fluor q1 2020 results

Fluor’s total revenue for the first quarter of 2020 fell marginally to USD4.1 billion. Actual results may differ materially as a result of a number of factors, including, among other things, the severity and duration of the COVID-19 pandemic and actions by governments, businesses and individuals in response to the pandemic, including the duration and severity of economic disruptions; Total segment profit (loss) $ and margin %, https://www.businesswire.com/news/home/20201022005202/en/. Revenue for the quarter was $4.1 billion and the net loss from continuing operations was $171 million or $1.22 per diluted share. Results for Q1 2020… Cautionary Statement on Forward Looking Information. Summary of Non-Cash Impairments and Charges, $169 million goodwill in Diversified Services, $86 million equity method investments in Energy & Chemicals segment, $27 million intangible customer relationships in Diversified Services segment, $16 million impairment of information technology assets, Established reserve on receivables and contract assets for certain joint venture clients in Mexico impacted by declining oil prices in the Energy & Chemicals segment, Impairment of assets held-for-sale, $12 million of which relates to goodwill write down, “As we previously disclosed, these impairments reflect the unprecedented impact of COVID-19 and related pressure on commodity prices,” said Carlos Hernandez, Fluor chief executive officer. Results for the quarter includes $30 million of foreign currency transaction losses, $22 million of NuScale expenses and $19 million of internal investigation expenses. Fluor’s 45,000 employees build a better world and provide sustainable solutions by designing, building and maintaining safe, well executed projects. New awards of $7.3 million in the first quarter reflect the company’s disciplined bidding protocols. Dow Jones Industrial Average, S&P 500, Nasdaq, and Morningstar Index (Market Barometer) quotes are real-time. q1 15 q2 15 q3 15 q4 15 q1 16 q2 16 q3 16 q4 16 q1 17 q2 17 q3 17 q4 17 q1 18 q2 18 q3 18 q4 18 q1 19 q2 19 q3 19 q4 19 q1 20 Service sales Last 4 quarters (right scale) Service business in … 469.398.7621 tel, Jason Landkamer Revenue for the quarter was $4.1 billion and net loss from continuing operations attributable to Fluor was $27 million, or $0.19 per share. The Other segment, which is comprised of NuScale and the Radford and Warren government projects, reported a loss of $22 million in the first quarter of 2020 compared to a loss of $26 million in the first quarter of 2019. As of the end of August 2020, Fluor’s cash balance was $2.1 billion and the company expects the cash balance to be approximately in that range through the end of the year. IRVING, Texas--(BUSINESS WIRE)--Fluor Corporation (NYSE: FLR) today announced financial results for its quarter ended March 31, 2020. Risk Factors" in the Company's Form 10-K filed on September 25, 2020. The company suffered a net loss from continuing operations of USD162 million, compared with a net loss of USD44 a year ago. Segment results include a $55 million reserve on receivables and contract assets for clients that were directly and materially affected by the impacts of COVID-19 and declining oil prices and $40 million for change in project positions due to COVID-19 schedule delays and associated cost growth. IRVING, Texas-- (BUSINESS WIRE)-- Fluor Corporation (NYSE: FLR) today announced financial results for its quarter ended June 30, 2020. Fluor Corporation (NYSE: FLR) today announced financial results for its quarter ended June 30, 2020. Fluor Corporation (NYSE: FLR) today announced financial results for its quarter ended September 30, 2020. Terms and Conditions Privacy Center Disclosures Member User Agreement Corrections Cookies, Q1 2020 loss per share from continuing operations of $1.22 reflects non-cash impairments and charges related to weak commodity prices and COVID-19, No material project adjustments in the first quarter of 2020; $52 million change in project positions due to the impact of COVID-19. Income after taxes . In February 2020, Fluor announced its intention to retain the government business, and will reflect its financial information in continuing operations starting with the first quarter of 2020. Summary of Non-Cash Impairments and Charges, $169 million goodwill in Diversified Services, $86 million equity method investments in Energy & Chemicals segment, $27 million intangible customer relationships in Diversified Services segment, $16 million impairment of information technology assets, Established reserve on receivables and contract assets for certain joint venture clients in Mexico impacted by declining oil prices in the Energy & Chemicals segment, Impairment of assets held-for-sale, $12 million of which relates to goodwill write down, “As we previously disclosed, these impairments reflect the unprecedented impact of COVID-19 and related pressure on commodity prices,” said Carlos Hernandez, Fluor chief executive officer. New awards of $1.6 billion included a large metals project in North America. 