TechnipFMC Announces Fourth Quarter 2024 Results
TechnipFMC (NYSE: FTI) reported strong Q4 2024 results with total revenue of $2.37 billion and net income of $224.7 million ($0.52 per share). Full-year 2024 performance showed revenue of $9.08 billion and net income of $842.9 million ($1.91 per share).
Key highlights include:
- Subsea inbound orders reached $2.7 billion in Q4, with full-year orders at $10.4 billion
- Total company backlog grew 9% year-over-year to $14.4 billion
- Q4 cash flow from operations was $579 million with free cash flow of $453 million
- Full-year shareholder returns totaled $486 million, nearly double the previous year
The company announced plans to increase shareholder distributions by at least 30% in 2025 versus 2024, targeting at least 70% of free cash flow. Subsea inbound orders are anticipated to exceed $10 billion in 2025.
TechnipFMC (NYSE: FTI) ha riportato risultati solidi per il quarto trimestre del 2024, con un fatturato totale di 2,37 miliardi di dollari e un utile netto di 224,7 milioni di dollari (0,52 dollari per azione). Le performance per l'intero anno 2024 hanno mostrato un fatturato di 9,08 miliardi di dollari e un utile netto di 842,9 milioni di dollari (1,91 dollari per azione).
I punti salienti includono:
- Gli ordini in entrata del settore sottomarino hanno raggiunto 2,7 miliardi di dollari nel Q4, con ordini totali per l'intero anno pari a 10,4 miliardi di dollari
- Il backlog totale dell'azienda è cresciuto del 9% su base annua, raggiungendo 14,4 miliardi di dollari
- Il flusso di cassa dalle operazioni nel Q4 è stato di 579 milioni di dollari, con un flusso di cassa libero di 453 milioni di dollari
- I ritorni per gli azionisti per l'intero anno hanno totalizzato 486 milioni di dollari, quasi il doppio rispetto all'anno precedente
L'azienda ha annunciato piani per aumentare le distribuzioni agli azionisti di almeno il 30% nel 2025 rispetto al 2024, puntando ad almeno il 70% del flusso di cassa libero. Si prevede che gli ordini in entrata del settore sottomarino supereranno i 10 miliardi di dollari nel 2025.
TechnipFMC (NYSE: FTI) reportó resultados sólidos para el cuarto trimestre de 2024, con ingresos totales de 2.37 mil millones de dólares y una ganancia neta de 224.7 millones de dólares (0.52 dólares por acción). El desempeño del año completo 2024 mostró ingresos de 9.08 mil millones de dólares y una ganancia neta de 842.9 millones de dólares (1.91 dólares por acción).
Los puntos destacados incluyen:
- Los pedidos entrantes del sector submarino alcanzaron 2.7 mil millones de dólares en el Q4, con pedidos totales para el año completo de 10.4 mil millones de dólares
- El backlog total de la empresa creció un 9% interanual, alcanzando 14.4 mil millones de dólares
- El flujo de caja de las operaciones en el Q4 fue de 579 millones de dólares, con un flujo de caja libre de 453 millones de dólares
- Los retornos para los accionistas del año completo totalizaron 486 millones de dólares, casi el doble que el año anterior
La empresa anunció planes para aumentar las distribuciones a los accionistas en al menos un 30% en 2025 en comparación con 2024, apuntando a al menos el 70% del flujo de caja libre. Se anticipa que los pedidos entrantes del sector submarino superen los 10 mil millones de dólares en 2025.
TechnipFMC (NYSE: FTI)는 2024년 4분기 실적을 발표하며 총 수익이 23.7억 달러, 순이익이 2.247억 달러(주당 0.52 달러)에 달한다고 밝혔습니다. 2024년 전체 실적은 90.8억 달러의 수익과 8.429억 달러의 순이익(주당 1.91 달러)을 기록했습니다.
주요 하이라이트는 다음과 같습니다:
- 해양 부문의 수주가 4분기에 27억 달러에 도달했으며, 연간 수주는 104억 달러에 달했습니다.
- 회사의 총 백로그는 전년 대비 9% 증가하여 144억 달러에 달했습니다.
- 4분기 운영에서의 현금 흐름은 5억 7900만 달러였으며, 자유 현금 흐름은 4억 5300만 달러였습니다.
- 연간 주주 반환 총액은 4억 8600만 달러로, 전년의 거의 두 배에 달했습니다.
회사는 2024년에 비해 2025년 주주 분배를 최소 30% 증가시킬 계획을 발표했으며, 자유 현금 흐름의 최소 70%를 목표로 하고 있습니다. 해양 부문의 수주는 2025년에 100억 달러를 초과할 것으로 예상됩니다.
TechnipFMC (NYSE: FTI) a annoncé des résultats solides pour le quatrième trimestre 2024, avec un chiffre d'affaires total de 2,37 milliards de dollars et un bénéfice net de 224,7 millions de dollars (0,52 dollar par action). La performance pour l'année complète 2024 a montré un chiffre d'affaires de 9,08 milliards de dollars et un bénéfice net de 842,9 millions de dollars (1,91 dollar par action).
Les points forts incluent :
- Les commandes entrantes du secteur sous-marin ont atteint 2,7 milliards de dollars au Q4, avec des commandes totales pour l'année de 10,4 milliards de dollars
- Le carnet de commandes total de l'entreprise a augmenté de 9 % d'une année sur l'autre, atteignant 14,4 milliards de dollars
- Le flux de trésorerie d'exploitation au Q4 était de 579 millions de dollars, avec un flux de trésorerie libre de 453 millions de dollars
- Les retours pour les actionnaires pour l'année complète ont totalisé 486 millions de dollars, soit presque le double de l'année précédente
L'entreprise a annoncé des plans pour augmenter les distributions aux actionnaires d'au moins 30 % en 2025 par rapport à 2024, visant au moins 70 % du flux de trésorerie libre. Les commandes entrantes du secteur sous-marin devraient dépasser les 10 milliards de dollars en 2025.
TechnipFMC (NYSE: FTI) hat starke Ergebnisse für das vierte Quartal 2024 gemeldet, mit einem Gesamtumsatz von 2,37 Milliarden Dollar und einem Nettogewinn von 224,7 Millionen Dollar (0,52 Dollar pro Aktie). Die Jahresbilanz 2024 zeigte einen Umsatz von 9,08 Milliarden Dollar und einen Nettogewinn von 842,9 Millionen Dollar (1,91 Dollar pro Aktie).
