Revenue Performance - Total revenue for 2023 was $15,474 million, an increase of 12.6% from $13,744 million in 2022[355] - Energy Solutions segment revenue rose to $6,307 million, up 7.4% from $5,872 million in 2022[355] - Urban Solutions segment revenue increased to $5,262 million, a 20.3% rise from $4,373 million in 2022[355] - Mission Solutions segment revenue reached $2,655 million, a 16% increase from $2,289 million in 2022[355] - Fluor Corporation reported a consolidated revenue of $XX billion for the year ended December 31, 2023, representing a YY% increase compared to the previous year[376] - Fluor Corporation reported a total revenue of $XX billion for the year ended December 31, 2023, representing a YY% increase compared to the previous year[387] Profit and Earnings - Total segment profit for 2023 was $537 million, with a margin of 3.5%, compared to $427 million and 3.1% in 2022[355] - The company achieved a net income of $ZZ million for the fiscal year 2023, which is a growth of AA% year-over-year[376] - The company achieved a net income of $ZZ million for the same period, which is a ZZ% increase year-over-year[387] Backlog and Future Commitments - New awards totaled $19,528 million in 2023, slightly down from $19,815 million in 2022[355] - Backlog as of December 31, 2023, was $29,441 million, an increase from $26,049 million in 2022[355] - The company reported a backlog of $JJ billion in contracts, indicating strong future revenue potential[376] - Fluor's backlog increased to $AA billion, reflecting a BB% growth from the previous year, indicating strong future project commitments[387] Strategic Initiatives - The company plans to sell Stork's European business, expected to close in the first half of 2024[353] - The company is focusing on expanding its market presence in the renewable energy sector, with plans to invest $FF million in new projects[376] - Fluor is investing $DD million in new technology development aimed at improving project efficiency and reducing costs[387] - The company has initiated a strategic acquisition plan, with a goal to acquire companies that enhance its capabilities in engineering and construction services[387] - The company announced a strategic acquisition of a competitor, which is expected to enhance its service offerings and increase market share by HH%[376] Operational Efficiency - Fluor is actively developing new technologies aimed at improving project efficiency, with an R&D budget increase of GG% for 2024[376] - Fluor Corporation is implementing new operational strategies to streamline processes, aiming for a reduction in project delivery times by II%[376] Sustainability and Risk Management - Fluor's commitment to sustainability includes a target to reduce carbon emissions by KK% by 2025, aligning with industry trends[376] - The company is actively managing foreign currency risks, limiting exposure through contract provisions that align client payments with expected costs[70] - The company has maintained a strong liquidity position, with cash and marketable securities totaling $GG million, ensuring financial stability[69] Client Engagement and Market Guidance - User data indicated a significant increase in project completions, with a total of BB projects completed in 2023, up CC% from 2022[376] - Fluor's user data indicates a significant increase in client engagement, with a growth of EE% in project inquiries compared to the last quarter[387] - Fluor Corporation provided guidance for 2024, projecting revenue growth of DD% and an expected net income margin of EE%[376] - The company has provided guidance for the next fiscal year, projecting revenue growth of FF% and an increase in net income margins[387]

IRVING, Texas--(BUSINESS WIRE)--Fluor Corporation (NYSE: FLR) today announced that Jason Landkamer, Executive Director- Investor Relations will be hosting one on one meetings at the following investor conferences: Barclay’s Industrial Select Conference - February 21 in Miami Beach, FL at Loews Miami Beach Citi's 2024 Global Industrial Tech and Mobility Conference - February 22 in Miami Beach, FL at the Ritz Carlton South Beach About Fluor Corporation Fluor Corporation (NYSE: FLR) is building a better ...

The global economy’s shift to sustainable energy has drawn investors’ attention towards cleaner energy sources. As a result, companies involved with hydrogen value chains and fuel cell technology are getting attention. While there are still challenges in scalability and cost-efficiency, some companies have been showing potential under the radar. This article will look at three undervalued hydrogen stocks based on their analyst earnings growth forecast with huge potential to carve their share from this secto ...

IRVING, Texas--(BUSINESS WIRE)--Fluor Corporation (NYSE: FLR) announced today that the U.S. Federal Emergency Management Agency (FEMA) has selected Fluor to provide recovery services under the Public Assistance Technical Assistance Contracts V (PA TAC V) for their East Zone region. PA TAC V supports FEMA’s distribution of public assistance following presidentially declared disasters or emergencies. The indefinite delivery/indefinite quantity contract has a one-year base period with four one-year option peri ...