171. 2020 performance now expected to be better than original expectations, although the outlook for the balance of 2020 remains uncertain, with significant COVID-19 challenges across our markets; fuller update on plans and guidance at the Half Year Commenting on these results, Laxman Narasimhan, Chief Executive Officer, said: Fluor Corporation (NYSE: FLR) today announced financial results for its year ended December 31, 2019. We believe that total segment profit (loss) provides a meaningful perspective on our business results as it is the aggregation of individual segment profit (loss) measures that we use to evaluate and manage our business performance. Remaining backlog in the segment is $209 million. “Project adjustments during the quarter were primarily related to COVID-19. IRVING, Texas--(BUSINESS WIRE) --Fluor Corporation (NYSE: FLR) today announced financial results for its quarter ended June 30, 2020. Such filings are available either publicly or upon request from Fluor's Investor Relations Department: (469) 398-7222. SUMMARY FINANCIALS AND U.S. GAAP RECONCILIATION OF CONSOLIDATED SEGMENT PROFIT, Total segment profit (loss) $ and margin %(1), Impairment, restructuring and other exit costs, Earnings (loss) attributable to NCI from continuing operations, Earnings (loss) from continuing operations before taxes, Net earnings (loss) from continuing operations. Revenue for … HONG KONG, August 13, 2020 – Lenovo Group announced Group revenue in the first quarter of US$13.3 billion, up almost 7% year-on-year (up 10% year-on-year excluding currency impact). With headquarters in Irving, Texas, Fluor has served its clients for more than 100 years. Consolidated segment profit for the quarter was $61 million, compared to a loss of $393 million a year ago. +6.4%) –driven by Reinsurance and Industrial Lines Resilient Solvency II ratio (excl. Fluor Corporation (NYSE: FLR) today announced financial results for its quarter ended March 31, 2020. News Release. It’s FREE! The Company does not expect to file its annual report on Form 10-K for the period ended … We also use them to share usage information with our partners. Consolidated continuing operations for the first quarter of 2020 included non-cash impairments and charges of approximately $353 million to reflect the impact of weak commodity prices and COVID-19. Revenue for the quarter was $4.1 billion and net … Third Quarter 2020 Earnings Conference Call. Results include $9 million for change in project positions due to COVID-19 schedule delays. Revenue for the quarter was $4.1 billion and net loss from continuing operations attributable to Fluor was $27 million, or $0.19 per share. Additive manufacturing system OEM ExOne (NASDAQ: XONE) has announced financial results for the first quarter of fiscal 2020. Revenue for the quarter was $4.1 billion and the net loss from continuing operations was $171 million or $1.22 per diluted share. Fluor Corporation (NYSE: FLR) today announced financial results for its quarter ended March 31, 2020. Additional information concerning these and other factors can be found in the Company's public periodic filings with the Securities and Exchange Commission, including the discussion under the heading "Item 1A. While Fluor has suspended its guidance for 2020, the company expects to report second quarter results in approximately four weeks and third quarter results four weeks after that. The company suffered a net loss from continuing operations of USD162 million, compared with a net loss of USD44 a year ago. As of the end of August 2020, Fluor’s cash balance was $2.1 billion and the company expects the cash balance to be approximately in that range through the end of the year. Fluor Corporation (NYSE: FLR) today announced financial results for its quarter ended September 30, 2020. This news release contains a discussion of consolidated segment profit from continuing operations that would be deemed a non-GAAP financial measure under SEC rules. Revenue for the quarter was $4.1 billion and net loss from continuing operations attributable to Fluor was $27 million, or $0.19 per share. Government is now included as continuing operations in all financial results. Results from discontinued operations for 2019 were a net profit of $154 million, or $1.10 per diluted share, compared to $164 million, or $1.17 per diluted share a year ago. Fluor Corporation (NYSE: FLR) today announced financial results for its quarter ended June 30, 2020. Fluor Corporation (NYSE: FLR) today announced financial results for its quarter ended June 30, 2020. Fluor had revenue of $17.3 billion in 2019 and is ranked 181 among the Fortune 500 companies. © Copyright 2021 Morningstar, Inc. All rights reserved. The Energy & Chemicals segment reported a segment loss of $6 million in the first quarter of 2020 compared to a profit of $12 million in the first quarter of 2019. 