Wichtige Höhepunkte sind:
- Die Aufträge im Bereich Subsea beliefen sich im Q4 auf 2,7 Milliarden Dollar, während die Gesamtaufträge für das Jahr bei 10,4 Milliarden Dollar lagen
- Der Gesamtauftragsbestand des Unternehmens wuchs im Jahresvergleich um 9% auf 14,4 Milliarden Dollar
- Der Cashflow aus der operativen Tätigkeit im Q4 betrug 579 Millionen Dollar, mit einem freien Cashflow von 453 Millionen Dollar
- Die Ausschüttungen an die Aktionäre für das gesamte Jahr beliefen sich auf 486 Millionen Dollar, was fast doppelt so viel wie im Vorjahr ist
Das Unternehmen kündigte Pläne an, die Ausschüttungen an die Aktionäre im Jahr 2025 im Vergleich zu 2024 um mindestens 30% zu erhöhen, wobei mindestens 70% des freien Cashflows angestrebt werden. Es wird erwartet, dass die Aufträge im Bereich Subsea im Jahr 2025 10 Milliarden Dollar übersteigen werden.
- Record iEPCI and Subsea 2.0 orders in 2024
- 47% YoY increase in adjusted EBITDA to $1.4B
- 45% YoY growth in free cash flow to $679M
- Moody's upgrade to investment grade (Baa3)
- 16% YoY revenue growth to $9.1B
- 9% growth in backlog to $14.4B
- Q4 Subsea operating profit margin declined 300 basis points to 11.2%
- Q4 Subsea adjusted EBITDA decreased 8.7% sequentially
- Surface Technologies revenue declined 0.3% in Q4
Insights
TechnipFMC delivered exceptional Q4 and full-year 2024 results, demonstrating both operational excellence and strategic positioning in the offshore energy sector. The company reported quarterly revenue of $2.37 billion and adjusted EBITDA of $351 million (14.8% margin), while full-year performance reached $9.08 billion in revenue with adjusted EBITDA of $1.35 billion (14.9% margin).
The company's order momentum remains remarkably strong, with Subsea inbound of $10.4 billion for 2024 - marking the fourth consecutive year with a book-to-bill ratio exceeding 1.0. This drove total backlog to $14.4 billion, providing exceptional revenue visibility through 2025 and beyond. The quality of this backlog is particularly noteworthy, with over 80% coming from direct awards, iEPCI™, and Subsea Services - higher-margin business that leverages TechnipFMC's proprietary technologies and integrated approach.
Cash generation has accelerated significantly, with quarterly operating cash flow of $579 million and free cash flow of $453 million. For the full year, operating cash flow increased 39% to $961 million, driving a 45% improvement in free cash flow to $679 million. This robust cash generation supported $486 million in shareholder distributions during 2024 - nearly double the prior year. Management has committed to distributing at least 70% of free cash flow in 2025, representing a year-over-year increase of at least 30%.
TechnipFMC's financial position continues to strengthen, ending 2024 with $1.16 billion in cash and a net cash position of $272.5 million. This improved financial profile earned the company an investment-grade credit rating from Moody's (Baa3) in January 2025.
The divergence in segment performance is instructive - Subsea's adjusted EBITDA margin decreased sequentially to 16.5% due to seasonal factors and project mix, while Surface Technologies improved to 16.8% despite lower North American activity, benefiting from higher-margin international projects, particularly in the Middle East.
Management's confidence is evident in their upgraded 2025 guidance, with Subsea revenue now projected at $8.4-8.8 billion and adjusted EBITDA margin at 19-20%. The strategic collaboration with Prysmian for floating offshore wind solutions further demonstrates TechnipFMC's ability to leverage its subsea expertise into adjacent energy markets.
TechnipFMC's Q4 results confirm the structural strengthening of the offshore energy market, with the company strategically positioned to capitalize on this multi-year growth cycle. The $10.4 billion in Subsea orders for 2024 demonstrates remarkable momentum, marking their fourth consecutive year with book-to-bill above 1.0 - a clear indicator that this isn't merely a cyclical upturn but a sustained expansion in offshore development.
The company's technological differentiation strategy is proving highly effective. Orders for their Subsea 2.0® trees increased over 50% year-over-year, while iEPCI™ awards grew nearly 25%. These proprietary technologies not only streamline project execution but fundamentally improve offshore project economics - critical in an environment where capital discipline remains paramount despite higher activity. The integration of these technologies into a unified offering has transformed TechnipFMC's competitive position, with direct awards, iEPCI™, and Subsea Services now representing over 80% of Subsea inbound.
Geographic diversification in their order intake is notable, with significant awards in emerging basins (Suriname's first offshore development) alongside established regions (Nigeria). This diversification provides a natural hedge against regional volatility while positioning TechnipFMC in high-growth markets.
The strategic pivot in Surface Technologies toward international markets, particularly the Middle East, is yielding results. Despite flat sequential revenue, the segment's adjusted EBITDA margin improved 150 basis points to 16.8%, reflecting higher-margin international work offsetting North American weakness. The ramp-up of activity in the UAE and Saudi Arabia represents a differentiated growth opportunity for the company.
TechnipFMC's collaboration with Prysmian for floating offshore wind solutions represents a strategic extension of their subsea expertise into renewable energy. By applying their integrated execution model (iEPCI™) to offshore wind, they're positioning to capture value across the entire water column from seabed to surface - potentially unlocking a substantial new market while leveraging existing capabilities.
Most significant is management's commentary on extended visibility "beyond the historical planning horizon," suggesting offshore operators are making longer-term commitments than in previous cycles. This structural shift reflects the increasing recognition of offshore energy's role in meeting growing global demand while addressing energy security concerns - a theme echoed in management's outlook that "activity will remain robust through the end of the decade."