Fluor Corporation’s (FLR) proprietary Econamine FG Plus carbon capture technology has been selected by Chevron New Energies to reduce carbon dioxide (CO2) emissions at its Eastridge Cogeneration facility in Kern County, CA.Fluor has recognized the value of this undisclosed license contract in the fourth quarter.When installed, Econamine FG Plus is expected to reduce the Eastridge facility’s carbon emissions by approximately 95%. This apart, Fluor will develop a process design package, supply proprietary equ ...

IRVING, Texas--(BUSINESS WIRE)--Fluor Corporation (NYSE: FLR) announced today that Chevron New Energies has signed a license agreement with Fluor to use its proprietary Econamine FG PlusSM carbon capture technology to reduce carbon dioxide (CO2) emissions at Chevron’s Eastridge Cogeneration facility in Kern County, California. Fluor recognized the undisclosed license award in the fourth quarter. “We are pleased to help Chevron achieve their CO2 reduction goals through the use of our carbon capture techno ...

Financial Data and Key Metrics Changes - For Q3 2023, revenue was $4 billion, representing a 10% increase from the previous year, driven by increased execution activities across all segments [17][24] - Consolidated segment profit for the quarter was $276 million, with adjusted EBITDA rising to $216 million compared to $30 million a year ago [17][58] - Adjusted EPS for the quarter was $1.02, up from $0.07 in Q3 2022 [17] Business Line Data and Key Metrics Changes - Urban Solutions reported a profit of $66 million, with new awards totaling $1 billion and an ending backlog of $11.1 billion, of which 59% is reimbursable [25] - Energy Solutions saw significant profit improvement to $177 million from $59 million a year ago, with new awards totaling $3.3 billion [56] - Mission Solutions reported a segment profit of $38 million, reflecting increased execution activities for FEMA hurricane support [55] Market Data and Key Metrics Changes - Consolidated new awards for the quarter were $5 billion, maintaining a book-to-burn ratio of greater than 1 times, with total backlog now at $26 billion, of which 70% is reimbursable [13][30] - The demand for services is strong, with a prospect pipeline more than 15 times the size of the current backlog, particularly in chemicals and mining [53] Company Strategy and Development Direction - The company is leveraging artificial intelligence technologies to enhance project execution and predictive pricing for materials [11][12] - Focus on high-quality backlog and improved margins, with expectations for significant cash flow generation in 2024 [59][88] - The company is transitioning to a lower-risk portfolio and is actively working on monetizing its investment in Nuscale [94] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the mining and metals business, noting continued investment in energy transition minerals and stable CapEx levels among clients [37] - The company anticipates a significant year for cash flow generation in 2024, driven by a growing non-legacy portfolio [59][88] - Management highlighted the importance of financial discipline and execution excellence in driving positive outcomes [34][49] Other Important Information - The company completed a successful convertible debt offering, locking in a low coupon rate and preventing share dilution until the share price exceeds $68 [18] - The cash and marketable securities balance for the quarter was $2.4 billion, excluding amounts held by NuScale [59] - The company expects to close transactions related to the sale of Stork's remaining operations by Q2 next year [59] Q&A Session Summary Question: Insights on cost recovery entitlements and future recognition - Management indicated that the recognition of cost recoveries was driven by activities in Mexico and does not expect significant upticks in recognition going forward [34] Question: Macro outlook on mining activity and client CapEx - Management noted that mining clients are investing in energy transition minerals, with no cancellations observed and stable CapEx levels [37] Question: Clarification on adjusted EBITDA and run rate - Management explained that the adjusted EBITDA for the quarter was influenced by earlier recognition of cost recoveries, maintaining a comfortable range for Q4 [41] Question: Confidence in cash flow generation for 2024 - Management attributed confidence in cash flow generation to the resolution of legacy challenges and the addition of high-quality backlog [43] Question: Expectations for energy segment margins in Q4 - Management acknowledged that Q4 margins would be lower than year-to-date levels but emphasized confidence in the remaining legacy work and ongoing projects [46][70] Question: Update on Nuscale monetization discussions - Management confirmed ongoing discussions with a strategic investor for the monetization of Nuscale, with a term sheet in place [94]

November 3, 2023 Q3 2023 RESULTS 2 3 our projects and supply chain organization © 2023 Fluor Corporation. GV20230147 Reimbursable Fixed This presentation contains forward-looking statements (including without limitation statements to the effect that the Company or its management "will," "believes," "expects," "plans," "intends," "continue," "anticipates," is "positioned" or other similar expressions). These forward-looking statements, including statements relating to strategic and operational plans, project ...