469.398.7621 tel, Jason Landkamer The Diversified Services segment reported a segment profit of $5 million in the first quarter of 2020 compared to $9 million in the first quarter of 2019. New awards of $684 million included an extension to the LOGCAP IV contract as well as a project with the U.S. Air Force. Media Relations The Other segment, which is comprised of NuScale and the Radford and Warren government projects, reported a loss of $22 million in the first quarter of 2020 compared to a loss of $26 million in the first quarter of 2019. Fluor Corporation (NYSE: FLR) is a global engineering, procurement, fabrication, construction and maintenance company with projects and offices on six continents. Fluor Corporation (NYSE: FLR) today announced financial results for its quarter ended March 31, 2020. The company believes that consolidated segment profit from continuing operations provides a meaningful perspective on its business results as it is the aggregation of individual segment profit measures that the company utilizes to evaluate and manage its business performance. SUMMARY FINANCIALS AND U.S. GAAP RECONCILIATION OF CONSOLIDATED SEGMENT PROFIT, Total segment profit (loss) $ and margin %(1), Impairment, restructuring and other exit costs, Earnings (loss) attributable to NCI from continuing operations, Earnings (loss) from continuing operations before taxes, Net earnings (loss) from continuing operations. Fluor Reports Second Quarter 2020 Results. Actual results may differ materially as a result of a number of factors, including, among other things, the severity and duration of the COVID-19 pandemic and actions by governments, businesses and individuals in response to the pandemic, including the duration and severity of economic disruptions; the cyclical nature of many of the markets the Company serves, including the Company’s Energy & Chemicals segment; the Company's failure to receive new contract awards; cost overruns, project delays or other problems arising from project execution activities, including the failure to meet cost and schedule estimates; failure to remediate material weaknesses in our internal controls over financial reporting or the failure to maintain an effective system of internal controls; failure to prepare and timely file our periodic reports; the restatement of certain of our previously issued consolidated financial statements; intense competition in the industries in which we operate; failure to obtain favorable results in existing or future litigation and regulatory proceedings, dispute resolution proceedings or claims, including claims for additional costs; failure of our joint venture or other partners, suppliers or subcontractors to perform their obligations; cyber-security breaches; foreign economic and political uncertainties; client cancellations of, or scope adjustments to, existing contracts; failure to maintain safe worksites and international security risks; risks or uncertainties associated with events outside of our control, including weather conditions, pandemics, public health crises, political crises or other catastrophic events; the use of estimates and assumptions in preparing our financial statements; client delays or defaults in making payments; the failure of our suppliers, subcontractors and other third parties to adequately perform services under our contracts; risks related to our indebtedness; the availability of credit and restrictions imposed by credit facilities, both for the Company and our clients, suppliers, subcontractors or other partners; possible limitations on bonding or letter of credit capacity; failure to successfully implement our strategic and operational initiatives; risks or uncertainties associated with acquisitions, dispositions and investments; risks arising from the inability to successfully integrate acquired businesses; uncertainties, restrictions and regulations impacting our government contracts; the inability to hire and retain qualified personnel; the potential