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Subsea inbound of
$2.7 billion $10.4 billion -
Total Company backlog of
$14.4 billion 9% versus the prior year -
Cash flow from operations of
$579 million $453 million -
Shareholder distributions to grow at least
30% in 2025 versus the prior year -
Subsea inbound orders anticipated to exceed
$10 billion
NEWCASTLE &
Summary Financial Results from Continuing Operations - Fourth Quarter 2024
Reconciliation of |
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Three Months Ended |
Change |
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(In millions, except per share amounts) |
Dec. 31,
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Sep. 30,
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Dec. 31,
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Sequential |
Year-over
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Revenue |
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Net income |
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( |
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Net income margin |
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(220 bps) |
690 bps |
Diluted earnings per share |
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( |
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Adjusted EBITDA |
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( |
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Adjusted EBITDA margin |
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(160 bps) |
430 bps |
Adjusted net income |
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( |
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Adjusted diluted earnings per share |
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( |
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Inbound orders |
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Ending backlog |
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( |
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Total Company revenue in the fourth quarter was
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Restructuring, impairment and other charges of
$14.6 million -
A loss on the disposal of the Measurement Solutions business of
$3.9 million
Adjusted net income was
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A discrete non-cash, positive net tax benefit of
$54 million -
Foreign exchange gain of
$5.7 million $3.2 million
Adjusted EBITDA, which excludes pre-tax charges and credits, was
When excluding the after-tax impact of foreign exchange gain of
Summary Financial Results from Continuing Operations - Full Year 2024
Reconciliation of |
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Twelve Months Ended |
Change |
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(In millions, except per share amounts) |
Dec. 31,
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Dec. 31,
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Year-over-
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Revenue |
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Net income |
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1, |
Net income margin |
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860 bps |
Diluted earnings per share |
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1, |
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Adjusted EBITDA |
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Adjusted EBITDA margin |
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440 bps |
Adjusted net income |
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Adjusted diluted earnings per share |
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Inbound orders |
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Ending backlog |
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Total Company revenue in the full year was
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A gain on the disposal of the Measurement Solutions business of
$71.3 million -
Restructuring, impairment and other charges of
$25.8 million
Adjusted net income was
-
A discrete non-cash, positive net tax benefit of
$114.6 million -
Foreign exchange loss of
$16.7 million $28.5 million
Adjusted EBITDA, which excludes pre-tax charges and credits, was
When excluding the after-tax impact of foreign exchange of
Doug Pferdehirt, Chair and CEO of TechnipFMC, stated, “This was another year of tremendous success for the TechnipFMC team, and I am proud to report our strong quarterly and full-year results. We achieved total Company inbound of
“Total Company revenue for the year grew
Pferdehirt continued, “Our unique combination of direct awards, iEPCI™, and Subsea Services continues to represent an even greater share of our business—growing to more than
“Both iEPCI™ and Subsea 2.0® orders reached new records in 2024. The value of iEPCI™ awards grew nearly
Pferdehirt added, “Surface Technologies benefited from the proactive steps taken to refocus the business. We are capturing the benefits of targeted actions, including the sale of our Measurement Solutions business and optimization of our
“We remain positive on the outlook for energy given the anticipated growth in demand, with affordability and security of supply now major considerations. We have secured
Pferdehirt concluded, “We continue to lay the groundwork for further improvement ahead—with multiple levers to drive business performance, some of which are less visible to our external stakeholders, yet are very much within our control. We are committed to sharing the benefits of our improving financial results and growing cash flow through shareholder distributions—with our 2025 target now being increased to at least
“I am very proud of our accomplishments and the momentum we have built to create a truly unique company in an industry that was ready for a better way forward. 2024 was indeed a major milestone for TechnipFMC, on our more ambitious journey.”
Operational and Financial Highlights |
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Subsea |
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Financial Highlights
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(In millions) |
Dec. 31,
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Sep. 30,
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Dec. 31,
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Sequential |
Year-over-
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Revenue |
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Operating profit |
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( |
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Operating profit margin |
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(300 bps) |
270 bps |
Adjusted EBITDA |
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( |
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Adjusted EBITDA margin |
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(180 bps) |
340 bps |
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Inbound orders |
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Ending backlog1,2,3 |
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Estimated Consolidated Backlog Scheduling (In millions) |
Dec. 31,
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2025 |
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2026 |
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2027 and beyond |
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Total |
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1 Backlog as of December 31, 2024 was decreased by a foreign exchange impact of |
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2 Backlog does not capture all revenue potential for Subsea Services. |
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3 Backlog as of December 31, 2024 does not include total Company non-consolidated backlog of |
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Subsea reported fourth-quarter revenue of
Subsea reported an operating profit of
Subsea reported adjusted EBITDA of
Subsea inbound orders were
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TotalEnergies GranMorgu iEPCI™ project (Suriname)
Major* integrated Engineering, Procurement, Construction and Installation (iEPCI™) contract by TotalEnergies for its GranMorgu project on Block 58, the first oil and gas development offshore Suriname. TechnipFMC’s contracted scope for the project includes Subsea 2.0® tree systems, manifolds, connectors, and topside control equipment. The Company will also supply umbilicals, flexible jumpers, and flexible risers.
*A ‘major’ contract is more than$1 billion
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Shell Bonga North project (
Nigeria )
Substantial* contract by Shell Nigeria Exploration and Production Company Limited to supply Subsea 2.0® production systems for the Bonga North development inNigeria . The contract covers the design and manufacture of subsea tree systems, manifolds, jumpers, controls, and services.
*A ‘substantial’ contract is between$250 million $500 million
Collaboration Agreement:
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TechnipFMC and Prysmian Announce Floating Offshore Wind Collaboration Agreement
TechnipFMC and Prysmian announced the two companies have signed a collaboration agreement to further accelerate the global development of floating offshore wind to help meet growing demand for renewable electricity. The collaboration agreement brings together the technologies and competencies of these two offshore industry leaders, providing the unique capabilities to pioneer a complete water column solution, from seabed to ocean surface. The collaboration will leverage the unparalleled expertise of TechnipFMC’s system design and integration capabilities in dynamic offshore applications with Prysmian’s global leadership in the production and installation of submarine power cable systems. The companies aim to deliver the optimized solution through an iEPCI™ commercial model. Integrated execution of this new solution—which includes mooring and anchoring and both dynamic inter-array and export cable systems—will improve project economics and derisk execution plans.
Surface Technologies |
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Financial Highlights
Reconciliation of |
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(In millions) |
Dec. 31,
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Sep. 30,
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Sequential |
Year-over-
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Revenue |
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( |
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Operating profit |
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Operating profit margin |
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90 bps |
210 bps |
Adjusted EBITDA |
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Adjusted EBITDA margin |
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150 bps |
210 bps |
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Inbound orders |
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( |
( |
Ending backlog |
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( |
( |
Surface Technologies reported fourth-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, December 31, 2024)
Corporate expense was
Foreign exchange loss was
Net interest expense was
Income tax was a benefit of
Total depreciation and amortization was
Cash provided by operating activities was
Cash and cash equivalents increased
During the quarter, the Company repurchased 2.4 million of its ordinary shares for total consideration of
On January 23, 2025, Moody’s Ratings upgraded TechnipFMC to investment grade, raising its rating to ‘Baa3’ from ‘Ba1’ while maintaining its positive outlook for the issuer-level ratings on the Company’s senior unsecured notes due 2026.