[Part I: Financial Information](index=5&type=section&id=Part%20I%3A%20Financial%20Information) This section presents the company's unaudited financial statements and management's discussion of financial condition and results of operations [Item 1: Condensed Consolidated Financial Statements (Unaudited)](index=5&type=section&id=Item%201%3A%20Condensed%20Consolidated%20Financial%20Statements%20%28Unaudited%29) This section presents Fluor Corporation's unaudited condensed consolidated financial statements for the three and nine months ended September 30, 2023 [Statement of Operations](index=5&type=section&id=Statement%20of%20Operations) For the third quarter of 2023, Fluor reported revenue of $3.96 billion and net earnings attributable to Fluor of $206 million, a significant improvement from a net earnings of $22 million in the same period of 2022. For the nine-month period, revenue was $11.65 billion with net earnings of $161 million. Diluted EPS for Q3 2023 was $1.15, compared to $0.08 in Q3 2022 Condensed Consolidated Statement of Operations (Unaudited) | (in millions, except per share amounts) | 3ME Sep 30, 2023 | 3ME Sep 30, 2022 | 9ME Sep 30, 2023 | 9ME Sep 30, 2022 | | :--- | :--- | :--- | :--- | :--- | | **Revenue** | **$3,963** | **$3,612** | **$11,654** | **$10,034** | | Gross profit (loss) | $251 | $(15) | $411 | $222 | | Operating profit (loss) | $218 | $(11) | $172 | $190 | | Earnings before taxes | $260 | $3 | $291 | $194 | | Net earnings (loss) | $181 | $(24) | $119 | $105 | | **Net earnings attributable to Fluor** | **$206** | **$22** | **$161** | **$136** | | Net earnings available to Fluor common stockholders | $169 | $12 | $105 | $107 | | **Diluted EPS available to Fluor common stockholders** | **$1.15** | **$0.08** | **$0.72** | **$0.74** | [Statement of Comprehensive Income (Loss)](index=6&type=section&id=Statement%20of%20Comprehensive%20Income%20%28Loss%29) Comprehensive income attributable to Fluor was $177 million for Q3 2023, a substantial turnaround from a loss of $1 million in Q3 2022, driven by higher net earnings and foreign currency translation adjustments Condensed Consolidated Statement of Comprehensive Income (Loss) (Unaudited) | (in millions) | 3ME Sep 30, 2023 | 3ME Sep 30, 2022 | 9ME Sep 30, 2023 | 9ME Sep 30, 2022 | | :--- | :--- | :--- | :--- | :--- | | Net earnings (loss) | $181 | $(24) | $119 | $105 | | Total OCI, net of tax | $(26) | $(23) | $37 | $(12) | | Comprehensive income (loss) | $155 | $(47) | $156 | $93 | | **Comprehensive income (loss) attributable to Fluor** | **$177** | **$(1)** | **$195** | **$124** | [Balance Sheet](index=7&type=section&id=Balance%20Sheet) As of September 30, 2023, Fluor's total assets increased to $7.16 billion from $6.83 billion at year-end 2022, with total equity rising to $2.02 billion and cash and cash equivalents at $2.42 billion Condensed Consolidated Balance Sheet (Unaudited) | (in millions) | September 30, 2023 | December 31, 2022 | | :--- | :--- | :--- | | **Current Assets** | | | | Cash and cash equivalents | $2,421 | $2,439 | | Total current assets | $5,060 | $5,044 | | **Total Assets** | **$7,163** | **$6,827** | | **Current Liabilities** | | | | Total current liabilities | $3,140 | $3,216 | | Long-term debt | $1,425 | $978 | | **Total Liabilities** | **$5,141** | **$4,831** | | **Total Equity** | **$2,022** | **$1,996** | | **Total Liabilities and Equity** | **$7,163** | **$6,827** | [Statement of Cash Flows](index=8&type=section&id=Statement%20of%20Cash%20Flows) For the nine months ended September 30, 2023, net cash used in operating activities was $96 million, while investing activities used $46 million and financing activities provided $131 million, resulting in a slight decrease in cash and cash equivalents Condensed Consolidated Statement of Cash Flows (Unaudited) | (in millions) | 9ME Sep 30, 2023 | 9ME Sep 30, 2022 | | :--- | :--- | :--- | | **Operating cash flow** | **$(96)** | **$(15)** | | **Investing cash flow** | **$(46)** | **$(64)** | | **Financing cash flow** | **$131** | **$378** | | Effect of exchange rate changes on cash | $(7) | $(72) | | Increase (decrease) in cash and cash equivalents | $(18) | $227 | | Cash and cash equivalents at beginning of period | $2,439 | $2,209 | | **Cash and cash equivalents at end of period** | **$2,421** | **$2,436** | [Statement of Changes in Equity](index=9&type=section&id=Statement%20of%20Changes%20in%20Equity) Total equity increased from $2.00 billion at year-end 2022 to $2.02 billion as of September 30, 2023, driven by net earnings and OCI adjustments, partially offset