TechnipFMC Announces First-Quarter 2025 Results
-
Total Company inbound orders of
$3.1 billion $2.8 billion -
Total Company backlog of
$15.8 billion $14.9 billion -
Cash flow from operations of
$442 million $380 million -
Total shareholder distributions of
$271 million $250 million
NEWCASTLE &
Summary Financial Results from Continuing Operations |
|||||
Reconciliation of |
|||||
|
Three Months Ended |
Change |
|||
(In millions, except per share amounts) |
Mar. 31, 2025 |
Dec. 31, 2024 |
Mar. 31, 2024 |
Sequential |
Year-over-Year |
Revenue |
|
|
|
( |
|
Net income |
|
|
|
( |
( |
Net income margin |
|
|
|
(310 bps) |
(130 bps) |
Diluted earnings per share |
|
|
|
( |
( |
|
|||||
Adjusted EBITDA |
|
|
|
( |
|
Adjusted EBITDA margin |
|
|
|
60 bps |
300 bps |
Adjusted net income |
|
|
|
( |
|
Adjusted diluted earnings per share |
|
|
|
( |
|
|
|||||
Inbound orders |
|
|
|
|
|
Backlog |
|
|
|
|
|
Total Company revenue in the first quarter was
Adjusted net income was
Adjusted EBITDA, which excludes pre-tax charges and credits, was
Included in total Company results was a foreign exchange loss of
Doug Pferdehirt, Chair and CEO of TechnipFMC, remarked, “I’m pleased to share another strong set of financial results to start the year. Our quarterly results clearly demonstrate the unique capabilities of our company and the value we are providing to our clients.”
“Total Company revenue in the period was
Pferdehirt continued, “Subsea inbound was
“Our Subsea Opportunities List now highlights more than
Pferdehirt added, “While commodity prices are a primary variable in our clients’ decisions to move forward on a development, the impact they have on the economic feasibility of a project can differ significantly by region and resource. We continue to believe that offshore will remain a preferred investment of operators, with deepwater attracting a growing share of global capital flows, driven by much-improved economic returns and broad access to these resources. This gives us continued confidence in delivering more than
Pferdehirt continued, “U.S. land is among the most susceptible regions to lower commodity prices, given its relatively high cost of development. The majority of activity in our Surface Technologies segment is driven by international markets, where we have secured significant inbound through the first four months of the year. Importantly, we estimate 95 percent of our total Company revenue in 2025 will be generated from activity outside of the
“Our revenue is derived from diverse sources—which include not just products, but also significant installation and services activities. When thinking about our potential exposure to the recently announced tariffs, it is largely confined to product-related revenue from our operations across
Pferdehirt concluded, “In a dynamic environment, we have truly differentiated our Company. We have built a strong backlog totaling
“We are excited about what lies ahead for us. Our opportunity set is deep and diverse. At the same time, our execution is strong and accelerating, and our business transformation is creating even more value for our clients, our Company, and our shareholders.”
Operational and Financial Highlights |
Subsea |
Financial Highlights |
|||||
Reconciliation of |
|||||
|
Three Months Ended |
Change |
|||
(In millions) |
Mar. 31, 2025 |
Dec. 31, 2024 |
Mar. 31, 2024 |
Sequential |
Year-over-Year |
Revenue |
|
|
|
( |
|
Operating profit |
|
|
|
|
|
Operating profit margin |
|
|
|
160 bps |
380 bps |
Adjusted EBITDA |
|
|
|
( |
|
Adjusted EBITDA margin |
|
|
|
80 bps |
330 bps |
|
|||||
Inbound orders |
|
|
|
|
|
Backlog1,2,3 |
|
|
|
|
|
Estimated Consolidated Backlog Scheduling
|
Mar. 31, 2025 |
2025 (9 months) |
|
2026 |
|
2027 and beyond |
|
Total |
|
1 Backlog as of March 31, 2025 was increased by a foreign exchange impact of |
|
2 Backlog does not capture all revenue potential for Subsea Services. |
|
3 Backlog as of March 31, 2025 does not include total Company non-consolidated backlog of |
|
Subsea reported first-quarter revenue of
Subsea reported an operating profit of
Subsea reported adjusted EBITDA of
Subsea inbound orders were
-
Shell Gato do Mato iEPCI™ project (
Brazil )
Major* iEPCI™ contract by Shell for its Gato do Mato greenfield development offshoreBrazil . In addition to integrated execution, the project will utilize Subsea 2.0® configure-to-order (CTO) subsea production systems. Combining both offerings will enable streamlined project management through a single interface and accelerate time to first oil.
