Earnings call transcript Q2 2023

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Operator

Good morning, and welcome to Fluor's Second Quarter 2023 Earnings Conference Call. Today's call is being recorded. At this time, all participants are in a listen-only mode. A question-and-answer session will follow management's presentation. A replay of today's conference call will be available at approximately 10:30 a.m. on at accessible today Time Fluor's investor.fluor.com. website Eastern available days. web replay XX be will The for replay also Fluor's telephone registration A will link through seven also a days accessible on website investor.fluor.com. be at available for

time call to Please the go this to Investor Landkamer. Mr. Head over for would Jason I At like remarks, turn ahead, of Landkamer, Relations. opening

Jason Landkamer

Brennan, Officer, and Thanks, our while making call. reference David earnings with Regina. second prepared Chief Officer; Fluor second XXXX Executive quarter issued Good Financial posted and we'll morning, earlier quarter Fluor's and slide Fluor's and today. us earnings on remarks. Joe Fluor's presentation that is are this welcome Chairman Chief a to its website Constable, morning release

to statements, regarding our safe Before started, getting harbor which X. summarized you forward-looking on slide I'd like refer is note to

today's be During is results current differ which analysis information. reflect inherent materially. existing statements, and risk our forward-looking There trends that actual and could an we'll of making experience presentation,

find can which was to Form XX-Q, risk Form a could our and earlier XX-K, which You today. differences, our in such filed potentially XXXX contribute discussion of factors,

GAAP During earnings are our will this non-GAAP comparable certain measures, reflected of investor.fluor.com. Relations at call, website these in the to in discuss reconciliations our the posted release, amounts of and financial Investor we measures section

David? Executive now turn I'll the call Constable, Fluor's Officer. over and Chief David Chairman to

David Constable

Jason. Thank us everyone. you morning, Thank Good joining you, for today.

turn to X. slide Please

who play enthusiasm and attended of role to New our great Fluor team, in projects office by vibrancy It our opportunities our worldwide. as visited hosted of that the town X,XXX our colleagues. current I quarter, see as our supporting Delhi will second pipeline a the growth well and over hall a to During meeting critical significant was continue of was

Fluor Under leading client and CEO consulting both services. the demand to for business and in combine will our handovers. Mahindra a reengineering a Tech to is agreement. Tech respective help with Mahindra, I digital met also growing the of sign the provider digital strategic expertise While partnership of partnership Tech India, Mahindra, transformation, support

and integration forward project quarters. life this delivery to is providing critical maintenance I'm in strategic looking professional updates in seamless optimizing The data partnership cycle on services interoperability operations driving costs. teams to of and successful and support future

to Revenue Now X. let's the over the $X.X of turn growth second quarter representing slide straight second our was for XX% year. prior billion, quarter

revenue chemicals recently Mexico Energy as in and in increase execution accelerate projects China. mid-scale was Our activities projects led awarded by on refinery LNG in Solutions projects

and of full track New a year awards greater. book-to-burn our of billion on for relative $X.X to the plan were ratio quarter one or

XX% total new awards our strong, coming $XX.X XX% total margin. reimbursable. New awards billion, in now basis on our of points were reimbursable continue to which is backlog is XXX and above be backlog over Margins

for of supported optimism Our prospect a robust the pipeline. by further Fluor is future

company. tracking We In and approximately installed represent packages we that EPCM term, an billion are are estimated near prospects. currently award the the and of on or working $XX billion high-quality study new recently cost key totaling completed across prospects, $XXX EPC FEED

million execution Moving legacy a segments. related the business project a to awarded reported Solutions quarter. well infrastructure second to Urban turn as included adjustment on to positive $XX profit our as Please forecast a X. projects. newly increased slide Results in activities

and billion $X.X New is XX% any were the and billion quarter awards for backlog reimbursable. now $XX.X

facility a lithium studies on & America metals Europe study front-end actively including critical Metals, of Europe. in we number X. in and move other developments advancement project working supporting pre-feasibility a studies for are minerals two to lithium North in In Please feasibility Mining slide production, of and recycling the

study arc mill major and furnace a two arc electric furnace the using have on services in engineering completed the electric technology feasibility and States, recently also relating new additional We steel three These projects United which growth this lithium consider for include in be prospects phases. to projects copper. technology, are in potash, execution Fluor. segment projects Near-term strategic just market to we a and greenfield entering

X. slide to Moving

Our reimbursable win work to growth business in new Advanced an expanding Technologies continues market. Sciences & Life

