TechnipFMC plc Ordinary Share - FTI STOCK NEWS

TechnipFMC (NYSE: FTI) has announced that its Chair and CEO, Doug Pferdehirt, will be speaking at the BofA Securities Global Energy Conference in Houston, TX. The presentation is scheduled for Wednesday, November 13, 2024, at 8:50 a.m. CT. A live webcast will be accessible through the company's Investor Relations website, with no accompanying presentation materials. An audio replay will remain available on the website for one year following the event.

TechnipFMC (NYSE: FTI) and Prysmian (MILAN: PRY) have signed a collaboration agreement to accelerate global development of floating offshore wind power. The partnership combines TechnipFMC's system design and integration expertise in dynamic offshore applications with Prysmian's leadership in submarine power cable systems. The companies will deliver an optimized solution through a fully integrated Engineering, Procurement, Construction and Installation (iEPCI™) model, covering mooring, anchoring, and dynamic inter-array and export cable systems. This integrated approach aims to improve project economics and reduce execution risks in offshore wind development.

TechnipFMC (NYSE: FTI) reported strong Q3 2024 results with revenue reaching $2,348.4 million, up 14.2% year-over-year. Net income increased 205.1% to $274.6 million, with earnings per share of $0.63. The company achieved a record total backlog of $14.7 billion, with Subsea backlog reaching a new high of $13.7 billion.

The Board authorized an additional $1 billion share repurchase program, bringing total authorization to $1.2 billion. Subsea inbound orders were $2.5 billion with a book-to-bill of 1.2. The company updated its Subsea financial guidance for 2025 and increased its shareholder distribution target for 2024.

TechnipFMC (NYSE: FTI) has secured an integrated Engineering, Procurement, Construction, and Installation (iEPCI™) contract from bp for the Kaskida development in the Gulf of Mexico. The contract, valued between $250 million and $500 million, covers:

• Design and manufacture of subsea production systems, including 20,000 psi (20K) standardized subsea trees and manifolds
• Design, manufacture, and installation of subsea umbilicals, risers, and flowlines

This award follows an integrated Front End Engineering and Design (iFEED®) study by TechnipFMC. The company's high-pressure solutions are important for unlocking economically attractive opportunities in the Paleogene. The contract was included in inbound orders for the third quarter of 2024.

TechnipFMC (NYSE: FTI) has secured two significant subsea contracts from Petrobras for Brazil's pre-salt fields. The first, a substantial contract valued between $250 million and $500 million, involves designing, engineering, and manufacturing riser flexible pipe, along with associated services. The second, a significant contract worth between $75 million and $250 million, covers subsea production systems for the Atapu 2, Sepia 2, and Roncador projects, including installation support and life-of-field services.

Both contracts will utilize local manufacturing and servicing capabilities in Brazil, supporting the development of pre-salt reserves. Jonathan Landes, President of Subsea at TechnipFMC, highlighted the company's leadership in flexible pipe technology and its standardized equipment platform. These awards will be included in inbound orders for the third quarter of 2024.

TechnipFMC (NYSE: FTI) has announced its schedule for the third-quarter 2024 earnings release and conference call. The company will host the earnings conference call on Thursday, October 24, 2024, at 1:30 p.m. London time (8:30 a.m. New York time). A press release detailing the results will be issued earlier on the same day, at approximately 11:45 a.m. London time (6:45 a.m. New York time).

Investors and interested parties can access the event via webcast through TechnipFMC's Investor Relations website or by registering through the provided link. For those unable to attend the live event, a replay of the webcast will be made available on the company's website following the conference call.

TechnipFMC (NYSE: FTI) has announced that its Chair and CEO, Doug Pferdehirt, will be speaking at the Barclays 38th Annual CEO Energy-Power Conference on September 3, 2024, at 12:40 p.m. ET in New York, NY. This high-profile event provides an opportunity for investors and industry experts to gain insights into TechnipFMC's strategies and outlook.

The company will provide a live webcast of the event, accessible through their Investor Relations website. Notably, there will be no presentation materials associated with the event. For those unable to attend or watch live, an audio replay of the webcast will be available on the website for 180 days following the event, ensuring extended access to the information shared during the conference.

TechnipFMC (NYSE: FTI) announced its Q2 2024 results, showcasing strong performance. Revenue hit $2.33 billion, growing 13.9% sequentially and 17.9% year-over-year. Net income surged to $186.5 million, translating to $0.42 per share. Adjusted figures showed net income at $188.9 million and EPS at $0.43. Adjusted EBITDA reached $361.4 million with a 15.5% margin.

Subsea segment drove growth with $2.8 billion in inbound orders and a 1.4x book-to-bill ratio. Subsea revenue was $2 billion, up 15.8%, with operating profit at $277.7 million, a 77.3% increase. Subsea adjusted EBITDA was $356.5 million, a 17.7% margin.

TechnipFMC’s backlog hit a record $13.9 billion. Cash flow from operations was $231 million, and free cash flow was $180 million. The company repurchased $100 million in shares. Guidance for 2024 was raised, with Subsea revenue expected between $7.6-$7.8 billion and adjusted EBITDA margin at 16.5%-17%.

TechnipFMC (NYSE: FTI) has secured a substantial contract from Petrobras for the supply of flexible pipe for pre-salt fields offshore Brazil. The contract, valued between $250 million and $500 million, covers the design, engineering, and manufacture of flexible pipe for water injection and gas lift. This award was included in TechnipFMC's inbound orders for the second quarter of 2024.

Jonathan Landes, President of Subsea at TechnipFMC, emphasized the company's pride in the trust built with Petrobras over decades and highlighted that their core technologies will support Petrobras's ambitions. TechnipFMC plans to leverage its global manufacturing capabilities to assist in the ongoing development of pre-salt reserves.