TechnipFMC Announces Second Quarter 2024 Results
TechnipFMC (NYSE: FTI) announced its Q2 2024 results, showcasing strong performance. Revenue hit $2.33 billion, growing 13.9% sequentially and 17.9% year-over-year. Net income surged to $186.5 million, translating to $0.42 per share. Adjusted figures showed net income at $188.9 million and EPS at $0.43. Adjusted EBITDA reached $361.4 million with a 15.5% margin.
Subsea segment drove growth with $2.8 billion in inbound orders and a 1.4x book-to-bill ratio. Subsea revenue was $2 billion, up 15.8%, with operating profit at $277.7 million, a 77.3% increase. Subsea adjusted EBITDA was $356.5 million, a 17.7% margin.
TechnipFMC’s backlog hit a record $13.9 billion. Cash flow from operations was $231 million, and free cash flow was $180 million. The company repurchased $100 million in shares. Guidance for 2024 was raised, with Subsea revenue expected between $7.6-$7.8 billion and adjusted EBITDA margin at 16.5%-17%.
TechnipFMC (NYSE: FTI) ha annunciato i risultati del secondo trimestre 2024, evidenziando una performance solida. I ricavi hanno raggiunto i 2,33 miliardi di dollari, con una crescita del 13,9% rispetto al trimestre precedente e del 17,9% su base annua. L'utile netto è aumentato a 186,5 milioni di dollari, equivalente a 0,42 dollari per azione. Le cifre rettificate mostrano un utile netto di 188,9 milioni di dollari e un utile per azione (EPS) di 0,43 dollari. L'EBITDA rettificato ha toccato 361,4 milioni di dollari con un margine del 15,5%.
Il segmento Subsea ha guidato la crescita con 2,8 miliardi di dollari in ordini in entrata e un rapporto book-to-bill di 1,4x. I ricavi Subsea sono stati di 2 miliardi di dollari, in aumento del 15,8%, con un utile operativo di 277,7 milioni di dollari, un incremento del 77,3%. L'EBITDA rettificato Subsea è stato di 356,5 milioni di dollari, con un margine del 17,7%.
Il portafoglio ordini di TechnipFMC ha raggiunto un record di 13,9 miliardi di dollari. Il flusso di cassa dalle operazioni è stato di 231 milioni di dollari e il flusso di cassa libero è stato di 180 milioni di dollari. L'azienda ha riacquistato 100 milioni di dollari in azioni. Le previsioni per il 2024 sono state alzate, con i ricavi Subsea attesi tra i 7,6 e i 7,8 miliardi di dollari e un margine EBITDA rettificato del 16,5%-17%.
TechnipFMC (NYSE: FTI) anunció sus resultados del segundo trimestre de 2024, mostrando un sólido desempeño. Los ingresos alcanzaron los 2.33 mil millones de dólares, creciendo un 13.9% secuencialmente y un 17.9% interanualmente. El ingreso neto se disparó a 186.5 millones de dólares, lo que se traduce en 0.42 dólares por acción. Las cifras ajustadas mostraron un ingreso neto de 188.9 millones de dólares y un EPS de 0.43. El EBITDA ajustado alcanzó los 361.4 millones de dólares, con un margen del 15.5%.
El segmento Subsea impulsó el crecimiento con 2.8 mil millones de dólares en órdenes entrantes y una relación book-to-bill de 1.4x. Los ingresos de Subsea fueron de 2 mil millones de dólares, un aumento del 15.8%, con un beneficio operativo de 277.7 millones de dólares, lo que representa un incremento del 77.3%. El EBITDA ajustado de Subsea fue de 356.5 millones de dólares, con un margen del 17.7%.
El respaldo de TechnipFMC alcanzó un récord de 13.9 mil millones de dólares. El flujo de efectivo de las operaciones fue de 231 millones de dólares y el flujo de efectivo libre fue de 180 millones de dólares. La compañía recompró 100 millones de dólares en acciones. Las guías para 2024 se elevaron, con ingresos de Subsea esperados entre 7.6 y 7.8 mil millones de dólares y un margen de EBITDA ajustado del 16.5%-17%.
