TechnipFMC plc Ordinary Share - FTI STOCK NEWS

TechnipFMC reported first-quarter 2023 results with total revenues of $1.717 billion, a 1.4% increase sequentially and a 10.4% increase year-over-year. The company achieved a modest profit of $0.4 million after substantial restructuring charges. Inbound orders reached $2.858 billion, a remarkable 55.2% increase from the previous quarter, boosting total backlog to $10.607 billion, a 13% growth. The subsea sector performed strongly with inbound orders of $2.537 billion and a book-to-bill ratio of 1.8. Adjusted EBITDA stood at $157.5 million with a margin of 9.2%. Additionally, $50 million in shares were repurchased as part of the ongoing buyback program, bringing the total to $150 million.

TechnipFMC (NYSE: FTI) is set to host its first quarter 2023 earnings conference call on April 27, 2023, at 1:30 p.m. London time (8:30 a.m. New York time). A press release detailing earnings results will precede the call at approximately 11:45 a.m. London time (6:45 a.m. New York time). The conference call will be available via live webcast on the TechnipFMC website, with archived access post-event. The company emphasizes the significance of forward-looking statements in its communications, advising caution regarding reliance on projected results due to inherent risks and uncertainties.

TechnipFMC (NYSE: FTI) has secured a significant contract from Azule Energy for the Agogo Integrated West Hub Development Project in Angola. This contract, one of the largest for flexible pipe in West Africa, entails engineering, procurement, and supply of key components, including jumpers and flowlines. The flexible pipe will link the new Agogo facility to subsea production systems. The contract value is estimated between $250 million and $500 million. This achievement underscores TechnipFMC's capacity to facilitate rapid greenfield developments, a vital factor in winning this award.

TechnipFMC plc (NYSE: FTI) reported a 4.6% increase in full-year revenue to $6.7 billion, driven by a 36% growth in orders totaling $6.7 billion. The total backlog rose 22% to $9.4 billion. Despite operational challenges, the company generated $566 million in cash flow from operations in Q4 2022. Full-year losses were reported at $61.9 million, mainly due to charges related to debt extinguishment and foreign exchange losses. Looking ahead, TechnipFMC anticipates total revenue growth of approximately 12% in 2023, targeting $7.5 billion, while adjusted EBITDA is expected to rise to $870 million.

TechnipFMC (NYSE: FTI) has secured a significant contract to provide flexible pipe and hardware for TotalEnergies EP Angola's Girassol Life Extension project offshore Angola. This project aims to enhance the Girassol field's lifespan by circumventing existing rigid pipe bundles. The contract involves engineering, procurement, and supply of flowlines and connectors, valued between $75 million and $250 million. This award reflects the trust built with clients and showcases TechnipFMC's technological capabilities. TotalEnergies' continued confidence illustrates a strong partnership in future projects.