2025 Full-Year Financial Guidance1
The Company’s full-year guidance for 2025 can be found in the table below.
Updates to Subsea guidance, previously issued on October 24, 2024, are as follows:
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Subsea revenue in a range of
$8.4 $8.3 -
Subsea adjusted EBITDA margin in a range of 19 -
20% , which increased from the previous guidance range of 18.5 -20% .
2025 Guidance (As of February 27, 2025) |
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Surface Technologies |
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Revenue in a range of |
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Adjusted EBITDA margin in a range of 19 - |
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Adjusted EBITDA margin in a range of 15 - |
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TechnipFMC |
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Corporate expense, net |
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Net interest expense |
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Effective tax rate 28 - |
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Capital expenditures approximately |
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Free cash flow2 |
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| ______________________________ |
1 Our guidance measures of adjusted EBITDA margin, free cash flow and corporate expense, net, excluding charges and credits, 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, February 27, 2025 to discuss the fourth quarter 2024 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 “guidance,” “confident,” “believe,” “expect,” “anticipate,” “plan,” “intend,” “foresee,” “should,” “would,” “could,” “may,” “will,” “likely,” “predicated,” “estimate,” “outlook,” “commit” 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. Known material factors that could cause actual results to differ materially from those contemplated in the forward-looking statements include 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 |
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TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME (In millions, except per share data, unaudited) |
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Year Ended |
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|
December 31, |
|
December 31, |
||||||||||||
|
|
2024 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Revenue |
$ |
2,367.3 |
|
|
$ |
2,348.4 |
|
|
$ |
2,077.7 |
|
|
$ |
9,083.3 |
|
|
$ |
7,824.2 |
|
Costs and expenses |
|
2,165.1 |
|
|
|
2,061.2 |
|
|
|
1,938.8 |
|
|
|
8,126.5 |
|
|
|
7,315.0 |
|
|
|
202.2 |
|
|
|
287.2 |
|
|
|
138.9 |
|
|
|
956.8 |
|
|
|
509.2 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Other income (expense), net including income from equity affiliates |
|
27.1 |
|
|
|
1.1 |
|
|
|
(24.7 |
) |
|
|
(24.2 |
) |
|
|
(213.9 |
) |
Net gain (loss) on disposal of Measurement Solutions business |
|
(3.9 |
) |
|
|
— |
|
|
|
— |
|
|
|
71.3 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Income before net interest expense and income taxes |
|
225.4 |
|
|
|
288.3 |
|
|
|
114.2 |
|
|
|
1,003.9 |
|
|
|
295.3 |
|
Net interest expense |
|
(13.5 |
) |
|
|
(15.9 |
) |
|
|
(13.0 |
) |
|
|
(63.5 |
) |
|
|
(88.7 |
) |
|
|
|
|
|
|
|
|
|
|
||||||||||
Income before income taxes |
|
211.9 |
|
|
|
272.4 |
|
|
|
101.2 |
|
|
|
940.4 |
|
|
|
206.6 |
|
Provision (benefit) for income taxes |
|
(17.8 |
) |
|
|
(6.0 |
) |
|
|
54.5 |
|
|
|
85.1 |
|
|
|
154.7 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income |
|
229.7 |
|
|
|
278.4 |
|
|
|
46.7 |
|
|
|
855.3 |
|
|
|
51.9 |
|
(Income) loss attributable to non-controlling interests |
|
(5.0 |
) |
|
|
(3.8 |
) |
|
|
6.3 |
|
|
|
(12.4 |
) |
|
|
4.3 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income attributable to TechnipFMC plc |
$ |
224.7 |
|
|
$ |
274.6 |
|
|
$ |
53.0 |
|
|
$ |
842.9 |
|
|
$ |
56.2 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Earnings per share attributable to TechnipFMC plc |
|
|
|
|
|
|
|
|
|
||||||||||
Basic |
$ |
0.53 |
|
|
$ |
0.64 |
|
|
$ |
0.12 |
|
|
$ |
1.96 |
|
|
$ |
0.13 |
|
Diluted |
$ |
0.52 |
|
|
$ |
0.63 |
|
|
$ |
0.12 |
|
|
$ |
1.91 |
|
|
$ |
0.12 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Weighted average shares outstanding: |
|
|
|
|
|
|
|
|
|
||||||||||
Basic |
|
424.5 |
|
|
|
428.3 |
|
|
|
434.4 |
|
|
|
429.1 |
|
|
|
438.6 |
|
Diluted |
|
435.8 |
|
|
|
438.8 |
|
|
|
448.6 |
|
|
|
440.5 |
|
|
|
452.3 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash dividends declared per share |
$ |
0.05 |
|
|
$ |
0.05 |
|
|
$ |
0.05 |
|
|
$ |
0.20 |
|
|
$ |
0.10 |
|
Exhibit 2 |
|||||||||||||||||||
TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES BUSINESS SEGMENT DATA (In millions, unaudited) |
|||||||||||||||||||
Three Months Ended |
|
Year Ended |
|||||||||||||||||
|
December 31, |
|
September 30, |
|
December 31, |
|
December 31, |
||||||||||||
|
|
2024 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Segment revenue |
|
|
|
|
|
|
|
|
|