*A “major” contract is greater than$1 billion
-
Equinor Johan Sverdrup Phase 3 iEPCI™ project (
Norway )
Large* iEPCI™ contract by Equinor for its Johan Sverdrup Phase 3 development in the Norwegian North Sea. The Johan Sverdrup field, which originally began production in 2019, is now one of the largest developments in the region. This latest phase will increase production by tying in additional wells to the current infrastructure, which is powered by low-emission resources onshore. This direct award follows an integrated Front End Engineering and Design (iFEED®) study. TechnipFMC will design, manufacture, and install subsea production systems, umbilicals, and rigid pipe that will tie new templates into the existing Johan Sverdrup field center.
*A “large” contract is between$500 million $1 billion
Surface Technologies |
Financial Highlights |
|||||
Reconciliation of |
|||||
|
Three Months Ended |
Change |
|||
(In millions) |
Mar. 31, 2025 |
Dec. 31 2024 |
Mar. 31, 2024 |
Sequential |
Year-over-Year |
Revenue |
|
|
|
( |
( |
Operating profit |
|
|
|
( |
( |
Operating profit margin |
|
|
|
(120 bps) |
(2,350 bps) |
Adjusted EBITDA |
|
|
|
( |
|
Adjusted EBITDA margin |
|
|
|
(110 bps) |
220 bps |
|
|||||
Inbound orders |
|
|
|
|
( |
Backlog |
|
|
|
|
( |
Surface Technologies reported first-quarter revenue of
Surface Technologies reported operating profit of
Surface Technologies reported adjusted EBITDA of
Inbound orders for the quarter were
Corporate and Other Items (three months ended March 31, 2025)
Corporate expense was
Foreign exchange loss was
Net interest expense was
The provision for income taxes was
Total depreciation and amortization was
Cash provided by operating activities was
During the quarter, the Company repurchased 8.9 million of its ordinary shares for total consideration of
The Company ended the period with cash and cash equivalents of
2025 Full-Year Financial Guidance1
The Company’s full-year financial guidance for 2025 can be found in the table below. Updates to the previous guidance issued on February 27, 2025 are as follows:
-
Free cash flow of
$1 billion $850 million
2025 Guidance (As of April 24, 2025) |
||||
|
||||
Subsea |
|
Surface Technologies |
||
Revenue in a range of |
|
Revenue in a range of |
||
|
|
|
||
Adjusted EBITDA margin in a range of 19 - |
|
Adjusted EBITDA margin in a range of 15 - |
||
|
||||
TechnipFMC |
||||
|
|
|
|
|
Corporate expense, net |
||||
(excludes charges and credits) |
||||
|
|
|
|
|
Net interest expense |
||||
|
||||
Effective tax rate 28 - |
||||
|
|
|
|
|
Capital expenditures approximately |
||||
|
||||
Free cash flow2 |
||||
|
||||
|
||||
____________________ |
1 Our guidance measures of adjusted EBITDA margin, free cash flow and adjusted corporate expense, net are non-GAAP financial measures. We are unable to provide a reconciliation to comparable GAAP financial measures on a forward-looking basis without unreasonable effort because of the unpredictability of the individual components of the most directly comparable GAAP financial measure and the variability of items excluded from each such measure. Such information may have a significant, and potentially unpredictable, impact on our future financial results. |
2 Free cash flow is calculated as cash flow from operations less capital expenditures. |
Teleconference
The Company will host a teleconference on Thursday, April 24, 2025 to discuss the first-quarter 2025 financial results. The call will begin at 1:30 p.m.
An archived audio replay will be available after the event at the same website address. In the event of a disruption of service or technical difficulty during the call, information will be posted on our website.
About TechnipFMC
TechnipFMC is a leading technology provider to the traditional and new energy industries; delivering fully integrated projects, products, and services.
With our proprietary technologies and comprehensive solutions, we are transforming our clients’ project economics, helping them unlock new possibilities to develop energy resources while reducing carbon intensity and supporting their energy transition ambitions.
Organized in two business segments — Subsea and Surface Technologies — we will continue to advance the industry with our pioneering integrated ecosystems (such as iEPCI™, iFEED™ and iComplete™), technology leadership and digital innovation.
Each of our approximately 21,000 employees is driven by a commitment to our clients’ success, and a culture of strong execution, purposeful innovation, and challenging industry conventions.
TechnipFMC uses its website as a channel of distribution of material company information. To learn more about how we are driving change in the industry, go to www.TechnipFMC.com and follow us on X @TechnipFMC.