During received phase a new the US. we in $XXX facility we sciences first quarter, that million the for the announced life a award Central production of

We also with $XXX an client for a won in million existing key a expansion biotech facility Denmark.

from of are I'm of portfolio we in also our quarter. US. Looking pleased existing the our ahead, including expand to projects, the expectations and that for efforts management see some met legacy Specific strengthening at manage work, positive venture our to well partners with our our legacy strategy levels, well joint our portfolio particularly infrastructure included This leadership to positioned fall. infrastructure semiconductor very and claims. projects, effectively our report execution forecast to to to as as starting are last we project align momentum portfolio, the working

costs it including with relates forward schedule On a are had and the the to the which end COVID. partners cost of productive in along of to the Gordie relief, and the our have Fluor, Howe with conversations path project, related Negotiations positive progressing by a with successful result as client, client should number year.

crucial demand the America's a most efforts the business South enhance expansion growth state's to and for the in award quarter, million booked project we one in of transportation Department our the Transportation. San and regions. the ongoing project support is for population I-XX This infrastructure Finally, $XXX of step rapidly developing in Texas to further a Antonio during of

European Mission on to project million X. compared slide for reflect profit NuScale's support execution second work our year segment power Army logistics for for the reported and ongoing to to ago. of quarter, Solutions carbon-free support quarter million $XX a project. Results the the $XX activities on a Moving increased

winning contract, to award for corrective of we action. Hanford integrated the learned has the back the for set our disposition Regarding that judge the DOE and bid Tanks protest it the sent aside

be we well on opportunities future to acquisition, the continues positioned incumbent the the forward other the contract remediation been with being. Hanford department's the path time the and for await DOE. While Fluor has for on nuclear extended

plant to in for contract shaping is quarter exciting We the up Amentum joint Portsmouth this decontamination QX an potential over additional includes has be Diffusion Gaseous $X.X a orders value and to estimated decommissioning announced five the XX-year contract. an years. recently billion our for of an group. This that securing for was task ordering up ahead, contract venture with Looking period successful and

our We this expect annual contract portion to the of quarter. book initial third in

to original request for we September. with package, currently Finally, it's the The Pantex expect and Fluor three includes issued. years. revised which five-year up is billion period, over XX options five-year to on was submit in the a RFP RFP proposal was recently base for successful working bid $XX in valued

on Energy Segment million projects million through improved Results turn a XX. slide Please of Solutions. Fluor to to to ramp-up ago. ICA Moving our $XX joint Mexico, execution activities year profit the in venture. from refinery reflect $XX

cost results We projects. $XX upstream for also adjustments, had included million on million positive charge QX also and extension forecast a large on two totaling a schedule growth $XX project. legacy

productivity, a arising weather delays activist During lower-than-anticipated number work this subcontractor challenges of discovery unexpected the from and quarter, experienced from project and protests.

date Our completion new estimated December. is

EPC UK, vinyl, facility awards projects. Mitsubishi's totaled existing New incremental ethylene well $XXX awards the as for the million and LNG on contractor as in alcohol copolymer included quarter an

XX. slide Moving to

project This we Last for efforts. teams and we LNG quarter, was a and had Canada the the month, for XXXth fabrication that that the announced the represents a project. module significant of delivered During letter at milestone accomplishments the site. final number the to

With the and hookup XX% module now in complete commence at efforts installation advance project pre-commissioning to that activities overall, turn will our of and year. commissioning next

fabrication and related to earnings our conversations with collaborative calls, construction we've discussed client the past In costs.

as We expectations. continue resolution ongoing successful I'm tremendous result project report by execute the team, our current to for that we LNGC orders. variation pleased have effort a to to continue our to of also

expansion, five joint continue venture time Regarding the line to evaluate scope. participants the Phase and Canada's II LNG

Path balance large XXXX, we to the EPCM and includes complex nuclear For in and award multibillion-dollar some project Cruz billion engineering a chemical in awards. derivative chemical for are in anticipating in Salina Zero Canada, significant Romania $X.X ethylene a full work Mexico, of the new refinery Europe. This Dallas

and I in notable turn I over into and engineering indicative and accomplishments transformation Joe, progress ongoing world. Before leading that our strategy of our companies reflect the call quarter against this is our one to want corporate note the results to construction the of

the me over call update. let to Joe turn Joe? for the financial that With

Joe Brennan

review go over and good and Today, for results support everyone. assumptions key an divestitures David, Thanks, will the our I our financial that second morning, on outlook quarter, update provide guidance.

