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Fluor Reports Second Quarter 2020 Results

Source: www.gulfoilandgas.com 11/12/2020, Location: North America

Fluor Corporation announced financial results for its quarter ended June 30, 2020. 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. Consolidated segment profit for the quarter was $61 million, compared to a loss of $393 million a year ago. Results for the quarter reflect the impact to its operations due to a severe downturn in the economy related to COVID-19. There were no material project adjustments in the quarter. Operating cash flow in the quarter was $128 million.

New awards for the second quarter were $2.2 billion and ending backlog was $29.0 billion. Corporate general and administrative expenses for the quarter were $40 million.

Outlook
Although Fluor has suspended its guidance for 2020, the company expects to report third quarter results and hold its next call with the investment community in approximately four weeks.

Business Segments
The Energy & Chemicals segment reported a segment profit of $41 million in the second quarter of 2020 compared to a loss of $222 million in the second quarter of 2019. During the second quarter, the company sold its 50 percent ownership interest in Sacyr Fluor and recognized a loss of $11 million. New awards were $197 million and backlog is $12.4 billion. Award volume reflects the impact of COVID-19 and declining commodity prices on our customers’ capital spend.

The Mining & Industrial segment reported a segment profit of $30 million in the second quarter of 2020 compared to a profit of $45 million in the second quarter of 2019. New awards were $729 million and included the Gold Fields Salares Norte open pit gold mine in Chile. Second quarter ending backlog is $5.2 billion.

The Infrastructure & Power segment reported a segment profit of $4 million in the second quarter of 2020 compared to a loss of $167 million in the second quarter of 2019. Lower margin contributions from certain infrastructure projects for which charges were recognized during 2019 continue to adversely impact near term segment profit margin. New awards were $61 million and backlog is $5.2 billion.

The Government segment reported a segment profit of $11 million in the second quarter of 2020 compared to $26 million in the second quarter of 2019. Results include new awards of $941 million which included an extension of an environmental management contract in South Carolina. Ending backlog is $3.8 billion.

The Diversified Services segment reported a segment loss of $5 million in the second quarter of 2020 compared to a gain of $3 million in the second quarter of 2019. Segment revenue and profit reflects significantly lower volumes in the Stork business and the staffing business resulting from reduced operations or restricted access to customer sites due to COVID-19. New awards were $262 million in the quarter and ending backlog is $2.2 billion.

The Other segment, which is comprised of NuScale and the Radford and Warren government projects, reported a loss of $19 million in the second quarter of 2020 compared to a loss of $77 million in the second quarter of 2019. NuScale expenses in the second quarter of 2020 were $18 million. Remaining backlog in the segment is $179 million.

Discontinued Operations
Results from discontinued operations, which includes the held-for-sale AMECO equipment business, were a profit of $1.9 million in the second quarter of 2020 or $0.01 per share. The company expects to complete the sale of the AMECO business within the first half of 2021.

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