TechnipFMC (NYSE: FTI)는 2024년 2분기 실적을 발표하며 강한 성과를 보여주었습니다. 수익은 23억 3천만 달러에 달하며, 전 분기 대비 13.9% 증가하고, 전년 대비 17.9% 증가했습니다. 순이익은 1억 8천6백5십만 달러로 급증했으며, 주당 0.42달러로 변환됩니다. 조정된 수치에 따르면 순이익은 1억 8천8백9십만 달러, 주당 수익(EPS)은 0.43달러입니다. 조정된 EBITDA는 3억 6천140만 달러에 도달했으며, 마진은 15.5%입니다.
Subsea 부문은 28억 달러의 수주와 1.4배의 수주 대 발주 비율로 성장을 이끌었습니다. Subsea 수익은 20억 달러로 15.8% 증가했으며, 운영 이익은 2억 7천7백70만 달러로 77.3% 증가했습니다. Subsea 조정된 EBITDA는 3억 5천650만 달러로 마진은 17.7%입니다.
TechnipFMC의 주문 잔고는 기록적인 139억 달러에 도달했습니다. 운영 현금 흐름은 2억 3천1백만 달러였고, 자유 현금 흐름은 1억 8천만 달러였습니다. 회사는 1억 달러의 자사주매입을 실시했습니다. 2024년 전망은 상향 조정되었으며, Subsea 수익은 76억~78억 달러로 예상되며 조정된 EBITDA 마진은 16.5%-17%입니다.
TechnipFMC (NYSE: FTI) a annoncé ses résultats du deuxième trimestre 2024, mettant en avant une performance solide. Les revenus ont atteint 2,33 milliards de dollars, avec une hausse de 13,9 % par rapport au trimestre précédent et de 17,9 % par rapport à l'année précédente. Le bénéfice net a bondi à 186,5 millions de dollars, soit 0,42 dollar par action. Les chiffres ajustés indiquent un bénéfice net de 188,9 millions de dollars et un BPA de 0,43 dollar. L'EBITDA ajusté a atteint 361,4 millions de dollars avec une marge de 15,5 %.
Le segment Subsea a conduit à cette croissance avec 2,8 milliards de dollars de commandes entrantes et un ratio book-to-bill de 1,4x. Les revenus Subsea étaient de 2 milliards de dollars, en hausse de 15,8 %, avec un bénéfice d'exploitation de 277,7 millions de dollars, soit une augmentation de 77,3 %. L'EBITDA ajusté Subsea était de 356,5 millions de dollars, avec une marge de 17,7 %.
Le carnet de commandes de TechnipFMC a atteint un record de 13,9 milliards de dollars. Le flux de trésorerie provenant des opérations était de 231 millions de dollars, et le flux de trésorerie libre était de 180 millions de dollars. L'entreprise a racheté pour 100 millions de dollars d'actions. Les prévisions pour 2024 ont été rehaussées, avec des revenus Subsea attendus entre 7,6 et 7,8 milliards de dollars et une marge EBITDA ajustée de 16,5 % à 17 %.
TechnipFMC (NYSE: FTI) gab die Ergebnisse des zweiten Quartals 2024 bekannt und zeigte eine starke Leistung. Der Umsatz betrug 2,33 Milliarden Dollar, was einer sequenziellen Steigerung von 13,9 % und einer jährlichen Steigerung von 17,9 % entspricht. Der Nettoertrag stieg auf 186,5 Millionen Dollar, was 0,42 Dollar pro Aktie entspricht. Die angepassten Zahlen zeigten einen Nettoertrag von 188,9 Millionen Dollar und ein EPS von 0,43 Dollar. Das angepasste EBITDA erreichte 361,4 Millionen Dollar mit einer Marge von 15,5 %.
Das Subsea-Segment trieb das Wachstum mit 2,8 Milliarden Dollar an eingehenden Bestellungen und einem Umsatz-Bestellverhältnis von 1,4x. Der Umsatz im Subsea-Bereich betrug 2 Milliarden Dollar, was einem Anstieg von 15,8 % entspricht, mit einem operativen Gewinn von 277,7 Millionen Dollar, was einem Anstieg von 77,3 % entspricht. Das angepasste EBITDA im Subsea-Bereich betrug 356,5 Millionen Dollar mit einer Marge von 17,7 %.