Please turn XX. to Slide

recently were for volume on Energy several projects Mission offset completed second last year. David of by awarded quarter as XX% and the This XXXX, for partially As activities execution came for ramp-up by Solutions mentioned Solutions. Solutions, which was Urban the projects, expected in nearing from the billion declines or in completion. the increase $X.X driven represented quarter was execution of activities and in of Revenue of a revenue

activity the for new projects This positive quarter adjustment two profit performance legacy energy $XXX higher was segment a on a well was project. driven forecast execution and million. on consolidated adjustments as forecast projects Our infrastructure on positive solutions as by

$XXX Adjusted million a to ago. compared second was quarter million $XX the EBITDA for year

compared to EPS QX in of adjusted $X.XX Our was $X.XX XXXX.

for is in derivative results effects Mexico. exclude expenses Our was the the be million $XX -- of quarter that quarter $XX for million and QX slightly year performance-based from higher income by the G&A a paid to FX were XXXX. This up adjusted in compensation million, higher driven of embedded ago. $XX the for expected

to quarter was $XX million deposits. is interest year and to expect last our income an ago. $X debt fixed throughout rate, $XX outstanding the Net quarter will I the continue Since million compared interest net for on expense a year a income interest with million of rates prevailing we our positive generate at

ending anticipate $XX.X will the awards burn prospect awards in quarter our our year. billion to $X.X New billion. revenue pipeline, approximate for backlog balance the Based current full we on our roughly drove new of

XX. Moving to Slide

was This positive cash Our for quarter flow Operating by held securities excludes cash the marketable for million. billion. the quarter cash $X.X and $XX a was NuScale. balance

to We $XXX in cash be We continue anticipate legacy includes this XXXX. trend approximately cash XXXX needs project will year. project for legacy this for expect which million cash flow the balance $XXX positive of approximately million needs

has say of the its to company bring quarter the the not DOJ pleased to intend charges. has us informed that I'm and investigation closed that Finally, it during does

to Slide turn XX. Please

to guidance per range $X.XX range million. a of $XXX our $X to and guidance raising million We XXXX adjusted earnings share $XXX EBITDA a of are our adjusted to to

Our on of of effective assumptions approximately rate in vary revenue which include depending expense approximately of and quarter growth approximately XX% XX%, is adjusted may XX%. per generated. to countries $XX This for million the XXXX tax an G&A revenue

our expect moderate advantage rates start We increase. revenue as locations tax tax in to to

expectations Solutions. Mission approximately in Energy segment X% Urban in approximately X% Our XXXX are and for approximately margins full X% Solutions, in year revised Solutions

morning. this reaffirm million also as guidance we XXXX in EBITDA earnings our Finally, $XXX adjusted to million indicated release $XXX our of

now our are for we first ready Operator, question.

Operator

first Our question line go from Instructions] [Operator with Jamie the Credit Suisse. Please Cook ahead. of will come

Jamie Cook

Good Hi. guidance or question year, implies about that morning. the implies a I I the I provided today of my guidance Joe, that at quarter. you $X.XX as in first what David the like it the guess half for think back your high-end increase think

you let's EBITDA. annualize if about annualize $X EBITDA So -- earnings EBITDA your $XXX half adjusted say if that our And in in implies you like back power. it's million

$XXX trying would good about for XXXX, what XXXX not that imply, to off earnings just Is are to is a rate there that or think XXXX. about, can pretty I'm for just we because substantial. a implies So base EBITDA power of that that's projects $X in the means think good that rolling run or but million that sort understand in

Thank And would color have thought. earnings I If about I'm you. on greater that? so than the guess incorrectly? thinking is Just just I that any power

Joe Brennan

for Yeah. question, Thanks Jamie. the

have legacy last activities as we look I of to we recognize progress that think few claw some infrastructure, what quarters kind into and the of relative on back our to then of through we've cost been our some our entitlements businesses leaned is contract. our making the how we in

But of an is that basis $XXX overstated of QX flowing is rate that adjusted on the through slightly. million posting would suggest run numbers. I Some probably EBITDA we're that that

in range. to that continue onboard million ramp-up And thinking $XXX that If backlog from as rates, that to see to a with is would about I new expect run we $XXX were we your million as baseline.

