American equipment was not a significant cash flow generation capability, the way it was managed and the way we invested in new equipment. Act 0.65 Est 0.518 Q2 2019 Fluor Corp Earnings Call 08/01/2019 05:30 PM (EDT) FLR. And this, this change in approach, to a more risk balanced approach has taken very well within the organization. Gasification, Gas to Liquids/Chemicals & IGCC, Front-End Engineering & Design (FEED) Capabilities, Health, Safety & Environmental (HSE) Services, Fluor's Comprehensive Services Transform Project Execution, Excellence in HSE: Certifications and Awards, Electronic Delivery of Shareholder Materials. Can you just talk about your assessment of the market environment, and what your opportunity set looks like. We've had high level conversations with that customer with respect to what's happening in the industry in general, as far as the allocation of risk having been disproportionately shifted to the contractor. These include the Formosa Sunshine Petrochemicals mega complex in Louisiana, a project in China for Invista, and an ethylene oxide plant in Europe for BASF. We have engaged in discussions with our customer for a number of months now, in de-risking the project. It will start out in the 45 to 50 million range and our expectation is, as we implement these cost reduction programs that we announced, as well as some other adjustments that are in line with the divestitures, that it will gradually decrease throughout the year. And, as I mentioned earlier, the project is, really meets our pursuit criteria. Please turn to slide 10. We continue to act with urgency and have undertaken these changes to strengthen Fluor and put the company on a path to deliver consistent and profitable growth. Flour is now focused on returning to excellence in our operations, and consistent profitability. 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. 10/31/19 at 8:30 am EDT Click here for webcast. With respect to the rest of the portfolio, our estimates have been holding very well and we are, I'm very optimistic that while we can't guarantee that we won't have charges in the future, we are, we've gotten their arms around the backlog in a, feeling very confident about about where we are there. The conference ID is 3597615. Yeah, Mike, at this point that's not really impacting, we're basically doing FEEDs and feasibility studies are -- we have some projects ongoing as well, but, but at this point, it's not impacting our visibility into the future in an adverse way. We'll now take our next question from Steven Fisher from UBS. So, like maybe offset the dilution there. You didn't book much in E&C in the quarter. Fluor announces $1.7B loss in delayed 2019 earnings report as SEC investigation continues The company also suspended guidance for 2020 due … Our employees remain our greatest asset and I thank them for their ongoing hard work and dedication for Fluor. So we don't see a significant change in profile. G&A expense is lower due to reduced compensation accruals and favorable foreign exchange adjustments. Before getting started, I'd like to refer you to our Safe Harbor note regarding forward-looking statements, which is summarized on slide 2. ET. Restructuring of stores [Phonetic] continues to progress on schedule, and we anticipate this business will deliver improved results in 2020. [Operator Instructions] We'll now take our next question from Andrew Kaplowitz from Citi. And our next question comes from Justin Hawk from Robert W Baird. All of these items are consistent with what we communicated on our strategic and operational review call last month. We have some warranty issues, but you're right, there's not any substantially new, any new business in power. Well, I'll let Mike answer the question as to whether we anticipate future impairments. During your strategic review, you suggested that, the overall backlog could be flattish in ' 19. We have a great track record with Texas DOT and we think that's going to be a real big contributor as that moves forward. I think you could, at a high level, say it is a starting point for 2020. Today's call is being recorded. Fluor Corporation (NYSE: FLR) will hold a conference call to review results for its third quarter ended September 30, 2019. Thanks to all of you for participating on our call today, and we greatly appreciate your support at Fluor. During today's call and slide presentation, we will be making forward-looking statements, which reflect our current analysis of existing trends and information. There is a robust force majeure definition, and including all places where the work is being performed, not just in country. Do the numbers hold clues to what lies ahead for the stock? and [Indecipherable], back to your comment on the new process, is that reducing the Project funnel that you anticipate to be looking at over the next several months as well? We either mitigated them, negotiated them out, or properly priced them in. And that is part of our criteria now, that we're not going to agree to a schedule that's, that's overly aggressive. In the third quarter, we recorded revenue of $3.8 billion, down slightly from Q2 and earnings from continuing operations attributable to Fluor of $19.1 million or $0.14 per share. However, the company’s shares fell nearly 17% on Oct 31. 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