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Text: There is an inherent risk that actual results and experience could differ materially.
You can find the discussion of our risk factors, which could potentially contribute to such differences, in our 2020 Form 10-K and in our Form 10-Q, which was filed earlier today.
Before we move into operational results, I'd like to start by pointing out some of the more interesting events and notable items our employees are currently involved in.
This quarter, I want to highlight Melvina Stacey, our HSE Deputy Director in Canada.
Two months ago, she started a series on social media where she showcases women in HSE roles at Fluor.
Fluor is committed to our DE and I program in ensuring that everyone could be seen, heard and recognized for their hard work.
Let's begin by providing some perspective on what we're seeing in each of our major end markets, starting with Mission Solutions.
In Mission Solutions, we experienced quite a bit of activity during the quarter.
To begin with, margins for the quarter reflect increased execution activity on U.S. Department of Energy projects, higher-than-forecasted performance-based fees and the release of COVID-19 cost reserves.
This strong performance was somewhat offset by the LOGCAP IV Afghanistan program that was completed in July.
New awards for the quarter were strong at $1.6 billion.
Our largest award in the segment was a $789 million 12-month extension to our management and operations contract for the DOE's Savannah River Site.
This award was under the Air Force Contract Augmentation Program that Fluor has been a part of since 2020.
Specific to this effort, we received a call from the Air Force in late August, and within a week, we had temporary housing, food, medical and other critical humanitarian assistance for 1,000 evacuees, and an increased total capacity a few weeks later to 5,000.
Currently, more than 4,000 men, women and children call this newly created facility home.
Fluor will continue to provide assistance until the operation concludes, likely next spring.
Last week, a joint venture, including Fluor, was awarded the Savannah River Site Integrated Mission Completion Contract.
This indefinite delivery -- indefinite quantity award is valued at up to $21 billion over the next 10 years.
Work will include liquid waste stabilization and disposition, among other requirements.
This is a great award that expands our presence on the Savannah River Site in South Carolina.
Our next major pursuit in Mission Solutions is the Y12/Pantex Management and Operations contract in Tennessee and Texas.
We anticipate hearing about potential selection for this multibillion-dollar award in the next few months.
Now let's turn to our Urban Solutions group on Slide four.
In mining, we booked a copper project in Indonesia with a valued long-term client.
In our conversations with mining clients, we continue to see a disciplined approach to project analysis and final investment decisions.
Mining clients are aware of the critical role they play as the world focuses on energy transition and electrification.
At the same time, they are taking a fresh look at their own portfolio of assets and identifying how they can significantly reduce energy and water consumption with a specific focus on increased use of renewable power.
Our FEED pipeline of future mining work remains steady, and we continue to work on a slate of projects under limited notice to proceed contracts.
Over the next four quarters, we expect to book opportunities to support a broad range of commodities, including copper, nickel, alumina, lithium, steel and phosphates.
In Infrastructure, we booked $316 million in revenue for our share of the I-35E Phase two expansion project in Dallas for TxDOT.
This 6.5 mile long design build project includes full reconstruction and expansion of the existing general purpose lanes as well as the reconstruction of two managed lanes.
Before talking about prospects in this segment, I want to provide a quick update on our legacy Infrastructure portfolio.
During the quarter, we recognized $19 million in forecasted adjustments on a light rail project that has experienced schedule delays and productivity challenges.
The project is approximately 90% complete, and we anticipate project completion next summer.
There are no significant changes in estimated cost to complete the remaining legacy Infrastructure projects.
And as a reminder, we expect to receive the final settlement payment on the Purple Line project next month.
Our Infrastructure clients continue to express interest in the pending infrastructure bill.
While we remain disciplined in our approach, we see some near-term opportunities in roads and bridges as well as project management only prospects.
In advanced technologies and life sciences, we are starting to convert some of our initial enthusiasm around semiconductor manufacturing into new awards.
During the quarter, we won the front-end scope of a large semiconductor project in Arizona.
This is the first of many awards that we were tracking for this facility over the next 12 months.
We're also winning new work to support food packaging clients.
Overall, momentum continues to build in Urban Solutions.
While we expect to see lower new awards in the fourth quarter, we are well positioned to convert our existing FEED pipeline into full EPC contracts next year.
Moving to Energy Solutions on Slide seven.
Results for the quarter were more in line with our expectations, with segment margins of 5.3%.
These positive segment margin results included an $18 million gain recognized on an embedded derivative inside of an equity method investment, which is excluded from our adjusted earnings per share numbers.