moving about the forecasting that forward. it we half least start think should So, and that XXXX think direction for trend to year, backlog as would I see a we more onboard new in at for again, way back of we're the that the I positive

Jamie Cook

Okay. And prospects just back good. question sounds then new just year also my it of the half award second for seems the like pretty

the can we So, bookings just are I improving. And about Dave bookings in some the the have then know year? color? thinking backlog are been -- how you margins you as give exit the

that at and where the -- backlog you're and going talk the awards we sort margins Can think should relative the looking projects awards you into how sits conditions going backlog about of about on today. into of just to it terms

to for Just the XXXX? margin you. power trying Thank what again understand is

David Constable

Good expectations, pleased work. reimbursable the morning ability to margins. our planned higher is with our of coming the think Jamie. the higher guess and reimbursable are I of kind this I now our we've of work, Yes, our are that's -- increase right than been prospects margins really on we've in all booking our than got that XX% headline they target majority

now at second points in As quarter. I put said in what's XXX we I the backlog think we've in -- basis there above

that give us work backlog certainty So, as do that predictability to we healthy the off. to we continue as more and will continue backlog

through hope being of we an gives backlog. in or not that's that of for we'll will above one is is year what's important where slightly I end be yes expected the the than higher book-to-burn idea here also on you year that a be revenue, margin think of at gross the But And kind coming executed. at and of to just

week. discussion had are this Board the our this at committee We with risk We executing. meeting

XXXX into Since those outsource. of backlog that executing are XXX% projects have come at

value It's for and we've you us. going earnings And got right? when execution think it's shareholder forward earnings our increase that support great really that we excellence. just in you've to all for power going So, And execution. power some that us got behind about

Joe Brennan

Can -- I too can if just to add Jamie. that maybe I

period. our If you with bumped done have guidance the look what and quarter we Energy Solutions at margin for Mission our operating we've numbers the our Solutions for

and starting to to that is demonstrate we it our starting here. So, are quarterly in see postings

Thanks see which readdress very starting through positive that our Jamie. we're to backlog way flow guidance. the considering in So, us to is a margin

Jamie Cook

you. Thank

Operator

next of from Wittmann comes question line ahead. Your the with Baird. Andy Please go

Andy Wittmann

question wanted see on a that to my legacy taking the that was for those. this recuperating morning. those Solutions, I of on the you I substantial. legacy the guess I think there projects on Good adjustment Thank Great. Urban balance to you're And ask positive is some of some do project.

relates to So, saw guidance more to guess for you I my question in maybe are adjustments one that rest you it in guidance is the expecting the your year this positive as quarter be of the range? like

you're these about you to more were of quarter? that of on that this claims specific accomplish could guidance adjustment to resolution giving project the get clean is quarter. talk changes just Or kind maybe the this able of you're able any And during which to little just be you positive a

Joe Brennan

question. Yes. you thank No, the for

have claims to For better closer relative in on any the assessment year activity we to get we factored additional not that. until

our normal outlook moving -- So, QX on guidance QX you're an actuals then to basis at what forward. looking our is and relative rate QX from based and run

So -- I around-- question your think second that's and

Andy Wittmann

benefit? Which the project got

Joe Brennan

client now that additional have in you some the hold color for I next naming and right off Yes, we're quarter. to probably going think we'll

Andy Wittmann

Joe of a last segments. picked to follow-up profit of your of guess answer here some just pretty annual you're good second giving orders. some the your margins was of, change kind the kind because in quarter -- Jamie, mentioned And these of then I that guidance in positive up on and Okay. the of performance two

of clear. a a to on versus the question prospective quarter year bit than for second the from little are second margins basis I rest me prior is the guess this the for of make the in expectations the more that up performance half just benefit rather meaning which

Joe Brennan

your little better. Well, let understand maybe a I question guess, me

X.X% we're is... and that to driving You’re X% about Energy Solutions how guidance within from guess what's I upping the our talking

Andy Wittmann

mean Yes. year which was versus prior in – trying But the you're outlook guidance segment an the I much fine. versus annual guidance how your increase of understand, margin I just of the is giving from half margin second for quarter the quarter? I'm to improved second performance in

Joe Brennan

the Sorry, I understand bit. little question okay. a

in performance within how Solutions out I we're symmetry and what relative laying to Mission think the there's Solutions. Energy

I this this would XXXX some a see be and I impact So having activity. not beyond. XXXX would to expect into

David Constable

As on came out the going looks to many And it range higher our period to that we've range X% XXXX for XXXX, we at strategy X% of through range upper be at we planning right? that like then end. when in our the into calls, discussed our on margins first XXXX with – we're and the near was end on and

Joe Brennan

by underpinned this improved we're seeing – into relative margins plans. Yes. that And our backlog we're to is the putting

this that's XXXX into all playing the I time moving of beyond think frame. So forward improved outlook margin kind

David Constable

execution minutes that [indiscernible]. that I few a is about executing And talked also we're just ago

Joe Brennan

lot a of factors Yes, there.