by dividends and other transactions Changes in Equity - 9 Months Ended Sep 30, 2023 (in millions) | Description | Amount | | :--- | :--- | | **Balance as of December 31, 2022** | **$1,996** | | Net earnings | $119 | | OCI | $37 | | Dividends on CPS | $(30) | | Conversion of CPS to common stock | $(26) | | Capped call transactions related to 2029 Notes | $(73) | | Distributions to NCI, net of contributions | $(36) | | Stock-based plan activity & Other | $35 | | **Balance as of September 30, 2023** | **$2,022** | [Notes to Financial Statements](index=12&type=section&id=Notes%20to%20Financial%20Statements) This section provides detailed disclosures supporting the financial statements, covering accounting policies, segment information, legal contingencies, debt, equity, and other financial matters - The financial statements are unaudited and contain all normal recurring adjustments necessary for a fair presentation, requiring conjunction with the 2022 10-K as they do not include all annual disclosures[109](index=109&type=chunk)[110](index=110&type=chunk) - The company is evaluating the impact of new SEC rules on clawback policies for incentive-based compensation, which must be amended by December 2023[112](index=112&type=chunk) - The company did not implement any new accounting pronouncements in the 2023 period but is assessing future disclosure requirements from new SEC rules[111](index=111&type=chunk) Operating Information by Segment - 9 Months Ended Sep 30, 2023 vs 2022 | (in millions) | 9ME 2023 Revenue | 9ME 2022 Revenue | 9ME 2023 Segment Profit | 9ME 2022 Segment Profit | | :--- | :--- | :--- | :--- | :--- | | Energy Solutions | $4,886 | $4,097 | $355 | $177 | | Urban Solutions | $3,842 | $3,279 | $121 | $(21) | | Mission Solutions | $2,009 | $1,779 | $84 | $115 | | Other | $917 | $879 | $(108) | $(18) | | **Total** | **$11,654** | **$10,034** | **$452** | **$253** | - The company is involved in significant litigation, including a case with Santos Ltd. where a non-binding report recommended a judgment against Fluor for **AUD $790 million**, though Fluor contests this and the applicability of a liability cap. A hearing is scheduled for February 2024[7](index=7&type=chunk) - In September 2023, the company settled an SEC investigation related to 2019 charges by agreeing to pay a civil penalty of **$15 million**, which was previously reserved and did not materially impact Q3 2023 results. The DOJ closed its related investigation without bringing charges[148](index=148&type=chunk) - In August 2023, the company issued **$575 million** of 1.125% Convertible Senior Notes due 2029, receiving net proceeds of **$560 million**[133](index=133&type=chunk) - In September 2023, the company exercised its mandatory conversion rights on all outstanding Convertible Preferred Stock (CPS), converting them into common stock and ceasing all future CPS dividends[169](index=169&type=chunk) [Item 2: Management's Discussion and Analysis of Financial Condition and Results of Operations](index=31&type=section&id=Item%202%3A%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's financial condition and results of operations, focusing on segment performance, liquidity, and capital resources, with backlog remaining stable at $26.0 billion Consolidated Backlog (in millions) | Date | Amount | | :--- | :--- | | January 1, 2023 | $26,049 | | September 30, 2023 | $26,004 | - The company completed the divestiture of its AMECO business with the sale of AMECO South America in March 2023, which resulted in a **$60 million** negative earnings impact in the 2023 period[206](index=206&type=chunk) - In August 2023, the company issued **$575 million** in 2029 Convertible Senior Notes and used proceeds to tender for **$115 million** of its 2024 Notes. It also redeemed the remaining **€129 million** of its 2023 Notes in January 2023[235](index=235&type=chunk) [Results of Operations](index=32&type=section&id=Results%20of%20Operations) Consolidated revenue and segment profit significantly improved in Q3 and the first nine months of 2023 due to new project ramp-ups and favorable outcomes, despite charges on legacy projects and the AMECO sale Segment Profit (Loss) Overview (in millions) | Segment | 3ME 2023 | 3ME 2022 | 9ME 2023 | 9ME 2022 | | :--- | :--- | :--- | :--- | :--- | | Energy Solutions | $177 | $59 | $355 | $177 | | Urban Solutions | $66 | $(50) | $121 | $(21) | | Mission Solutions | $38 | $29 | $84 | $115 | | Other | $(5) | $(7) | $(108) | $(18) | | **Total Segment Profit** | **$276** | **$31** | **$452** | **$253** | - G&A expenses