New awards in the quarter totaled $644 million compared to $141 million in the third quarter of 2020 and included refining and LNG work in Mexico.
Turning to Slide eight.
Our work on LNG Canada continues to advance positively.
During the third quarter, we crossed the 50% completion mark, and we continue to drive scheduled progress through fabrication and construction activities.
On October 30, we also celebrated a three-year milestone from the receipt of the project's full notice to proceed.
Engineering on the project is essentially complete, and all major procurement has been awarded.
Remaining procurement efforts are centered on top-ups of bulk materials, such as pipe and cables.
Accordingly, the project has mitigated inflation concerns on the equipment and materials for this project.
We are operating in a COVID-restricted environment there.
Last quarter, we announced an agreement with the client for COVID-related delays and costs for engineering and procurement through February 26, 2021.
We continue to monitor our progress on our procurement, fabrication and construction activities and are working with the client to mitigate any additional COVID-related delays and costs.
I'm pleased to say that our first 16 modules have shipped, and we expect to receive them at our marine offloading facility starting next week.
These are the first of 192 modules weighing a total of 256,000 tons that will be fabricated and shipped to the site.
And finally, we began our heavy lift mechanical equipment program with the installation of two precoolers and the main cryogenic heat exchangers for Train one.
This reflects the site moving toward substantial aboveground construction activities, as you can see on Slide eight.
Our efforts to support the energy transition needs of our clients continues to accelerate.
During the quarter, we received work to support renewable biodiesel and lithium production projects.
Interest in our ability to decarbonize existing assets is coming primarily from Europe and the U.S.
This includes Fluor's proprietary carbon capture technologies, renewable-driven e-crackers, electric drive motors and increased demand for hydrogen-based power.
We also see increased activity in battery chemicals to support the expanding needs of the automotive industry.
When you look at our opportunities across the Energy Solutions landscape, we see that our clients have resumed investing in sustaining capital and small capital projects.
Larger projects, other than what we see in chemicals, remain on the drawing board.
Although competition continues to be brisk, we remain disciplined in the projects and clients we pursue.
Now let's turn to NuScale on Slide 10.
As we mentioned last quarter, we received considerable interest in our carbon-free nuclear power solution, with $193 million received in outside investments this year.
We continue to receive positive feedback from Guggenheim Securities, which NuScale retained six months ago to accelerate the funding of its path to commercialization.
During the third quarter, NuScale signed MOUs with entities in Poland and the Ukraine.
They are seeking to move forward with small modular reactor deployments.
NuScale also reached an agreement at COP26 to advance clean energy development in Romania, and Fluor signed an MOU with Bulgarian Energy Holding, as they look for opportunities to convert their existing coal-fired fleet to SMRs.
NuScale also announced the building out of its manufacturing supply chain with a key partner in Canada.
Finally, Fluor received additional work from Utah Associated Municipal Power Systems to develop the NRC combined construction and operating license application and the initial site-specific plant design for the NuScale technology facility to be built at the Idaho National Laboratory.
Since September, Fluor has been working to meet vaccine deadlines on government projects that are covered under President Biden's executive order.
In Mission Solutions, where a majority of our government contracts have received the mandate contract language, we will continue to work toward complying with the vaccine mandate and encourage our employees to meet the corresponding deadlines.
Our nongovernment business lines are also encountering vaccine mandates being issued by a few commercial clients.
We are carefully considering such mandates to ensure they are properly addressed in contract modifications, are implemented in a legally compliant manner and keep our projects productive.
Yesterday, in addition, OSHA released a new emergency temporary standard that will require companies with 100 or more employees to mandate that their staff be fully vaccinated or get weekly testing.
Our teams will be working closely together to ensure we respond accordingly.
On the international front, we are starting to see clients and government signal moves in a similar direction.
On Slide 12, I want to share a few observations as we head into the final quarter of 2021 and provide a look ahead into 2022.
In the near term, we expect to see variability in new awards as clients continue to weigh the timing of capital expenditures against the impacts of supply chain disruptions, labor availability and inflation.
Currently, we are working on or have recently completed several hundred Study and FEED projects, representing over $170 billion in estimated total installed cost.
Looking ahead, we are tracking over 200 Study and FEED prospects in the next 18 months, representing over $150 billion in TIC across the markets we serve.
Overall, I'm very pleased with the speed and the direction we are moving the company.