Andy Wittmann

okay, Thank much. you a Yes, very Have that’s day. clear. good

Joe Brennan

Andy. Thanks,

David Constable

Thank you.

Operator

of comes ahead. with question next line go Please Research. the Michael Your from Dudas Vertical

Michael Dudas

Good morning, Dave. Jason, Joe,

David Constable

Michael. morning, Good

Michael Dudas

share you and maybe XXXX relative be update could on sheet on new financial the us notes thoughts Joe, would profile your with updated on maybe balance helpful. scale to an the

Joe Brennan

be Thanks, the we quarters the XXXX half have last we're few towards that of off going we Mike. addressing kicking to XXXX that here signaled doing over on something last into is and plan the Yes. XXXX. We're

we frame. scale discussions terms towards the are going They So additional year to to or continue are share January of – have XXXXs. our time the end with well. in expect We have around address the of this the still audience would information the new December monetization. to we plans And

Michael Dudas

project more anticipate And you of little the Appreciate can for and David, allow on of going do transition FID and engineering get the to that that. to couple seem assume the next energy is that over share it peaking better – would the to lithium doing projects What involved? you're those productivity front-end maybe you. work, guys across it Is into study interest in? process? – a bit board? in types that. or and And of function areas is as we that design being margin years the performance of And front-end even your possible what I fit at think looking a you step Dow are given billion of worth of Thank I $XXX a guess maybe clients' is you you be coming a

David Constable

billion. right? that Hey, think morning, it spot analyzing energy are billion Yes $XXX you're good after we $XXX $XXX transition, billion on solid prospects Michael. about That of

going transition we So likely the as sits $XXX space. of energy very see in billion it lot And forward. a

give an seeing of carbon Reduction Inflation Solutions the Act that IRA, capture to the and business our we're line. that through example our activity in you Just carbon Fuels credits – Energy Production & the flow in significant

XX on mostly or think got some the moving front-end a projects into on few I EPC. we've at go further work,

you important that's said like well. So lithium as

So feature is energy going a quite to transition bit.

they about think are I XX%.

those look $X it awards you Dow said fuels Metals of work Zero also biggest see I that. $XXX the here at as But is XX% a again, you We're significantly look downstream To in in is we're in production chasing, it you QX. almost billion. looking energy billion feature The at like there. for would is Path it & the If – program. And the And feature chemicals. numbers path total transition a energy about LNG of energy transition, about transition in in Mining lot of is because portion,

plastics ethylene whole recycling chain. – in a across of of including with the seeing and board activity value lot we're the chemicals So

budgets Solutions or the billion of said that of So all supplemented pretty chasing of full either our flat and next agencies EPCM prospects the work the to gets which months. $XX EPC, XX grow we'll about year-on-year. and by intelligence be prospects Department obviously, like continue Energy that I is broad And Mission stay Defense about in those Department across those

of coming of So at us our business all good lines a lot in Michael. growth

So thanks.

Operator

Your the Please next comes Davidson. Thielman from line ahead. Brent of D.A. question with go

Brent Thielman

Thank you. Good Hey. morning.

a comment Just about awards. on margins new

book XXX coming in sort in more which said today? markets relative meaningful line I of to current the terms the you seeing what think or you or are backlog what's you now improvement basis of above have the business in points lines door margin,

David Constable

the It's segments. It's all Again across at plan Yes. across three board. I'm the broad. looking

pretty So broad-based. it's

Brent Thielman

Okay.

continued in I in cash you modestly year's outperform cause flow this the expectation could half? then And second what Okay. mentioned pieces moving to expectations for for guess particular, you potentially

Joe Brennan

dividends see of will Yes, as and in improvement positive Mexico in what's our the Fluor's for is I back contributor be trends to to half treasury. the some we projects reconfirming year, that think Canada that and that execution back within drive a continued into repatriate do going big and maybe we

will moving both think I positive trajectory those a cash forward. fairly So underpin