increased to **$56 million** in Q3 2023 from **$30 million** in Q3 2022, primarily driven by higher performance-based compensation and stock-price-driven compensation[215](index=215&type=chunk)[296](index=296&type=chunk) [Liquidity and Capital Resources](index=37&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains sufficient liquidity with $2.6 billion in cash and marketable securities and a $1.8 billion credit facility, despite negative operating cash flow of $96 million for the first nine months of 2023 - As of September 30, 2023, the company had **$2.6 billion** in cash and marketable securities and access to a **$1.8 billion** credit facility with **$797 million** of borrowing capacity[305](index=305&type=chunk)[218](index=218&type=chunk) - Operating cash flow for the first nine months of 2023 was negative **$96 million**, impacted by working capital increases on large projects and funding of approximately **$82 million** for loss projects[238](index=238&type=chunk)[240](index=240&type=chunk) - In connection with the 2029 Notes issuance, the company entered into capped call transactions for **$73 million** to mitigate potential stock dilution, with a strike price of **$45.37** and a cap price of **$68.48** per share[257](index=257&type=chunk)[247](index=247&type=chunk) [Item 3: Quantitative and Qualitative Disclosures about Market Risk](index=41&type=section&id=Item%203%3A%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) There have been no material changes to the company's market risk during the first nine months of 2023, with disclosures from the 2022 Annual Report on Form 10-K remaining relevant - There have been no material changes to market risk during the 2023 Period[250](index=250&type=chunk) [Item 4: Controls and Procedures](index=42&type=section&id=Item%204%3A%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were effective as of September 30, 2023, with no material changes to internal control over financial reporting during the quarter - The principal executive officer and principal financial officer concluded that the company's disclosure controls and procedures are effective as of the end of the reporting period[263](index=263&type=chunk) - No changes occurred during the quarter that have materially affected, or are reasonably likely to materially affect, the company's internal control over financial reporting[264](index=264&type=chunk) [Part II: Other Information](index=44&type=section&id=Part%20II%3A%20Other%20Information) This section covers legal proceedings, risk factors, equity security sales, mine safety, and other miscellaneous information [Item 1: Legal Proceedings](index=44&type=section&id=Item%201%3A%20Legal%20Proceedings) The company is party to various legal proceedings as part of its normal business activities, with material pending matters disclosed in Part I, Item 1 (Notes to Financial Statements) - The company is party to a number of legal proceedings in the normal course of business and discloses material pending matters pursuant to SEC rules[254](index=254&type=chunk) [Item 1A: Risk Factors](index=44&type=section&id=Item%201A%3A%20Risk%20Factors) This section updates risk factors from the 2022 10-K, introducing new risks associated with the recently issued 2029 Convertible Senior Notes and related capped call transactions - A new risk factor is the counterparty risk associated with the capped call transactions, exposing the company to the credit risk of the option counterparties (financial institutions), which is not secured by collateral[270](index=270&type=chunk)[279](index=279&type=chunk) - Hedging activities by the capped call option counterparties could cause fluctuations in the market price of Fluor's common stock and/or the 2029 Notes, potentially affecting the value an investor receives upon conversion[277](index=277&type=chunk)[278](index=278&type=chunk) [Item 2: Unregistered Sales of Equity Securities and Use of Proceeds](index=44&type=section&id=Item%202%3A%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company did not repurchase any of its equity securities during the third quarter of 2023, with approximately 10.5 million shares remaining available for repurchase under the existing program Issuer Purchases of Equity Securities (Q3 2023) | Period | Total Number of Shares Purchased | Average Price Paid per Share | Maximum Number of Shares that May Yet Be Purchased Under the Program | | :--- | :--- | :--- | :--- | | July 2023 | — | $— | 10,513,093 | | August 2023 | — | $— | 10,513,093 | | September 2023 | — | $— | 10,513,093 | | **Total** | **—** | **$—** | **10,513,093** | [Item 4: Mine Safety Disclosures](index=45&type=section&id=Item%204%3A%20Mine%20Safety%20Disclosures) This section, included as required, contains no specific mine safety disclosures - This item is listed in the table of contents, but no substantive information was provided in the source document[256](index=256&type=chunk) [Item 5: Other Information](index=45&type=section&id=Item%205%3A%20Other%20Information) No information is reported under this item for the period - No information was reported under this item[283](index=283&type=chunk) [Item 6: Exhibits](index=46&type=section&id=Item%206%3A%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including certifications, debt instruments, and credit agreement amendments - Key exhibits filed include the Indenture for the 1.125% Convertible Senior Notes due 2029, an amendment to the Revolving Credit Agreement, and CEO/CFO certifications under Sarbanes-Oxley Sections 302 and 906[285](index=285&type=chunk)

Financial Data and Key Metrics Changes - Revenue for Q2 2023 was $3.9 billion, representing a 20% increase from the previous year, driven by execution activities in Energy Solutions, Urban Solutions, and Mission Solutions [22][37] - Adjusted EBITDA for the quarter was $181 million, compared to $68 million a year ago, with adjusted EPS rising to $0.76 from $0.15 in Q2 2022 [23][22] - Cash and marketable securities balance was $2.1 billion, with positive operating cash flow of $62 million for the quarter [24] Business Segment Data and Key Metrics Changes - Urban Solutions reported a profit of $76 million, with new awards totaling $2.3 billion and a backlog of $11.7 billion, 58% of which is reimbursable [6] - Mining & Metals is advancing critical minerals production, including lithium projects in North America and Europe [12] - Advanced Technologies & Life Sciences secured a $574 million award for a new life sciences facility and a $487 million expansion for a biotech facility in Denmark [13] - Mission Solutions reported a segment profit of $40 million, up from $28 million a year ago, driven by increased activities in European logistics support [42] Market Data and Key Metrics Changes - New awards for the quarter totaled $3.7 billion, with a total backlog of $25.5 billion, 64% of which is reimbursable [11][50] - The company is tracking approximately $49 billion in key EPC and EPCM prospects across various sectors [38] Company Strategy and Development Direction - The company is focused on expanding its portfolio in semiconductor work and energy transition projects, with a robust prospect pipeline estimated at $300 billion [38][67] - A strategic partnership with Tech Mahindra aims to enhance digital transformation and support client demand for digital handovers [10] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about future growth, supported by a strong prospect pipeline and improved margins on new awards [20][51] - The company anticipates continued positive cash flow trends and has raised its adjusted earnings per share guidance for 2023 to a range of $2 to $2.30 [51] Other Important Information - The DOJ has closed its investigation of the company without bringing charges, which is a positive development for the company [24] - The company is well-positioned for future nuclear remediation opportunities with the DOE [16] Q&A Session Summary Question: Guidance for the back half of the year - Management indicated that the guidance reflects a run rate of $140 million to $160 million, with expectations for a positive trend moving forward [28] Question: Terms and conditions of projects and margin expectations - Management noted that new awards are coming in at margins 200 basis points above the current backlog margin, indicating strong margin power for 2024 [30] Question: Impact of claims resolution on guidance - Management clarified that the guidance does not factor in additional claims resolution activities until a better assessment is made [61] Question: Visibility on new awards for the second half of the year - Management expressed confidence in the visibility of new awards, with many projects ready to move forward [108] Question: Financial profile and balance sheet update - Management confirmed plans to address the 2024 notes and ongoing discussions regarding monetization of NuScale [89] Question: Energy transition projects and margin performance - Management highlighted significant activity in energy transition projects, including carbon capture and lithium projects, which are expected to enhance margin performance [90]