impact of certain tax matters; possible information technology interruptions or inability to protect intellectual property; the Company’s failure, or the failure of our agents or partners, to comply with laws; the Company's ability to secure appropriate insurance; new or changing legal requirements, including those relating to climate change and environmental, health and safety matters; liabilities associated with the performance of nuclear services; foreign currency risks; the loss of one or a few clients that account for a significant portion of the Company's revenues; damage to our reputation; failure to adequately protect intellectual property rights; asset impairments; and restrictions on possible transactions imposed by our charter documents, Delaware law and our stockholder rights agreement. Fluor Corporation (NYSE: FLR) today announced financial results for its quarter ended September 30, 2020. 469.398.7222 tel, View source version on businesswire.com: https://www.businesswire.com/news/home/20201022005202/en/. Fluor’s results have been delayed due to errors found relating to the timing of charges and revenue. Results for the quarter also include $52 million in project adjustments for potential COVID-19 schedule delays and an approximately $100 million tax benefit from the Coronavirus Aid, Relief and Economic Security (CARES) Act. Revenue for the quarter was $4.1 billion and the net loss from continuing operations was $171 million or $1.22 per diluted share. Adjusted EBITDA (1) and Adjusted EBIT (1) (Euro million) For the three months ended March 31, 2020 2019 Change at constant Currency Adjusted EBITDA (1) 317 311 2% (3%) Adjusted EBIT (1) 220 232 (5 %)(12. Fluor reports delayed Q1 2020 results constructiondive.com | 10-23 After an internal accounting review and a Securities and Exchange Commission investigation delayed their release, Irving, Texas-based Fluor Corporation announced financial results for its first quarter 2020 yesterday, saying that revenue was $4.12 billion, down slightly from 2019 Q1 revenue of $4.13 billion. The Infrastructure & Power segment reported a segment profit of $5 million in the first quarter of 2020 compared to a loss of $22 million in the first quarter of 2019. New awards of $357 million in the quarter include a framework agreement awarded to a Stork joint venture for Neptune Energy’s Dutch assets in the North Sea. Fluor Corporation (NYSE: FLR) today announced financial results for its quarter ended March 31, 2020. Fluor Corporation (NYSE: FLR) today announced financial results for its quarter ended June 30, 2020. New awards related to projects located outside of the U.S. Backlog related to projects located outside of the U.S. Total segment profit (loss) is a non-GAAP financial measure. The Company disclaims any intent or obligation other than as required by law to update its forward-looking statements in light of new information or future events. We believe that total segment profit (loss) provides a meaningful perspective on our business results as it is the aggregation of individual segment profit (loss) measures that we use to evaluate and manage our business performance. 0 Shares 0 0 0 0. The company believes that consolidated segment profit from continuing operations provides a meaningful perspective on its business results as it is the aggregation of individual segment profit measures that the company utilizes to evaluate and manage its business performance. New awards of $684 million included an extension to the LOGCAP IV contract as well as a project with the U.S. Air Force. Consolidated segment profit for the quarter was $52 million, up from $39 million a year ago. Fluor had revenue of $17.3 billion in 2019 and is ranked 181 among the Fortune 500 companies. Segment profit is calculated as revenue less cost of revenue and earnings attributable to noncontrolling interests excluding: corporate general and administrative expense; impairment, restructuring and other exit costs; interest expense; interest income; domestic and foreign income taxes; other non-operating income and expense items; and earnings from discontinued operations. Results include $2 million for change in project positions due to COVID-19 schedule delays. The company will hold its next call with the investment community in conjunction with the release of its third quarter results. Revenue for the quarter was $3.8 billion and net … Fluor Corporation (NYSE:FLR) today announced financial results for its quarter ended September 30, 2020.Revenue for the quarter was $3.8 billion and … A reconciliation of consolidated segment profit from continuing operations to earnings from continuing