This communication contains “forward-looking statements” as defined in Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended. Forward-looking statements usually relate to future events, market growth, and recovery, growth of our New Energy business and anticipated revenues, earnings, cash flows, or other aspects of our operations or operating results. Forward-looking statements are often identified by words such as “commit,” “guidance,” “confident,” “believe,” “expect,” “anticipate,” “plan,” “intend,” “foresee,” “should,” “would,” “could,” “may,” “will,” “likely,” “predicated,” “estimate,” “outlook,” and similar expressions, including the negative thereof. The absence of these words, however, does not mean that the statements are not forward-looking. These forward-looking statements are based on our current expectations, beliefs, and assumptions concerning future developments and business conditions and their potential effect on us. While management believes these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting us will be those that we anticipate. All of our forward-looking statements involve risks and uncertainties (some of which are significant or beyond our control) and assumptions that could cause actual results to differ materially from our historical experience and our present expectations or projections, including unpredictable trends in the demand for and price of oil and natural gas; competition and unanticipated changes relating to competitive factors in our industry, including ongoing industry consolidation; our inability to develop, implement and protect new technologies and services and intellectual property related thereto; the cumulative loss of major contracts, customers or alliances and unfavorable credit and commercial terms of certain contracts; disruptions in the political, regulatory, economic and social conditions, or public health crisis in the countries where we conduct business; unexpected geopolitical events, armed conflicts, and terrorism threats; the refusal of the Depository Trust Company to act as depository and clearing agency for our shares; the impact of our existing and future indebtedness; a downgrade in our debt rating; the risks caused by our acquisition and divestiture activities; additional costs or risks from increasing scrutiny and expectations regarding sustainability matters; uncertainties related to our investments, including those related to energy transition; the risks caused by fixed-price contracts; our failure to timely deliver our backlog; our reliance on subcontractors, suppliers and our joint venture partners; a failure or breach of our IT infrastructure or that of our subcontractors, suppliers or joint venture partners, including as a result of cyber-attacks; risks of pirates and maritime conflicts endangering our maritime employees and assets; any delays and cost overruns of capital asset construction projects for vessels and manufacturing facilities; potential liabilities inherent in the industries in which we operate or have operated; our failure to comply with existing and future laws and regulations, including those related to environmental protection, climate change, health and safety, labor and employment, import/export controls, currency exchange, bribery and corruption, taxation, privacy, data protection and data security; uninsured claims and litigation against us; the additional restrictions on dividend payouts or share repurchases as an English public limited company; tax laws, treaties and regulations and any unfavorable findings by relevant tax authorities; significant changes or developments in
We caution you not to place undue reliance on any forward-looking statements, which speak only as of the date hereof. We undertake no obligation to publicly update or revise any of our forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise, except to the extent required by law.
Exhibit 1 |
|||||||||||
TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES |
