Fluor(FLR) - 2022 Q1 - Quarterly Report

Revenue and Earnings - Revenue for the three months ended March 31, 2022, was $3,122 million, a decrease of 6.7$3,347 million in the same period of 2021[10] - Net earnings from continuing operations were $56 million, a recovery from a loss of$53 million in the previous year[12] - Basic earnings per share (EPS) from continuing operations was $0.27, compared to a loss of$0.61 in the same quarter of 2021[10] - Net earnings for Q1 2022 were $56 million, a significant improvement from a net loss of$54 million in Q1 2021[20] - Total segment profit for the 2022 Quarter was $115 million, compared to$60 million in the 2021 Quarter, representing a 91.7% increase[35] - Basic EPS from continuing operations was $0.27 in Q1 2022, recovering from a loss of$0.61 in Q1 2021[33] Profitability and Cash Flow - Gross profit for the same period was $123 million, compared to$93 million in the prior year, reflecting a significant improvement[10] - The company reported an operating profit of $96 million, a significant improvement from an operating loss of$32 million in the prior year[10] - Operating cash flow for Q1 2022 was $(188) million, compared to$(230) million in Q1 2021, indicating a reduced cash outflow[20] - The company reported a foreign currency translation adjustment of $29 million in Q1 2022, compared to$3 million in Q1 2021[12] Assets and Liabilities - Total assets decreased to $6,492 million as of March 31, 2022, down from$7,089 million at the end of 2021[17] - Total current liabilities decreased to $3,195 million from$3,614 million at the end of 2021, indicating improved liquidity[17] - Total debt as of March 31, 2022, was $1,196 million, a decrease from$1,192 million as of December 31, 2021[69] - The company reported contract assets totaling $1,011 million as of March 31, 2022, down from$1,066 million as of December 31, 2021[65] Segment Performance - Energy Solutions segment revenue increased to $1,174 million, up 18.5$991 million in the previous year[35] - Urban Solutions segment revenue decreased to $959 million, down 19.7$1,194 million in the previous year[35] - North America generated $1,908 million in revenue, a decrease of 7.7$2,068 million in the 2021 Quarter[41] Impairments and Adjustments - The company experienced a $63 million impairment reversal related to its Stork business, which was previously recorded[29] - Impairment for the 2022 Quarter was$63 million, compared to $47 million in the 2021 Quarter[42] Cash Management and Dividends - Cash and cash equivalents were$1,913 million, down from $2,209 million at the end of 2021, reflecting cash flow management challenges[17] - The company paid$10 million in dividends on CPS during Q1 2022, with no dividends paid in Q1 2021[20] - Cumulative cash dividends on preferred stock are payable at an annual rate of 6.5%, with $10 million paid in February 2022 and another$10 million approved for May 2022[74] Other Comprehensive Income - The total Other Comprehensive Income (OCI) attributable to Fluor for the first quarter of 2022 was $28 million, compared to$1 million for the same period in 2021[91] - The balance of OCI attributable to Fluor as of March 31, 2022, was $(337) million, compared to$(366) million as of December 31, 2021[94] - The foreign currency translation adjustments contributed $29 million to OCI for the first quarter of 2022, compared to$3 million in the same quarter of 2021[91] Future Commitments and Investigations - The maximum potential amount of future payments under outstanding performance guarantees was estimated to be $14 billion as of March 31, 2022[49] - The company is involved in ongoing investigations by the SEC and DOJ related to project accounting and financial reporting matters[64]