operations before taxes is included in the press release table. Additive manufacturing system OEM ExOne (NASDAQ: XONE) has announced financial results for the first quarter of fiscal 2020. New awards of $1.5 billion included an EPC contract for the Canada Kuwait Petrochemical Corporation propane dehydrogenation facility. Caution must be exercised in relying on these and other forward-looking statements. Fluor Corporation (NYSE: FLR) today announced financial results for its quarter ended June 30, 2020. NuScale expenses in the first quarter of 2020 were $23 million. Cookies are used to offer you a better browsing experience and to analyze our traffic. Consolidated continuing operations for the first quarter of 2020 included non-cash impairments and charges of approximately $353 million to reflect the impact of weak commodity prices and COVID-19. IRVING, Texas -- (BUSINESS WIRE)--Nov. 12, 2020-- Fluor Corporation (NYSE: FLR) today announced financial results for its quarter ended June 30, 2020. New awards of $1.6 billion included a large metals project in North America. Results include $9 million for change in project positions due to COVID-19 schedule delays. IRVING, Texas--(BUSINESS WIRE)-- Fluor Corporation (NYSE: FLR) today announced financial results for its quarter ended September 30, 2020. Results from discontinued operations, which includes the held-for-sale AMECO equipment business, were a loss of $95 million in the first quarter of 2020 or a loss of $0.68 per share. I Agree × Join today and have your say! Consolidated segment profit for the quarter was $129 million compared to $79 million a year ago. Operator. 2020 Q3 Earnings Documents. These forward-looking statements, including statements relating to our expectations as to the filing of our quarterly reports on Form 10-Q, strategic and operation plans, and projected cash balances and liquidity are based on current management expectations and involve risks and uncertainties. Q3: 2020-12-10 Earnings Summary. Fluor ranks 181 on the FORTUNE 500 ® list, and employs a workforce of more than 45,000 worldwide. New awards related to projects located outside of the U.S. Backlog related to projects located outside of the U.S. Total segment profit (loss) is a non-GAAP financial measure. With headquarters in Irving, Texas, Fluor has served its clients for more than 100 years. Consolidated segment profit for the quarter was $52 million, up from $39 million a year ago. Results from discontinued operations, which includes the held-for-sale AMECO equipment business, were a loss of $95 million in the first quarter of 2020 or a loss of $0.68 per share. Forward-Looking Statements: This release may contain forward-looking statements (including without limitation statements to the effect that the Company or its management "will," "believes," "expects," "plans," "continue" is "positioned" or other similar expressions). Additional information concerning these and other factors can be found in the Company's public periodic filings with the Securities and Exchange Commission, including the discussion under the heading "Item 1A. EPS of $0.14 misses by $0.12 | Revenue of $3.80B (-19.58% Y/Y) misses by $171.85M. Such filings are available either publicly or upon request from Fluor's Investor Relations Department: (469) 398-7222. Results for the quarter reflect the impact to its operations due to a … Slides Press Release 10-Q. Consolidated segment profit for the quarter was $61 million, New awards of $357 million in the quarter include a framework agreement awarded to a Stork joint venture for Neptune Energy’s Dutch assets in the North Sea. The Government segment reported a segment profit of $31 million in the first quarter of 2020 compared to $38 million in the first quarter of 2019. Lenovo Posts Q1 2020/21 Financial Results. The web replay will be available for 30 days. Due to the impact of COVID-19 and the steep decline in oil prices on the AMECO business during the first quarter of 2020, the company recognized an impairment charge of $100 million, of which $12 million was related to goodwill, to write down the AMECO assets held for sale to fair value less cost to sell. Remaining backlog in the segment is $209 million. Media Relations Fluor Corporation (NYSE:FLR) Q3 2020 Results Conference Call December 10, 2020 08:30 AM ET Company Participants Jason Landkamer - Director, IR Alan Boeckmann - … 0 0 . Privacy Policy and Q1 2020 Financial Results. Terms of Service apply. Revenue for the quarter … New awards of $1.5 billion included an EPC contract for the Canada Kuwait Petrochemical Corporation propane dehydrogenation facility.
fluor q1 2020 results 2021