|||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF INCOME |
|||||||||||
(In millions, except per share data, unaudited) |
|||||||||||
|
Three Months Ended |
||||||||||
|
March 31, |
|
December 31, |
|
March 31, |
||||||
|
|
2025 |
|
|
|
2024 |
|
|
|
2024 |
|
|
|
|
|
|
|
||||||
Revenue |
$ |
2,233.6 |
|
|
$ |
2,367.3 |
|
|
$ |
2,042.0 |
|
Costs and expenses |
|
1,973.2 |
|
|
|
2,165.1 |
|
|
|
1,883.0 |
|
|
|
260.4 |
|
|
|
202.2 |
|
|
|
159.0 |
|
|
|
|
|
|
|
||||||
Other income (expense), net including income from equity affiliates |
|
(20.2 |
) |
|
|
27.1 |
|
|
|
(10.9 |
) |
Net gain (loss) on disposal of Measurement Solutions business |
|
— |
|
|
|
(3.9 |
) |
|
|
75.2 |
|
|
|
|
|
|
|
||||||
Income before net interest expense and income taxes |
|
240.2 |
|
|
|
225.4 |
|
|
|
223.3 |
|
Net interest expense |
|
(9.9 |
) |
|
|
(13.5 |
) |
|
|
(12.7 |
) |
|
|
|
|
|
|
||||||
Income before income taxes |
|
230.3 |
|
|
|
211.9 |
|
|
|
210.6 |
|
Provision (benefit) for income taxes |
|
87.0 |
|
|
|
(17.8 |
) |
|
|
49.7 |
|
|
|
|
|
|
|
||||||
Net income |
|
143.3 |
|
|
|
229.7 |
|
|
|
160.9 |
|
(Income) attributable to non-controlling interests |
|
(1.3 |
) |
|
|
(5.0 |
) |
|
|
(3.8 |
) |
|
|
|
|
|
|
||||||
Net income attributable to TechnipFMC plc |
$ |
142.0 |
|
|
$ |
224.7 |
|
|
$ |
157.1 |
|
|
|
|
|
|
|
||||||
Earnings per share attributable to TechnipFMC plc |
|
|
|
|
|
||||||
Basic |
$ |
0.34 |
|
|
$ |
0.53 |
|
|
$ |
0.36 |
|
Diluted |
$ |
0.33 |
|
|
$ |
0.52 |
|
|
$ |
0.35 |
|
|
|
|
|
|
|
||||||
Weighted average shares outstanding: |
|
|
|
|
|
||||||
Basic |
|
421.2 |
|
|
|
424.5 |
|
|
|
433.6 |
|
Diluted |
|
431.2 |
|
|
|
435.8 |
|
|
|
446.3 |
|
|
|
|
|
|
|
||||||
Cash dividends declared per share |
$ |
0.05 |
|
|
$ |
0.05 |
|
|
$ |
0.05 |
|
Exhibit 2 |
|||||||||||
TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES |
|||||||||||
BUSINESS SEGMENT DATA |
|||||||||||
(In millions, unaudited) |
|||||||||||
|
Three Months Ended |
||||||||||
|
March 31, |
|
December 31, |
|
March 31, |
||||||
|
|
2025 |
|
|
|
2024 |
|
|
|
2024 |
|
Segment revenue |
|
|
|
|
|
||||||
Subsea |
$ |
1,936.2 |
|
|
$ |
2,047.9 |
|
|
$ |
1,734.8 |
|
Surface Technologies |
|
297.4 |
|
|
|
319.4 |
|
|
|
307.2 |
|
Total segment revenue |
$ |
2,233.6 |
|
|
$ |
2,367.3 |
|
|
$ |
2,042.0 |
|
|
|
|
|
|
|
||||||
Segment operating profit |
|
|
|
|
|
||||||
Subsea |
$ |
247.9 |
|
|
$ |
230.0 |
|
|
$ |
156.6 |
|
Surface Technologies |
|
30.2 |
|
|
|
36.5 |
|
|
|
103.4 |
|
Total segment operating profit |
$ |
278.1 |
|
|
$ |
266.5 |
|
|
$ |
260.0 |
|
|
|
|
|
|
|
||||||
Corporate items |
|
|
|
|
|
||||||
Corporate expense(1) |
$ |
(25.8 |
) |
|
$ |
(37.9 |
) |
|
$ |
(32.2 |
) |
Net interest expense |
|
(9.9 |
) |
|
|
(13.5 |
) |
|
|
(12.7 |
) |
Foreign exchange losses |
|
(12.1 |
) |
|
|
(3.2 |
) |
|
|
(4.5 |
) |
Total corporate items |
$ |
(47.8 |
) |
|
$ |
(54.6 |
) |
|
$ |
(49.4 |
) |
|
|
|
|
|
|
||||||
Income before income taxes(2) |
$ |
230.3 |
|
|
$ |
211.9 |
|
|
$ |
210.6 |
|
| (1) | Corporate expense primarily includes corporate staff expenses, share-based compensation expenses, and other employee benefits. |
|
| (2) | Includes amounts attributable to non-controlling interests. |
Exhibit 3 |
||||||||
TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES |
||||||||
BUSINESS SEGMENT DATA |
||||||||
(In millions, unaudited) |
||||||||
|
Three Months Ended |
|||||||
Inbound Orders(1) |
March 31, |
|
December 31, |
|
March 31, |
|||
|
2025 |
|
2024 |
|
2024 |
|||
|
|
|
|
|
|
|||
Subsea |
$ |
2,785.5 |
|
$ |
2,698.5 |
|
$ |
2,403.8 |
Surface Technologies |
|
303.6 |
|
|
225.0 |
|
|
370.6 |
Total inbound orders |
$ |
3,089.1 |
|
$ |
2,923.5 |
|
$ |
2,774.4 |
Order Backlog(2) |
March 31, 2025 |
|
December 31, 2024 |
|
March 31, 2024 |
|||
|
|
|
|
|
|
|||
Subsea |
$ |
14,945.6 |
|
$ |
13,518.1 |
|
$ |
12,455.5 |
Surface Technologies |
|
870.4 |
|
|
858.2 |
|
|
1,037.0 |
Total order backlog |
$ |
15,816.0 |
|
$ |
14,376.3 |
|
$ |
13,492.5 |
(1) |