Der Auftragsbestand von TechnipFMC erreichte einen Rekord von 13,9 Milliarden Dollar. Der Cashflow aus Betriebsaktivitäten betrug 231 Millionen Dollar, und der freie Cashflow betrug 180 Millionen Dollar. Das Unternehmen kaufte Aktien im Wert von 100 Millionen Dollar zurück. Die Prognosen für 2024 wurden angehoben, wobei die Subsea-Umsätze zwischen 7,6 und 7,8 Milliarden Dollar und die angepasste EBITDA-Marge zwischen 16,5 % und 17 % erwartet werden.
- Revenue increased 13.9% sequentially and 17.9% year-over-year to $2.33 billion.
- Net income reached $186.5 million, a significant increase.
- Adjusted EBITDA was $361.4 million with a 15.5% margin.
- Subsea revenue grew 15.8% to $2 billion.
- Record backlog of $13.9 billion.
- Raised full-year guidance for Subsea revenue to $7.6-$7.8 billion and adjusted EBITDA margin to 16.5%-17%.
- Surface Technologies revenue declined 10.5% year-over-year to $316.5 million.
- Surface Technologies inbound orders decreased 23.6% year-over-year.
Insights
TechnipFMC's Q2 2024 results demonstrate strong operational performance and financial growth. Key highlights include:
- Revenue increased 17.9% year-over-year to
$2.33 billion - Net income of
$186.5 million , compared to a loss in Q2 2023 - Adjusted EBITDA grew
75.5% year-over-year to$361.4 million - Adjusted EBITDA margin expanded 510 basis points to
15.5% - Record backlog of
$13.9 billion , up4.7% year-over-year
The Subsea segment was particularly strong, with revenue up
TechnipFMC's improved financial position is reflected in its recent investment grade credit ratings from Fitch and S&P, which should lower borrowing costs. The company also returned
With increased full-year guidance for Subsea revenue, margins and free cash flow, TechnipFMC appears well-positioned to capitalize on the ongoing recovery in offshore and subsea markets. However, investors should monitor risks like project execution and potential oil price volatility.
TechnipFMC's Q2 results underscore the robust recovery in offshore and subsea oil & gas activity. The company's
- Major project awards in Guyana, Australia, Israel and Brazil highlight the global nature of offshore investments
- Repeat orders from clients like ExxonMobil, Woodside and Energean demonstrate TechnipFMC's strong industry relationships
- The company's integrated offering (iEPCI) and next-gen technology (Subsea 2.0) are providing competitive advantages
- Guidance for
$10 billion in 2024 Subsea orders suggests continued momentum
The Surface Technologies segment is seeing growth in international markets, particularly the Middle East, offsetting some North American weakness. This aligns with the broader trend of international and offshore markets outpacing North American onshore activity.
TechnipFMC's success in emerging basins like Guyana positions it well for potential new frontiers such as Namibia. The company's localization efforts and partnership approach could be valuable as new offshore regions develop.
While the near-term outlook appears strong, investors should consider potential headwinds such as inflationary pressures, supply chain constraints and the long-term energy transition which may impact oil & gas investments over time.
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Subsea inbound orders of
$2.8 billion -
Total Company backlog reached new record of
$13.9 billion -
Cash flow from operations of
$231 million $180 million - Full-year financial guidance increased to reflect strong operational performance
NEWCASTLE &
Summary Financial Results from Continuing Operations |
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30 bps |
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310 bps |
510 bps |
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Inbound orders |
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Total Company revenue in the second 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, stated, “Our quarterly results reflect strong operational performance throughout the Company. Revenue was
“Results were particularly strong in Subsea, where operating profit margin improved 480 basis points sequentially to 13.8 percent. Adjusted EBITDA margin improved 370 basis points sequentially to 17.7 percent – a level of performance we expect to continue in the third quarter. Given the strength of our execution, we now expect Subsea adjusted EBITDA margin to exceed the high-end of our guidance for the full year.”
Pferdehirt continued, “Subsea inbound orders were
“Further expansion in
Pferdehirt added, “Through our success in
“At quarter end, total Company backlog was
“In Surface Technologies, we also demonstrated solid performance. We are seeing tangible benefits from the targeted actions taken to optimize our business in the
Pferdehirt concluded, “The strong financial performance in the period clearly demonstrates the solid momentum we are experiencing in our execution. Our success reflects the bold steps we took to create a new business model that reshaped the subsea industry and to deliver innovative technologies that further improve project economics. These actions continue to provide sustainable differentiation for TechnipFMC, driving results higher than what could be achieved through a market recovery alone.”