||||||||||
Subsea |
$ |
2,047.9 |
|
|
$ |
2,028.1 |
|
|
$ |
1,720.5 |
|
|
$ |
7,819.9 |
|
|
$ |
6,434.8 |
|
Surface Technologies |
|
319.4 |
|
|
|
320.3 |
|
|
|
357.2 |
|
|
|
1,263.4 |
|
|
|
1,389.4 |
|
Total segment revenue |
$ |
2,367.3 |
|
|
$ |
2,348.4 |
|
|
$ |
2,077.7 |
|
|
$ |
9,083.3 |
|
|
$ |
7,824.2 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Segment operating profit |
|
|
|
|
|
|
|
|
|
||||||||||
Subsea |
$ |
230.0 |
|
|
$ |
288.8 |
|
|
$ |
145.7 |
|
|
$ |
953.1 |
|
|
$ |
543.6 |
|
Surface Technologies |
|
36.5 |
|
|
|
33.7 |
|
|
|
33.2 |
|
|
|
204.2 |
|
|
|
114.6 |
|
Total segment operating profit |
$ |
266.5 |
|
|
$ |
322.5 |
|
|
$ |
178.9 |
|
|
$ |
1,157.3 |
|
|
$ |
658.2 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Corporate items |
|
|
|
|
|
|
|
|
|
||||||||||
Corporate expense(1) |
$ |
(37.9 |
) |
|
$ |
(31.1 |
) |
|
$ |
(38.3 |
) |
|
$ |
(124.9 |
) |
|
$ |
(243.9 |
) |
Net interest expense |
|
(13.5 |
) |
|
|
(15.9 |
) |
|
|
(13.0 |
) |
|
|
(63.5 |
) |
|
|
(88.7 |
) |
Foreign exchange losses |
|
(3.2 |
) |
|
|
(3.1 |
) |
|
|
(26.4 |
) |
|
|
(28.5 |
) |
|
|
(119.0 |
) |
Total corporate items |
$ |
(54.6 |
) |
|
$ |
(50.1 |
) |
|
$ |
(77.7 |
) |
|
$ |
(216.9 |
) |
|
$ |
(451.6 |
) |
|
|
|
|
|
|
|
|
|
|
||||||||||
Income before income taxes(2) |
$ |
211.9 |
|
|
$ |
272.4 |
|
|
$ |
101.2 |
|
|
$ |
940.4 |
|
|
$ |
206.6 |
|
(1) |
Corporate expense primarily includes corporate staff expenses, share-based compensation expenses, and other employee benefits. For the year ended December 31, 2023, corporate expense includes the non-recurring legal settlement charge of |
|
(2) |
Includes amounts attributable to non-controlling interests. |
Exhibit 3 |
||||||||||||||
TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES BUSINESS SEGMENT DATA (In millions, unaudited) |
||||||||||||||
|
Three Months Ended |
|
Year Ended |
|||||||||||
Inbound Orders (1) |
December 31, |
|
September 30, |
|
December 31, |
|
December 31, |
|||||||
|
|
2024 |
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
|
|
|
|
|
|
|
|
|
|||||
Subsea |
$ |
2,698.5 |
|
$ |
2,463.2 |
|
$ |
1,270.0 |
|
$ |
10,403.5 |
|
$ |
9,749.0 |
Surface Technologies |
|
225.0 |
|
|
321.3 |
|
|
261.6 |
|
|
1,171.1 |
|
|
1,233.9 |
Total inbound orders |
$ |
2,923.5 |
|
$ |
2,784.5 |
|
$ |
1,531.6 |
|
$ |
11,574.6 |
|
$ |
10,982.9 |
Order Backlog (2) |
December 31, 2024 |
|
September 30, 2024 |
|
December 31, 2023 |
|||
|
|
|
|
|
|
|||
Subsea |
$ |
13,518.1 |
|
$ |
13,732.1 |
|
$ |
12,164.1 |
Surface Technologies |
|
858.2 |
|
|
966.8 |
|
|
1,066.9 |
Total order backlog |
$ |
14,376.3 |
|
$ |
14,698.9 |
|
$ |
13,231.0 |
(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) |
|||||
|
December 31, |
||||
|
|
2024 |
|
|
2023 |
|
|
|
|
||
Cash and cash equivalents |
$ |
1,157.7 |
|
$ |
951.7 |
Trade receivables, net |
|
1,318.5 |
|
|
1,138.1 |
Contract assets, net |
|
967.7 |
|
|
1,010.1 |
Inventories, net |
|
1,076.7 |
|
|
1,100.3 |
Other current assets |
|
947.0 |
|
|
995.2 |
Total current assets |
|
5,467.6 |
|
|
5,195.4 |
|
|
|
|
||
Property, plant and equipment, net |
|
2,133.8 |
|
|
2,270.9 |
Intangible assets, net |
|
508.3 |
|
|
601.6 |
Other assets |
|
1,759.5 |
|
|
1,588.7 |
Total assets |
$ |
9,869.2 |
|
$ |
9,656.6 |
|
|
|
|
||
Short-term debt and current portion of long-term debt |
$ |
277.9 |
|
$ |
153.8 |
Accounts payable, trade |
|
1,302.6 |
|
|
1,355.8 |
Contract liabilities |
|
1,786.6 |
|
|
1,485.8 |
Other current liabilities |
|
1,497.7 |
|
|
1,473.2 |
Total current liabilities |
|
4,864.8 |
|
|
4,468.6 |
|
|
|
|
||
Long-term debt, less current portion |
|
607.3 |
|
|
913.5 |
Other liabilities |
|
1,258.7 |
|
|
1,102.4 |
TechnipFMC plc stockholders’ equity |
|
3,093.8 |
|
|
3,136.7 |
Non-controlling interests |
|
44.6 |
|
|
35.4 |
Total liabilities and equity |
$ |
9,869.2 |
|
$ |
9,656.6 |
Exhibit 5 |
|||||||||||
TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions, unaudited) |
|||||||||||
|
Three Months
|
|
Year Ended December 31, |
||||||||
|
2024 |
|
|
|
2024 |
|
|
|
2023 |
|
|
Cash provided by operating activities |
|
|
|
|
|
||||||
Net income |
$ |
229.7 |
|
|
$ |
855.3 |
|
|
$ |
51.9 |
|
Adjustments to reconcile net income to cash provided by operating activities |
|
|
|
|
|
||||||
Depreciation and amortization |
|
107.1 |
|
|
|
392.7 |
|
|
|
377.8 |
|
Employee benefit plan and share-based compensation costs |
|
18.6 |
|
|
|
76.2 |
|
|
|
30.8 |
|
Deferred income tax provision, net |
|
(185.4 |
) |
|
|
(246.1 |
) |
|
|
(54.2 |
) |
Derivative instruments and foreign exchange |
|
(42.1 |
) |
|
|
(73.6 |
) |
|
|
29.6 |
|
Income from equity affiliates, net of dividends received |
|
40.7 |
|
|
|
28.8 |
|
|
|
(34.2 |
) |
Net (gain) loss on disposal of Measurement Solutions business |
|
3.9 |
|
|
|
(71.3 |
) |
|
|
— |
|
Other |
|
12.9 |
|
|
|
17.0 |
|
|
|
42.4 |
|
Changes in operating assets and liabilities |
|
|
|
|
|
||||||
Trade receivables, net and Contract assets |
|
38.2 |
|
|
|
(236.1 |
) |
|
|
(227.7 |
) |
Inventories, net |
|
26.3 |
|
|
|
(42.0 |
) |
|
|
(91.2 |
) |