Inbound orders represent the estimated sales value of confirmed customer orders received during the reporting period. |
|
(2) |
Order backlog is calculated as the estimated sales value of unfilled, confirmed customer orders at the reporting date. |
Exhibit 4 |
|||||
TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES |
|||||
CONDENSED CONSOLIDATED BALANCE SHEETS |
|||||
(In millions, unaudited) |
|||||
|
March 31,
|
|
December 31,
|
||
|
|
|
|
||
Cash and cash equivalents |
$ |
1,186.8 |
|
$ |
1,157.7 |
Trade receivables, net |
|
1,144.4 |
|
|
1,318.5 |
Contract assets, net |
|
1,068.2 |
|
|
967.7 |
Inventories, net |
|
1,178.8 |
|
|
1,076.7 |
Other current assets |
|
948.9 |
|
|
947.0 |
Total current assets |
|
5,527.1 |
|
|
5,467.6 |
|
|
|
|
||
Property, plant and equipment, net |
|
2,266.9 |
|
|
2,133.8 |
Intangible assets, net |
|
488.4 |
|
|
508.3 |
Other assets |
|
1,689.4 |
|
|
1,759.5 |
Total assets |
$ |
9,971.8 |
|
$ |
9,869.2 |
|
|
|
|
||
Short-term debt and current portion of long-term debt |
$ |
494.1 |
|
$ |
277.9 |
Accounts payable, trade |
|
1,374.5 |
|
|
1,302.6 |
Contract liabilities |
|
1,917.0 |
|
|
1,786.6 |
Other current liabilities |
|
1,397.4 |
|
|
1,497.7 |
Total current liabilities |
|
5,183.0 |
|
|
4,864.8 |
|
|
|
|
||
Long-term debt, less current portion |
|
410.8 |
|
|
607.3 |
Other liabilities |
|
1,261.0 |
|
|
1,258.7 |
TechnipFMC plc stockholders’ equity |
|
3,071.1 |
|
|
3,093.8 |
Non-controlling interests |
|
45.9 |
|
|
44.6 |
Total liabilities and equity |
$ |
9,971.8 |
|
$ |
9,869.2 |
Exhibit 5 |
|||||||
TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES |
|||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS |
|||||||
(In millions, unaudited) |
|||||||
|
Three Months Ended March 31, |
||||||
|
2025 |
|
|
|
2024 |
|
|
Cash provided (required) by operating activities |
|
|
|
||||
Net income |
$ |
143.3 |
|
|
$ |
160.9 |
|
Adjustments to reconcile net income to cash provided (required) by operating activities |
|
|
|
||||
Depreciation and amortization |
|
102.4 |
|
|
|
99.5 |
|
Gain on disposal of Measurement Solutions business |
|
— |
|
|
|
(75.2 |
) |
Income from equity affiliates, net of dividends received |
|
(8.6 |
) |
|
|
(1.4 |
) |
Working capital(1) |
|
159.4 |
|
|
|
(391.0 |
) |
Other operating activities |
|
45.2 |
|
|
|
80.5 |
|
Cash provided (required) by operating activities |
|
441.7 |
|
|
|
(126.7 |
) |
|
|
|
|
||||
Cash provided (required) by investing activities |
|
|
|
||||
Capital expenditures |
|
(61.8 |
) |
|
|
(52.0 |
) |
Proceeds from sale of Measurement Solutions business |
|
— |
|
|
|
186.1 |
|
Other investing activities |
|
3.6 |
|
|
|
2.2 |
|
Cash provided (required) by investing activities |
|
(58.2 |
) |
|
|
136.3 |
|
|
|
|
|
||||
Cash required by financing activities |
|
|
|
||||
Net decrease in short-term debt |
|
(11.2 |
) |
|
|
(27.4 |
) |
Dividends paid |
|
(21.0 |
) |
|
|
(21.7 |
) |
Share repurchases |
|
(250.1 |
) |
|
|
(150.1 |
) |
Payments related to taxes withheld on share-based compensation |
|
(62.2 |
) |
|
|
(49.7 |
) |
Other financing activities |
|
(21.4 |
) |
|
|
(7.3 |
) |
Cash required by financing activities |
|
(365.9 |
) |
|
|
(256.2 |
) |
Effect of changes in foreign exchange rates on cash and cash equivalents |
|
11.5 |
|
|
|
(8.3 |
) |
Change in cash and cash equivalents |
|
29.1 |
|
|
|
(254.9 |
) |
Cash and cash equivalents, beginning of period |
|
1,157.7 |
|
|
|
951.7 |
|
Cash and cash equivalents, end of period |
$ |
1,186.8 |
|
|
$ |
696.8 |
|
(1) |
Working capital includes receivables, payables, inventories and other current assets and liabilities. |
Exhibit 6 |
|||||||||||
TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES |
|||||||||||
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES |
|||||||||||
(In millions, except per share data, unaudited) |
|||||||||||
|
|||||||||||
In addition to financial results determined in accordance with |
|||||||||||
|
|||||||||||
