of America Merrill Lynch -- Analyst. And we’ve seen over the last — even during this last administration, a very strong bicameral support for this effort. Questions and Answers. Turning to Slide 3. Questions and Answers How much is COVID? 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. Is that something that we should be thinking about going forward? I'll take the question. This was achieved across the Government Group with the largest increases in Strategic Petroleum Reserve, Portsmouth and Savannah River. I think mining may be a little bit later coming up, but we're very bullish on mining as well. We will now take our final question from Michael Feniger with Bank of America. I don't have the percentages. Call Participants. No, that's helpful. Thanks, Jason, and good morning, everyone. So that number may look or change as we get into discussions in Investor Day. 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? FLR earnings call for the period ending September 30, 2020. Business Wire. I mean, you've talked about these mining projects in the past. Quarterly Results Earnings per share were down 80.00% over the past year to $0.14, which ... Business Wire - 1 month ago. Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show, and premium investing services. This is particularly evident when you look at the Infrastructure segment. Jerry, I’d be glad to talk about that. 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. But I think, Joe, could you…. Can you guys still hear me? 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 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. Got you. Thanks. And a follow-up, Carlos. 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. And do you have a sense of where backlog could actually bottom or stabilize and when? 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 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. T think that we should be more on the 5 % margin increase of 33 % compared Analyst. 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