Accounts payable, trade |
|
(115.7 |
) |
|
|
8.2 |
|
|
|
62.5 |
|
Contract liabilities |
|
329.3 |
|
|
|
362.7 |
|
|
|
321.0 |
|
Income taxes (receivable) payable, net |
|
53.8 |
|
|
|
34.8 |
|
|
|
34.3 |
|
Other current assets and liabilities, net |
|
57.3 |
|
|
|
(226.5 |
) |
|
|
203.3 |
|
Other non-current assets and liabilities, net |
|
4.3 |
|
|
|
80.9 |
|
|
|
(53.3 |
) |
Cash provided by operating activities |
|
578.9 |
|
|
|
961.0 |
|
|
|
693.0 |
|
|
|
|
|
|
|
||||||
Cash required by investing activities |
|
|
|
|
|
||||||
Capital expenditures |
|
(126.2 |
) |
|
|
(281.6 |
) |
|
|
(225.2 |
) |
Proceeds from sale of assets |
|
13.6 |
|
|
|
19.2 |
|
|
|
84.7 |
|
Proceeds from sale of Measurement Solutions business |
|
— |
|
|
|
186.1 |
|
|
|
— |
|
Other |
|
0.1 |
|
|
|
0.5 |
|
|
|
14.9 |
|
Cash required by investing activities |
|
(112.5 |
) |
|
|
(75.8 |
) |
|
|
(125.6 |
) |
|
|
|
|
|
|
||||||
Cash required by financing activities |
|
|
|
|
|
||||||
Net change in short-term debt |
|
(29.6 |
) |
|
|
(121.3 |
) |
|
|
(341.6 |
) |
Cash settlement for derivative hedging debt |
|
— |
|
|
|
(1.2 |
) |
|
|
(30.1 |
) |
Share repurchases |
|
(70.0 |
) |
|
|
(400.1 |
) |
|
|
(205.1 |
) |
Dividends paid |
|
(21.2 |
) |
|
|
(85.9 |
) |
|
|
(43.5 |
) |
Payments related to taxes withheld on share-based compensation |
|
— |
|
|
|
(49.7 |
) |
|
|
(17.2 |
) |
Other |
|
(4.7 |
) |
|
|
10.2 |
|
|
|
(19.0 |
) |
Cash required by financing activities |
|
(125.5 |
) |
|
|
(648.0 |
) |
|
|
(656.5 |
) |
Effect of changes in foreign exchange rates on cash and cash equivalents |
|
(20.7 |
) |
|
|
(31.2 |
) |
|
|
(16.3 |
) |
Change in cash and cash equivalents |
|
320.2 |
|
|
|
206.0 |
|
|
|
(105.4 |
) |
Cash and cash equivalents in the statement of cash flows, beginning of period |
|
837.5 |
|
|
|
951.7 |
|
|
|
1,057.1 |
|
Cash and cash equivalents in the statement of cash flows, end of period |
$ |
1,157.7 |
|
|
$ |
1,157.7 |
|
|
$ |
951.7 |
|
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 |
|
Year Ended |
|||||||||||||||
|
|
December 31,
|
|
September 30,
|
|
December 31,
|
|
December 31,
|
|
December 31,
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Net income attributable to TechnipFMC plc |
|
$ |
224.7 |
|
|
$ |
274.6 |
|
$ |
53.0 |
|
|
$ |
842.9 |
|
|
$ |
56.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Charges and (credits): |
|
|
|
|
|
|
|
|
|
|
|||||||||
Restructuring, impairment and other charges |
|
|
14.6 |
|
|
|
3.8 |
|
|
10.0 |
|
|
|
25.8 |
|
|
|
20.0 |
|
Non-recurring legal settlement charges* |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
126.5 |
|
Net (gain) loss on disposal of Measurement Solutions business |
|
|
3.9 |
|
|
|
— |
|
|
— |
|
|
|
(71.3 |
) |
|
|
— |
|
Tax on charges and (credits) |
|
|
(7.0 |
) |
|
|
2.1 |
|
|
(0.3 |
) |
|
|
5.8 |
|
|
|
(1.3 |
) |
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Adjusted net income attributable to TechnipFMC plc |
|
$ |
236.2 |
|
|
$ |
280.5 |
|
$ |
62.7 |
|
|
$ |
803.2 |
|
|
$ |
201.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Weighted diluted average shares outstanding |
|
|
435.8 |
|
|
|
438.8 |
|
|
448.6 |
|
|
|
440.5 |
|
|
|
452.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Reported earnings per share - diluted |
|
$ |
0.52 |
|
|
$ |
0.63 |
|
$ |
0.12 |
|
|
$ |
1.91 |
|
|
$ |
0.12 |
|
Adjusted earnings per share - diluted |
|
$ |
0.54 |
|
|
$ |
0.64 |
|
$ |
0.14 |
|
|
$ |
1.82 |
|
|
$ |
0.45 |
|
*The non-recurring legal settlement charges reflect the impact of the resolution of all outstanding matters with the PNF (reference to Note 20 of the annual report on Form 10-K for the year ended December 31, 2023 (the “ FY2023 10-K”)). For taxation purposes, the charges are treated as a penalty and as such, do not trigger tax charges or benefits. |
|||||||||||||||||||
Exhibit 7 |
||||||||||||||||||||
TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (In millions, unaudited) |
||||||||||||||||||||
|
|
Three Months Ended |
|
Year Ended |
||||||||||||||||
|
|
December 31,
|
|
September 30,
|
|
December 31,
|
|
December 31,
|
|
December 31,
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income attributable to TechnipFMC plc |
|
$ |
224.7 |
|
|
$ |
274.6 |
|
|
$ |
53.0 |
|
|
$ |
842.9 |
|
|
$ |
56.2 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Income (loss) attributable to non-controlling interests |
|
|
5.0 |
|
|
|
3.8 |
|
|
|
(6.3 |
) |
|
|
12.4 |
|
|
|
(4.3 |
) |
Provision (benefit) for income tax |
|
|
(17.8 |
) |
|
|
(6.0 |
) |
|
|
54.5 |
|
|
|
85.1 |
|
|
|
154.7 |
|
Net interest expense |
|
|
13.5 |
|
|
|
15.9 |
|
|
|
13.0 |
|
|
|
63.5 |
|
|
|
88.7 |
|
Depreciation and amortization |
|
|
107.1 |
|
|
|
94.0 |
|
|
|
94.5 |
|
|
|
392.7 |
|
|
|
377.8 |
|
Restructuring, impairment and other charges |
|
|
14.6 |
|
|
|
3.8 |
|
|
|
10.0 |
|
|
|
25.8 |
|
|
|
20.0 |
|
Non-recurring legal settlement charges* |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
126.5 |
|
Net (gain) loss on disposal of Measurement Solutions business |
|
|
3.9 |
|
|
|
— |
|
|
|
— |
|
|
|
(71.3 |