We are well into creating an organization that aligns with the needs of our clients and the expectations of consistent returns for our stakeholders.
This includes a healthier backlog that is coupled with our efforts to improve our processes and permanently reduce costs throughout the organization.
During the quarter, we finalized our path forward that includes overhead savings of over $150 million annually when fully implemented.
For the third quarter of 2021, we are reporting a diluted adjusted earnings per share amount of $0.23.
We continue to make significant improvements to our capital structure.
Using the proceeds from the convertible preferred offering, we successfully tendered for our notes maturing in 2023 and 2024.
When you include the open market purchases in July, we were able to reduce outstanding debt by $509 million or 30% from the $1.7 billion in total debt outstanding at the end of June.
When we laid out the company's strategic goals in 2024, we included a target debt to total capitalization ratio of 40%.
I'm pleased to report that we were able to accelerate this process, and we are now below that target at 37%, which is a significant improvement from 55% back in January.
Although we are ahead of our three-year plan as it relates to our capital structure, we will continue to look at options for the remaining outstanding indebtedness under the 2023 and 2024 notes in a way that supports a longer-term credit facility.
Our overall segment profit for the quarter was $110 million or 3.5% and included the $18 million gain for embedded derivatives in Energy Solutions and quarterly new scale expenses of $8 million.
Excluding these items, our total segment profit margin is 3.2%, in line with our guidance for the year.
To give more perspective, year-to-date segment profit margin was 3.3% driven by Energy Solutions at 5.8% and Mission Solutions at 5.3%.
Our ending cash and marketable securities balance was $2.2 billion and reflects cash deployed from the convertible offering to reduce outstanding debt.
Despite the incremental cash demands on legacy projects, we've been able to keep our cash balance at these levels for the past three years.
Our operating cash flow for the quarter was an outflow of $66 million.
This outflow was driven by the timing of cash inflows.
We expect full year operating cash flow to be neutral to slightly positive.
Our G and A expense was $42 million compared to $31 million last quarter.
This increase is due primarily to ongoing investigation costs.
At the end of the quarter, our backlog contained $1.1 billion in legacy projects that are in a loss position, $900 million of which is related to the Gordie Howe Project.
We anticipate cash contributions to these loss projects in the fourth quarter to be more than offset by the final settlement payment for Purple Line.
Moving to asset divestitures.
In our last call, we shared that we had a high interest in Stork, with over 50 parties signing an NDA and receiving an information memorandum.
Since then, nonbinding offers have been received.
And due to this high level of interest, the divestiture team worked through two steps of selection since late September.
We are pleased to have down-selected to a few strong bidders who are doing their due diligence and submitting binding offers later this month.
We remain on schedule and are planning to close the sale by end of Q1 2022.
As it relates to AMECO South America reported in discontinued operations, we are holding productive conversations that support our strategy of transacting this business in the next few months as well.
On the P3 front, we are making progress on transacting our interest in a completed infrastructure project in North America.
We expect to receive additional proceeds early next year.
As David mentioned, our cost reduction initiative have started to accelerate.
We now identified over $150 million in annual savings and have started to implement our plan to fully realize this run rate savings by 2024.
As part of Fluor's focus on managing internal costs, the company has implemented a plan to rightsize our global real estate footprint.
When fully realized in 2024, this represents an additional $20 million in annual savings.
Based on current trends, we are raising our adjusted earnings per share guidance from $0.60 to $0.80, up to $0.85 to $1 per diluted share.
We are also adjusting our Q4 segment level guidance and expect margins to be approximately 4% in Energy Solutions, which excludes currency exchange fluctuations and the embedded foreign currency derivative; approximately 4.5% in Urban Solutions; and 3.5% to 4% in Mission Solutions.
Our guidance for the remainder of the year remains modest -- assumes modest revenue increases in Mission and Urban Solutions, full year corporate G and A expenses of $185 million to $195 million and a tax rate of approximately 35%.
Finally, I want to point out a little administrative housekeeping that you will see in our SEC filings over the next few days.
We will be filing an SA to register the Chief Executive Officer equity awards granted in December.
And separately, we will file several amendments to deregister shares under SH related to our 401(k) plans and some of our prior compensation plans that are no longer active.
Operator, we are now ready for our first question.

user
sees fy adjusted earnings per share $0.85 to $1.00.
q3 adjusted earnings per share $0.23 from continuing operations.
q3 adjusted earnings per share $0.23.
q3 new awards of $3 billion with ending backlog of $21 billion.

assistant