Non-GAAP adjustments are presented on a gross basis and the tax impact of the non-GAAP adjustments is separately presented in the applicable reconciliation table. Estimates of the tax effect of each adjustment is calculated item by item, by reviewing the relevant jurisdictional tax rate to the pretax non-GAAP amounts, analyzing the nature of the item and/or the tax jurisdiction in which the item has been recorded, the need of application of a specific tax rate, history of non-GAAP taxable income positions (i.e. net operating loss carryforwards) and concluding on the valuation allowance positions. |
|||||||||||
|
|||||||||||
Management believes that the exclusion of charges, credits and foreign exchange impacts from these financial measures provides a useful perspective on the Company’s underlying business results and operating trends, and a means to evaluate TechnipFMC’s operations and consolidated results of operations period-over-period. These measures are also used by management as performance measures in determining certain incentive compensation. The foregoing non-GAAP financial measures should be considered by investors in addition to, not as a substitute for or superior to, other measures of financial performance prepared in accordance with GAAP. The following is a reconciliation of the most comparable financial measures under GAAP to the non-GAAP financial measures. |
|||||||||||
|
Three Months Ended |
||||||||||
|
March 31, 2025 |
|
December 31, 2024 |
|
March 31, 2024 |
||||||
|
|
|
|
|
|
||||||
Net income attributable to TechnipFMC plc |
$ |
142.0 |
|
|
$ |
224.7 |
|
|
$ |
157.1 |
|
|
|
|
|
|
|
||||||
Charges and (credits): |
|
|
|
|
|
||||||
Restructuring, impairment and other charges |
|
1.2 |
|
|
|
14.6 |
|
|
|
5.0 |
|
Net (gain) loss on disposal of Measurement Solutions business |
|
— |
|
|
|
3.9 |
|
|
|
(75.2 |
) |
Tax on charges and (credits) |
|
(0.3 |
) |
|
|
(7.0 |
) |
|
|
10.7 |
|
|
|
|
|
|
|
||||||
Adjusted net income attributable to TechnipFMC plc |
$ |
142.9 |
|
|
$ |
236.2 |
|
|
$ |
97.6 |
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
||||||
Weighted diluted average shares outstanding |
|
431.2 |
|
|
|
435.8 |
|
|
|
446.3 |
|
|
|
|
|
|
|
||||||
Reported earnings per share - diluted |
$ |
0.33 |
|
|
$ |
0.52 |
|
|
$ |
0.35 |
|
Adjusted earnings per share - diluted |
$ |
0.33 |
|
|
$ |
0.54 |
|
|
$ |
0.22 |
|
Exhibit 7 |
||||||||||
TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES |
||||||||||
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES |
||||||||||
(In millions, unaudited) |
||||||||||
|
Three Months Ended |
|||||||||
|
March 31, 2025 |
|
December 31, 2024 |
|
March 31, 2024 |
|||||
|
|
|
|
|
|
|||||
Net income attributable to TechnipFMC plc |
$ |
142.0 |
|
$ |
224.7 |
|
|
$ |
157.1 |
|
|
|
|
|
|
|
|||||
Income attributable to non-controlling interests |
|
1.3 |
|
|
5.0 |
|
|
|
3.8 |
|
Provision (benefit) for income tax |
|
87.0 |
|
|
(17.8 |
) |
|
|
49.7 |
|
Net interest expense |
|
9.9 |
|
|
13.5 |
|
|
|
12.7 |
|
Depreciation and amortization |
|
102.4 |
|
|
107.1 |
|
|
|
99.5 |
|
Restructuring, impairment and other charges |
|
1.2 |
|
|
14.6 |
|
|
|
5.0 |
|
Net (gain) loss on disposal of Measurement Solutions business |
|
— |
|
|
3.9 |
|
|
|
(75.2 |
) |
|
|
|
|
|
|
|||||
Adjusted EBITDA |
$ |
343.8 |
|
$ |
351.0 |
|
|
$ |
252.6 |
|
|
|
|
|
|
|
|||||
Foreign exchange, net |
|
12.1 |
|
|
3.2 |
|
|
|
4.5 |
|
Adjusted EBITDA, excluding foreign exchange, net |
$ |
355.9 |
|
$ |
354.2 |
|
|
$ |
257.1 |
|
Exhibit 8 |
|||||||||||||||||||
TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES |
|||||||||||||||||||
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES |
|||||||||||||||||||
(In millions, unaudited) |
|||||||||||||||||||
|
Three Months Ended |
||||||||||||||||||
|
March 31, 2025 |
||||||||||||||||||
|
Subsea |
|
Surface Technologies |
|
Corporate Expense |
|
Foreign Exchange, net |
|
Total |
||||||||||
Revenue |
$ |
1,936.2 |
|
|
$ |
297.4 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
2,233.6 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating profit (loss), as reported (pre-tax) |