) |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted EBITDA |
|
$ |
351.0 |
|
|
$ |
386.1 |
|
|
$ |
218.7 |
|
|
$ |
1,351.1 |
|
|
$ |
819.6 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Foreign exchange, net |
|
|
3.2 |
|
|
|
3.1 |
|
|
|
26.4 |
|
|
|
28.5 |
|
|
|
119.0 |
|
Adjusted EBITDA, excluding foreign exchange, net |
|
$ |
354.2 |
|
|
$ |
389.2 |
|
|
$ |
245.1 |
|
|
$ |
1,379.6 |
|
|
$ |
938.6 |
|
*The non-recurring legal settlement charges reflect the impact of the resolution of all outstanding matters with the PNF (reference to Note 20 of the FY2023 10-K). For taxation purposes, the charges are treated as a penalty and as such, do not trigger tax charges or benefits. |
||||||||||||||||||||
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
|
|
Corporate
|
|
Foreign
|
|
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 |
||||||||||||||||||
|
September 30, 2024 |
||||||||||||||||||
|
Subsea |
|
Surface
|
|
Corporate
|
|
Foreign
|
|
Total |
||||||||||
Revenue |
$ |
2,028.1 |
|
|
$ |
320.3 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
2,348.4 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating profit (loss), as reported (pre-tax) |
$ |
288.8 |
|
|
$ |
33.7 |
|
|
$ |
(31.1 |
) |
|
$ |
(3.1 |
) |
|
$ |
288.3 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Charges and (credits): |
|
|
|
|
|
|
|
|
|
||||||||||
Restructuring, impairment and other charges |
|
— |
|
|
|
3.8 |
|
|
|
— |
|
|
|
— |
|
|
|
3.8 |
|
Subtotal |
|
— |
|
|
|
3.8 |
|
|
|
— |
|
|
|
— |
|
|
|
3.8 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Depreciation and amortization |
|
82.2 |
|
|
|
11.6 |
|
|
|
0.2 |
|
|
|
— |
|
|
|
94.0 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted EBITDA |
$ |
371.0 |
|
|
$ |
49.1 |
|
|
$ |
(30.9 |
) |
|
$ |
(3.1 |
) |
|
$ |
386.1 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Foreign exchange, net |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3.1 |
|
|
|
3.1 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted EBITDA, excluding foreign exchange, net |
$ |
371.0 |
|
|
$ |
49.1 |
|
|
$ |
(30.9 |
) |
|
$ |
— |
|
|
$ |
389.2 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating profit margin, as reported |
|
14.2 |
% |
|
|
10.5 |
% |
|
|
|
|
|
|
12.3 |
% |
||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted EBITDA margin |
|
18.3 |
% |
|
|
15.3 |
% |
|
|
|
|
|
|
16.4 |
% |
||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted EBITDA margin, excluding foreign exchange, net |
|
18.3 |
% |
|
|
15.3 |
% |
|
|
|
|
|
|
16.6 |
% |
||||
Exhibit 8 |
|||||||||||||||||||
TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (In millions, unaudited) |
|||||||||||||||||||
|
Three Months Ended |
||||||||||||||||||
|
December 31, 2023 |
||||||||||||||||||
|
Subsea |
|
Surface
|
|
Corporate
|
|
Foreign
|
|
Total |
||||||||||
Revenue |
$ |
1,720.5 |
|
|
$ |
357.2 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
2,077.7 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating profit (loss), as reported (pre-tax) |
$ |
145.7 |
|
|
$ |
33.2 |
|
|
$ |
(38.3 |
) |
|
$ |
(26.4 |
) |
|
$ |
114.2 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Charges and (credits): |
|
|
|
|
|
|
|
|
|
||||||||||
Restructuring, impairment and other charges |
|
1.2 |
|
|
|
3.9 |
|
|
|
4.9 |
|
|
|
— |
|
|
|
10.0 |
|
Subtotal |
|
1.2 |
|
|
|
3.9 |
|
|
|
4.9 |
|
|
|
— |
|
|
|
10.0 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Depreciation and amortization |
|
78.6 |
|
|
|
15.4 |
|
|
|
0.5 |
|
|
|
— |
|
|
|
94.5 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted EBITDA |
$ |
225.5 |
|
|
$ |
52.5 |
|
|
$ |
(32.9 |
) |
|
$ |
(26.4 |
) |
|
$ |
218.7 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Foreign exchange, net |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
26.4 |
|
|
|
26.4 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted EBITDA, excluding foreign exchange, net |
$ |
225.5 |
|
|
$ |
52.5 |
|
|
$ |
(32.9 |
) |
|
$ |
— |
|
|
$ |
245.1 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating profit margin, as reported |
|
8.5 |
% |
|
|
9.3 |
% |
|
|
|
|
|
|
5.5 |
% |
||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted EBITDA margin |
|
13.1 |
% |
|
|
14.7 |
% |
|
|
|
|
|
|
10.5 |
% |
||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted EBITDA margin, excluding foreign exchange, net |
|
13.1 |
% |
|
|
14.7 |
% |
|
|
|
|
|
|
11.8 |
% |
||||
Exhibit 9 |
|||||||||||||||||||
TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (In millions, unaudited) |
|||||||||||||||||||
|
Year Ended |
||||||||||||||||||
|
December 31, 2024 |
||||||||||||||||||
|
Subsea |
|
Surface
|
|
Corporate
|
|
Foreign
|
|
Total |
||||||||||
Revenue |
$ |
7,819.9 |
|
|
$ |
1,263.4 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
9,083.3 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating profit (loss), as reported (pre-tax) |
$ |
953.1 |
|
|
$ |
204.2 |
|
|
$ |
(124.9 |
) |
|
$ |
(28.5 |
) |
|
$ |
1,003.9 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Charges and (credits): |
|
|
|
|
|