“We are confident that our strong execution and competitive differentiation, when combined with the proven success of our subsea playbook, will allow us to capitalize on the expanding opportunities that extend beyond the decade.”
Operational and Financial Highlights
Subsea |
Financial Highlights |
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Jun. 30,
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Operating profit |
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Operating profit margin |
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480 bps |
430 bps |
Adjusted EBITDA |
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Adjusted EBITDA margin |
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370 bps |
330 bps |
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Inbound orders |
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Backlog1,2,3 |
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Estimated Consolidated Backlog Scheduling (In millions) |
Jun. 30,
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2024 (6 months) |
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2025 |
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2026 and beyond |
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1 Backlog as of June 30, 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 June 30, 2024 does not include total Company non-consolidated backlog of |
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Subsea reported second quarter revenue of
Subsea reported an operating profit of
Subsea reported adjusted EBITDA of
Subsea inbound orders were
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ExxonMobil Whiptail project (
Guyana )
Large* contract award by ExxonMobil Guyana to supply subsea production systems for the Whiptail project in Guyana’s Stabroek Block. TechnipFMC will provide project management, engineering, and manufacturing to deliver 48 subsea trees and associated tooling, as well as 12 manifolds and associated controls and tie-in equipment. Whiptail is TechnipFMC’s most recent award from ExxonMobil Guyana, where the Company has been awarded subsea production system contracts since the first contract award in 2017 for Liza Phase 1.
*A “large” contract is between$500 million $1 billion -
Woodside Energy Xena Phase 3 iEPCI™ project (
Australia )
Significant* integrated Engineering, Procurement, Construction, and Installation (iEPCI™) contract by Woodside Energy to design, manufacture, and install the subsea production system, flexible pipe, and umbilicals for the Xena Infill well (XNA03) to support ongoing production from the Pluto LNG Project. The award follows an integrated front end engineering design (iFEED™) study. The project will use the Company’s Subsea 2.0® production system. Xena Phase 3 will be tied back to existing subsea infrastructure previously supplied by TechnipFMC. The contract is the latest call-off on the framework agreement between Woodside Energy and TechnipFMC.
*A “significant” contract is between$75 million $250 million -
Energean Katlan iEPCI™ project (
Israel )
Large* iEPCI™ contract by Energean for its Katlan development in the Mediterranean Sea. This is Energean’s first project to use TechnipFMC’s configure-to-order Subsea 2.0® production systems. The award follows an iFEED™ study by TechnipFMC, which optimized the commercial and technological solution for the field. The contract covers the design, manufacture, and installation of the production systems, pipe, umbilicals, and subsea structures. The subsea infrastructure will tie back to the Energean Power floating production, storage, and offloading vessel (FPSO), which currently serves the Karish and Karish North developments. TechnipFMC also delivered fully integrated subsea solutions utilizing our iEPCI™ execution model for both of these developments.
*A “large” contract is between$500 million $1 billion -
Petrobras Flexible Pipe contract (
Brazil )
Substantial* contract by Petrobras to supply flexible pipe for the pre-salt fields offshoreBrazil . The contract covers the design, engineering, and manufacture of flexible pipe for water injection and gas lift.
*A “substantial” contract is between$250 million $500 million
Surface Technologies |
Financial Highlights |
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( |
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240 bps |
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120 bps |
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Surface Technologies reported second 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 June 30, 2024)
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 3.9 million of its ordinary shares for total consideration of
The Company ended the period with cash and cash equivalents of
On June 27, 2024, Fitch Ratings assigned a first-time Long-Term Issuer Default Rating of ‘BBB-’ with a Stable Outlook to the Company and its subsidiary, FMC Technologies Inc. Fitch Ratings also assigned ‘BBB-’ ratings to the Company’s revolving credit facility and senior unsecured notes. This follows a rating upgrade in early March by S&P Global Ratings, which elevated both the issuer credit and the issue-level ratings on the Company’s senior unsecured notes to investment grade (‘BBB-’).