$ |
247.9 |
|
|
$ |
30.2 |
|
|
$ |
(25.8 |
) |
|
$ |
(12.1 |
) |
|
$ |
240.2 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Charges and (credits): |
|
|
|
|
|
|
|
|
|
||||||||||
Restructuring, impairment and other charges |
|
0.5 |
|
|
|
0.7 |
|
|
|
— |
|
|
|
— |
|
|
|
1.2 |
|
Subtotal |
|
0.5 |
|
|
|
0.7 |
|
|
|
— |
|
|
|
— |
|
|
|
1.2 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Depreciation and amortization |
|
86.5 |
|
|
|
15.7 |
|
|
|
0.2 |
|
|
|
— |
|
|
|
102.4 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted EBITDA |
$ |
334.9 |
|
|
$ |
46.6 |
|
|
$ |
(25.6 |
) |
|
$ |
(12.1 |
) |
|
$ |
343.8 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Foreign exchange, net |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
12.1 |
|
|
|
12.1 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted EBITDA, excluding foreign exchange, net |
$ |
334.9 |
|
|
$ |
46.6 |
|
|
$ |
(25.6 |
) |
|
$ |
— |
|
|
$ |
355.9 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating profit margin, as reported |
|
12.8 |
% |
|
|
10.2 |
% |
|
|
|
|
|
|
10.8 |
% |
||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted EBITDA margin |
|
17.3 |
% |
|
|
15.7 |
% |
|
|
|
|
|
|
15.4 |
% |
||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted EBITDA margin, excluding foreign exchange, net |
|
17.3 |
% |
|
|
15.7 |
% |
|
|
|
|
|
|
15.9 |
% |
||||
Exhibit 8 |
|||||||||||||||||||
TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES |
|||||||||||||||||||
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES |
|||||||||||||||||||
(In millions, unaudited) |
|||||||||||||||||||
|
Three Months Ended |
||||||||||||||||||
|
December 31, 2024 |
||||||||||||||||||
|
Subsea |
|
Surface Technologies |
|
Corporate Expense |
|
Foreign Exchange, net |
|
Total |
||||||||||
Revenue |
$ |
2,047.9 |
|
|
$ |
319.4 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
2,367.3 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating profit (loss), as reported (pre-tax) |
$ |
230.0 |
|
|
$ |
36.5 |
|
|
$ |
(37.9 |
) |
|
$ |
(3.2 |
) |
|
$ |
225.4 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Charges and (credits): |
|
|
|
|
|
|
|
|
|
||||||||||
Restructuring, impairment and other charges |
|
13.1 |
|
|
|
1.9 |
|
|
|
(0.4 |
) |
|
|
— |
|
|
|
14.6 |
|
Loss on disposal of Measurement Solutions business |
|
— |
|
|
|
3.9 |
|
|
|
|
|
— |
|
|
|
3.9 |
|
||
Subtotal |
|
13.1 |
|
|
|
5.8 |
|
|
|
(0.4 |
) |
|
|
— |
|
|
|
18.5 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Depreciation and amortization |
|
95.5 |
|
|
|
11.2 |
|
|
|
0.4 |
|
|
|
— |
|
|
|
107.1 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted EBITDA |
$ |
338.6 |
|
|
$ |
53.5 |
|
|
$ |
(37.9 |
) |
|
$ |
(3.2 |
) |
|
$ |
351.0 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Foreign exchange, net |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3.2 |
|
|
|
3.2 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted EBITDA, excluding foreign exchange, net |
$ |
338.6 |
|
|
$ |
53.5 |
|
|
$ |
(37.9 |
) |
|
$ |
— |
|
|
$ |
354.2 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating profit margin, as reported |
|
11.2 |
% |
|
|
11.4 |
% |
|
|
|
|
|
|
9.5 |
% |
||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted EBITDA margin |
|
16.5 |
% |
|
|
16.8 |
% |
|
|
|
|
|
|
14.8 |
% |
||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted EBITDA margin, excluding foreign exchange, net |
|
16.5 |
% |
|
|
16.8 |
% |
|
|
|
|
|
|
15.0 |
% |
||||
Exhibit 8 |
|||||||||||||||||||
TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES |
|||||||||||||||||||
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES |
|||||||||||||||||||
(In millions, unaudited) |
|||||||||||||||||||
|
Three Months Ended |
||||||||||||||||||
|
March 31, 2024 |
||||||||||||||||||
|
Subsea |
|
Surface Technologies |
|
Corporate Expense |
|
Foreign Exchange, net |
|
Total |
||||||||||
Revenue |
$ |
1,734.8 |
|
|
$ |