|
|
|
|
||||||||||
Restructuring, impairment and other charges |
|
12.9 |
|
|
|
8.1 |
|
|
|
4.8 |
|
|
|
— |
|
|
|
25.8 |
|
Gain on disposal of Measurement Solutions business |
|
— |
|
|
|
(71.3 |
) |
|
|
— |
|
|
|
— |
|
|
|
(71.3 |
) |
Subtotal |
|
12.9 |
|
|
|
(63.2 |
) |
|
|
4.8 |
|
|
|
— |
|
|
|
(45.5 |
) |
|
|
|
|
|
|
|
|
|
|
||||||||||
Depreciation and amortization |
|
342.5 |
|
|
|
49.0 |
|
|
|
1.2 |
|
|
|
— |
|
|
|
392.7 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted EBITDA |
$ |
1,308.5 |
|
|
$ |
190.0 |
|
|
$ |
(118.9 |
) |
|
$ |
(28.5 |
) |
|
$ |
1,351.1 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Foreign exchange, net |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
28.5 |
|
|
|
28.5 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted EBITDA, excluding foreign exchange, net |
$ |
1,308.5 |
|
|
$ |
190.0 |
|
|
$ |
(118.9 |
) |
|
$ |
— |
|
|
$ |
1,379.6 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating profit margin, as reported |
|
12.2 |
% |
|
|
16.2 |
% |
|
|
|
|
|
|
11.1 |
% |
||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted EBITDA margin |
|
16.7 |
% |
|
|
15.0 |
% |
|
|
|
|
|
|
14.9 |
% |
||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted EBITDA margin, excluding foreign exchange, net |
|
16.7 |
% |
|
|
15.0 |
% |
|
|
|
|
|
|
15.2 |
% |
||||
Exhibit 9 |
|||||||||||||||||||
TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (In millions, unaudited) |
|||||||||||||||||||
|
Year Ended |
||||||||||||||||||
|
December 31, 2023 |
||||||||||||||||||
|
Subsea |
|
Surface
|
|
Corporate
|
|
Foreign
|
|
Total |
||||||||||
Revenue |
$ |
6,434.8 |
|
|
$ |
1,389.4 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
7,824.2 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating profit (loss), as reported (pre-tax) |
$ |
543.6 |
|
|
$ |
114.6 |
|
|
$ |
(243.9 |
) |
|
$ |
(119.0 |
) |
|
$ |
295.3 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Charges and (credits): |
|
|
|
|
|
|
|
|
|
||||||||||
Restructuring, impairment and other charges |
|
4.9 |
|
|
|
9.8 |
|
|
|
5.3 |
|
|
|
— |
|
|
|
20.0 |
|
Non-recurring legal settlement charges |
|
— |
|
|
|
— |
|
|
|
126.5 |
|
|
|
— |
|
|
|
126.5 |
|
Subtotal |
|
4.9 |
|
|
|
9.8 |
|
|
|
131.8 |
|
|
|
— |
|
|
|
146.5 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Depreciation and amortization |
|
310.5 |
|
|
|
65.2 |
|
|
|
2.1 |
|
|
|
— |
|
|
|
377.8 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted EBITDA |
$ |
859.0 |
|
|
$ |
189.6 |
|
|
$ |
(110.0 |
) |
|
$ |
(119.0 |
) |
|
$ |
819.6 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Foreign exchange, net |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
119.0 |
|
|
|
119.0 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted EBITDA, excluding foreign exchange, net |
$ |
859.0 |
|
|
$ |
189.6 |
|
|
$ |
(110.0 |
) |
|
$ |
— |
|
|
$ |
938.6 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating profit margin, as reported |
|
8.4 |
% |
|
|
8.2 |
% |
|
|
|
|
|
|
3.8 |
% |
||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted EBITDA margin |
|
13.3 |
% |
|
|
13.6 |
% |
|
|
|
|
|
|
10.5 |
% |
||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted EBITDA margin, excluding foreign exchange, net |
|
13.3 |
% |
|
|
13.6 |
% |
|
|
|
|
|
|
12.0 |
% |
||||
Exhibit 10 |
|||||||||||
TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (In millions, unaudited) |
|||||||||||
|
December 31,
|
|
September 30,
|
|
December 31,
|
||||||
Cash and cash equivalents |
$ |
1,157.7 |
|
|
$ |
837.5 |
|
|
$ |
951.7 |
|
Short-term debt and current portion of long-term debt |
|
(277.9 |
) |
|
|
(310.4 |
) |
|
|
(153.8 |
) |
Long-term debt, less current portion |
|
(607.3 |
) |
|
|
(656.3 |
) |
|
|
(913.5 |
) |
Net cash (debt) |
$ |
272.5 |
|
|
$ |
(129.2 |
) |
|
$ |
(115.6 |
) |
Net cash (debt) 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, or net debt, is a meaningful financial measure that may assist investors in understanding our financial condition and recognizing underlying trends in our capital structure. Net cash (debt) should not be considered an alternative to, or more meaningful than, cash and cash equivalents as determined in accordance with |
|||||||||||
Exhibit 11 |
|||||||||||
TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (In millions, unaudited) |
|||||||||||
|
Three Months Ended
|
|
Year Ended
|
||||||||
|
|
2024 |
|
|
|
2024 |
|
|
|
2023 |
|
Cash provided by operating activities |
$ |
578.9 |
|
|
$ |
961.0 |
|
|
$ |
693.0 |
|
Capital expenditures |
|
(126.2 |
) |
|
|
(281.6 |
) |
|
|
(225.2 |
) |
Free cash flow |
$ |
452.7 |
|
|
$ |
679.4 |
|
|
$ |
467.8 |
|
Free cash flow, is a non-GAAP financial measure and is defined as cash provided by operating activities less capital expenditures. Management uses this non-GAAP financial measure to evaluate our financial condition. We believe from operations, 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/20250227252951/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
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