With investment grade ratings from two credit rating agencies, the Company will benefit from lower interest rates and fees and eliminate all collateral requirements for its
2024 Full-Year Financial Guidance1
The Company’s full-year financial guidance for 2024 can be found in the table below. Updates to the previous guidance issued on February 22, 2024 are as follows:
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Subsea revenue in a range of
$7.6 $7.2
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Subsea adjusted EBITDA margin in a range of 16.5 -
17% , which increased from the previous guidance range of 15.5 -16.5% .
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Free cash flow in a range of
$425 $350
Financial results prior to the completion of the sale of the Measurement Solutions business, which was completed on March 11, 2024, are included in full-year guidance for Surface Technologies.
2024 Guidance (As of July 25, 2024) |
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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, July 25, 2024 to discuss the second 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 (formerly Twitter) @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, including new technologies and services for our New Energy business; 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 of the countries in which we conduct business; the refusal of DTC to act as depository and clearing agency for our shares; the impact of our existing and future indebtedness and the restrictions on our operations by terms of the agreements governing our existing indebtedness; the risks caused by our acquisition and divestiture activities; additional costs or risks from increasing scrutiny and expectations regarding ESG matters; uncertainties related to our investments in New Energy business; 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 new 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; the additional restrictions on dividend payouts or share repurchases as an English public limited company; uninsured claims and litigation against us; tax laws, treaties and regulations and any unfavorable findings by relevant tax authorities; potential departure of our key managers and employees; adverse seasonal, weather, and other climatic conditions; unfavorable currency exchange rates; risk in connection with our defined benefit pension plan commitments; our inability to obtain sufficient bonding capacity for certain contracts, and other risks as discussed in Part I, Item 1A, “Risk Factors” of our Annual Report on Form 10-K for the fiscal year ended December 31, 2023 and our other reports subsequently filed with the Securities and Exchange Commission.
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 |
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CONDENSED CONSOLIDATED STATEMENTS OF INCOME |
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(In millions, except per share data, unaudited) |
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Three Months Ended |
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Six Months Ended |
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June 30, |
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March 31, |
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June 30, |
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June 30, |
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2024 |
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2024 |
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2023 |
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2024 |
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2023 |
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Revenue |
$ |
2,325.6 |
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|
$ |
2,042.0 |
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|
$ |
1,972.2 |
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|
$ |
4,367.6 |
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$ |
3,689.6 |
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Costs and expenses |