307.2 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
2,042.0 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating profit (loss), as reported (pre-tax) |
$ |
156.6 |
|
|
$ |
103.4 |
|
|
$ |
(32.2 |
) |
|
$ |
(4.5 |
) |
|
$ |
223.3 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Charges and (credits): |
|
|
|
|
|
|
|
|
|
||||||||||
Restructuring, impairment and other charges |
|
— |
|
|
|
(0.2 |
) |
|
|
5.2 |
|
|
|
— |
|
|
|
5.0 |
|
Gain on disposal of Measurement Solutions business |
|
— |
|
|
|
(75.2 |
) |
|
|
|
|
— |
|
|
|
(75.2 |
) |
||
Subtotal |
|
— |
|
|
|
(75.4 |
) |
|
|
5.2 |
|
|
|
— |
|
|
|
(70.2 |
) |
|
|
|
|
|
|
|
|
|
|
||||||||||
Depreciation and amortization |
|
85.8 |
|
|
|
13.4 |
|
|
|
0.3 |
|
|
|
— |
|
|
|
99.5 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted EBITDA |
$ |
242.4 |
|
|
$ |
41.4 |
|
|
$ |
(26.7 |
) |
|
$ |
(4.5 |
) |
|
$ |
252.6 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Foreign exchange, net |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
4.5 |
|
|
|
4.5 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted EBITDA, excluding foreign exchange, net |
$ |
242.4 |
|
|
$ |
41.4 |
|
|
$ |
(26.7 |
) |
|
$ |
— |
|
|
$ |
257.1 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating profit margin, as reported |
|
9.0 |
% |
|
|
33.7 |
% |
|
|
|
|
|
|
10.9 |
% |
||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted EBITDA margin |
|
14.0 |
% |
|
|
13.5 |
% |
|
|
|
|
|
|
12.4 |
% |
||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted EBITDA margin, excluding foreign exchange, net |
|
14.0 |
% |
|
|
13.5 |
% |
|
|
|
|
|
|
12.6 |
% |
||||
Exhibit 9 |
|||||||||||
TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES |
|||||||||||
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES |
|||||||||||
(In millions, unaudited) |
|||||||||||
|
March 31, 2025 |
|
December 31, 2024 |
|
March 31, 2024 |
||||||
Cash and cash equivalents |
$ |
1,186.8 |
|
|
$ |
1,157.7 |
|
|
$ |
696.8 |
|
Short-term debt and current portion of long-term debt |
|
(494.1 |
) |
|
|
(277.9 |
) |
|
|
(136.6 |
) |
Long-term debt, less current portion |
|
(410.8 |
) |
|
|
(607.3 |
) |
|
|
(887.2 |
) |
Net cash |
$ |
281.9 |
|
|
$ |
272.5 |
|
|
$ |
(327.0 |
) |
Net cash is a non-GAAP financial measure reflecting cash and cash equivalents, net of debt. Management uses this non-GAAP financial measure to evaluate our capital structure and financial leverage. We believe net cash is a meaningful financial measure that may assist investors in understanding our financial condition and recognizing underlying trends in our capital structure. Net cash should not be considered an alternative to, or more meaningful than, cash and cash equivalents as determined in accordance with |
|||||||||||
Exhibit 10 |
|||||||
TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES |
|||||||
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES |
|||||||
(In millions, unaudited) |
|||||||
|
Three Months Ended March 31, |
||||||
|
|
2025 |
|
|
|
2024 |
|
Cash provided (required) by operating activities |
$ |
441.7 |
|
|
$ |
(126.7 |
) |
Capital expenditures |
|
(61.8 |
) |
|
|
(52.0 |
) |
Free cash flow |
$ |
379.9 |
|
|
$ |
(178.7 |
) |
Free cash flow, is a non-GAAP financial measure and is defined as cash provided (required) by operating activities less capital expenditures. Management uses this non-GAAP financial measure to evaluate our financial condition. We believe free cash flow is a meaningful financial measure that may assist investors in understanding our financial condition and results of operations. |
|||||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20250424865952/en/
Investor relations
Matt Seinsheimer
Senior Vice President, Investor Relations and Corporate Development
Tel: +1 281 260 3665
Email: Matt Seinsheimer
James Davis
Director, Investor Relations
Tel: +1 281 260 3665
Email: James Davis
Media relations
David Willis
Senior Manager, Public Relations
Tel: +44 7841 492988
Email: David Willis
Source: TechnipFMC plc