Brent Thielman

Okay. Great. you. Thank

Operator

Please comes ahead. Your from Eastman the of next with Sean line go KeyBanc. question

Sean Eastman

schedules And team. understand XX% update from to here. the then just XX%. just Nice to that up Hi, part was to revenue What or year in just of the the for revenue that accelerated Is wanted take away the this expectation backlog I above one guidance assumptions for XX% question stuff next to perhaps this year? or to second stepping already? on times we relative revenue relative book-to-bill one year the is should full -- slightly that year. revenue for from

Joe Brennan

Thanks, Yeah. Sean.

think that opportunities what coming business side would I some very there We then from -- to maybe not the year previous back revenue we're through on it's the guidance And of the of our lot of confident half are chunky years. a only our see continue that this seeing the opportunities in significant amount ATLS awards. seeing some flowing feel A energy also are we're solutions bookings and XXXX. big from bookings in of the nontraditional based growth. we

we trajectory of So revenue forward. about of reasonably feel the moving good kind

also we're starting the booked projects Sean get we to move production into two, construction they and as years into activity. into then And ago of procurement three lot really seeing that a

revenue that's fundamentals a point. by within growth solid this see that think XX% at trajectory supported XX% to I So we really

Sean Eastman

I new mean out. you that prospects up comments to just specific prospects backlog. are describe be ready in these the helpful? called half being that on half would it. Got awards relative it's outlook? award see implied then And some FID-ed to encouraging mean Okay. sight of would larger the I teed specific to second visibility on I Any line projects mean, second the go new how

David Constable

the Yeah, fourth and go morning. gets of Good XX XX at goes between XXX. third most and are the Sean. to quarter the to Hi, XXX, looking quarter prospects

And takeoff semiconductor speak chemicals in And spoke for programs ones, cleared at work also that in it's Solutions are to so we've Urban move to I the space, got so some Fluor. in the big definitely to and forward. the ready ICA reimbursable are

So the projects of well. emission going ahead sight generally, speaking, line solutions all are as

So high to yes, degree comfort of on above. that I'd give to you getting second our a like book-to-burn half or new and slightly awards one of

Sean Eastman

All very over. thanks turn I’ll Gentlemen, right. much. it

David Constable

Thanks.

Joe Brennan

Thanks, Sean.

Operator

from comes Citigroup. question of next Please line with You [indiscernible] the go ahead.

Unidentified Analyst

This [indiscernible], is morning. Hi. good

Just a quick one for me.

the some that outlook heard region? a awarded region. a color the We've is us you your your still some for our the chemicals customer what hearing companies conversations mixed bit guys in China. from and project curious in You a but the Fluor you're environment give on bag, Can of take on mentioned out was more industrial recently of

David Constable

strategic Great Yes. question.

wanting decoupling I big eggs picture a follow in we're we definitely basket. into may the not strategies not roll and for to importantly of China, happen on business scenarios we clients involved side, only and multinationals what risk segments but As in the our a -- the with not the a -- And each be derisking think what more could put it but for are China, the at all there's China one that execution our level, into and region.

near-shoring one shoring India's North either uptick globalization and think well see or for prominently hold flowing America Plus to work where an if value-based as taking I China we're clients seeing is strategy will Mexico, friends our I the and countries for we'll featuring think manufacturing. in and you So Europe

real. it's So

-- in say moved certain opportunity. something has cost be But region We're -- to shift moved in putting an to Europe together, watch. together we've the high like from our to ready very away But there think, it to task I manufacturing India got are put trouble feedstock see sure Yes, -- there. just ready client They task an it's possibility. China ready obviously and force clients elsewhere just plus and see support that are you this force into that the be India we're China. for make for for clients have I together to with being Asia chemicals of having in as they put

So, that's how now. we're right looking at it

Unidentified Analyst

Awesome. for it I’ll color. the you Thank turn over. back

David Constable

you. Thank

Operator

that, closing remarks. for I'll turn back to And any over the call with David

David Constable

for delivering Thank our to with way the really and primarily on of services, reimbursable. our of you prospect of you, well we're today. many our shareholder on diverse on our participating opportunities performance based pleased and call continued pipeline, all operator, thanks in strong value. performance the increased And our We're slate to

So, we for appreciate your time thank interest in Fluor, your today. and you again

Operator

That call. today's conference you Thank all conclude will for joining.

disconnect. may You now

Fluor (FLR) 4 Aug 232023 Q2 Earnings call transcript