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2,017.2 |
|
|
|
1,883.0 |
|
|
|
1,813.7 |
|
|
|
3,900.2 |
|
|
|
3,480.1 |
|
|
|
|
308.4 |
|
|
|
159.0 |
|
|
|
158.5 |
|
|
|
467.4 |
|
|
|
209.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Other income (expense), net including income from equity affiliates |
|
(41.5 |
) |
|
|
(10.9 |
) |
|
|
(181.2 |
) |
|
|
(52.4 |
) |
|
|
(168.3 |
) |
|
Gain on disposal of Measurement Solutions business |
|
— |
|
|
|
75.2 |
|
|
|
— |
|
|
|
75.2 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income (loss) before net interest expense and income taxes |
|
266.9 |
|
|
|
223.3 |
|
|
|
(22.7 |
) |
|
|
490.2 |
|
|
|
41.2 |
|
|
Net interest expense |
|
(21.4 |
) |
|
|
(12.7 |
) |
|
|
(30.3 |
) |
|
|
(34.1 |
) |
|
|
(49.0 |
) |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income (loss) before income taxes |
|
245.5 |
|
|
|
210.6 |
|
|
|
(53.0 |
) |
|
|
456.1 |
|
|
|
(7.8 |
) |
|
Provision for income taxes |
|
59.2 |
|
|
|
49.7 |
|
|
|
43.3 |
|
|
|
108.9 |
|
|
|
80.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net income (loss) |
|
186.3 |
|
|
|
160.9 |
|
|
|
(96.3 |
) |
|
|
347.2 |
|
|
|
(88.5 |
) |
|
(Income) loss attributable to non-controlling interests |
|
0.2 |
|
|
|
(3.8 |
) |
|
|
9.1 |
|
|
|
(3.6 |
) |
|
|
1.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net income (loss) attributable to TechnipFMC plc |
$ |
186.5 |
|
|
$ |
157.1 |
|
|
$ |
(87.2 |
) |
|
$ |
343.6 |
|
|
$ |
(86.8 |
) |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Earnings (loss) per share attributable to TechnipFMC plc |
|
|
|
|
|
|
|
|
|
|||||||||||
Basic |
$ |
0.43 |
|
|
$ |
0.36 |
|
|
$ |
(0.20 |
) |
|
$ |
0.80 |
|
|
$ |
(0.20 |
) |
|
Diluted |
$ |
0.42 |
|
|
$ |
0.35 |
|
|
$ |
(0.20 |
) |
|
$ |
0.78 |
|
|
$ |
(0.20 |
) |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Weighted average shares outstanding: |
|
|
|
|
|
|
|
|
|
|||||||||||
Basic |
|
430.2 |
|
|
|
433.6 |
|
|
|
440.1 |
|
|
|
431.9 |
|
|
|
441.1 |
|
|
Diluted |
|
440.1 |
|
|
|
446.3 |
|
|
|
440.1 |
|
|
|
443.2 |
|
|
|
441.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Cash dividends declared per share |
$ |
0.05 |
|
|
$ |
0.05 |
|
|
$ |
— |
|
|
$ |
0.10 |
|
|
$ |
— |
|
|
Exhibit 2 |
||||||||||||||||||||
TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES |
||||||||||||||||||||
BUSINESS SEGMENT DATA |
||||||||||||||||||||
(In millions, unaudited) |
||||||||||||||||||||
|
Three Months Ended |
|
Six Months Ended |
|||||||||||||||||
|
June 30, |
|
March 31, |
|
June 30, |
|
June 30, |
|||||||||||||
|
2024 |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|||||||||||
Segment revenue |
|
|
|
|
|
|
|
|
|
|||||||||||
Subsea |
$ |
2,009.1 |
|
|
$ |
1,734.8 |
|
|
$ |
1,618.4 |
|
|
$ |
3,743.9 |
|
|
$ |
3,006.0 |
|
|
Surface Technologies |
|
316.5 |
|
|
|
307.2 |
|
|
|
353.8 |
|
|
|
623.7 |
|
|
|
683.6 |
|
|
Total segment revenue |
$ |
2,325.6 |
|
|
$ |
2,042.0 |
|
|
$ |
1,972.2 |
|
|
$ |
4,367.6 |
|
|
$ |
3,689.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Segment operating profit |
|
|
|
|
|
|
|
|
|
|||||||||||
Subsea |
$ |
277.7 |
|
|
$ |
156.6 |
|
|
$ |
153.4 |
|
|
$ |
434.3 |
|
|
$ |
220.2 |
|
|
Surface Technologies |
|
30.6 |
|
|
|
103.4 |
|
|
|
25.7 |
|
|
|
134.0 |
|
|
|
48.1 |
|
|
Total segment operating profit |
$ |
308.3 |
|
|
$ |
260.0 |
|
|
$ |
179.1 |
|
|
$ |
568.3 |
|
|
$ |
268.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Corporate items |
|
|
|
|
|
|
|
|
|
|||||||||||
Corporate expense(1) |
$ |
(23.7 |
) |
|
$ |
(32.2 |
) |
|
$ |
(153.5 |
) |
|
$ |
(55.9 |
) |
|
$ |
(180.9 |
) |
|
Net interest expense |
|
(21.4 |
) |
|
|
(12.7 |
) |
|
|
(30.3 |
) |
|
|
(34.1 |
) |
|
|
(49.0 |
) |
|
Foreign exchange losses |
|
(17.7 |
) |
|
|
(4.5 |
) |
|
|
(48.3 |
) |
|
|
(22.2 |
) |
|
|
(46.2 |
) |
|
Total corporate items |
$ |
(62.8 |
) |
|
$ |
(49.4 |
) |
|
$ |
(232.1 |
) |
|
$ |
(112.2 |
) |
|
$ |
(276.1 |
) |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income (loss) before income taxes(2) |
$ |
245.5 |
|
|
$ |
210.6 |
|
|
$ |
(53.0 |
) |
|
$ |
456.1 |
|
|
$ |
(7.8 |
) |
|
(1) |
Corporate expense primarily includes corporate staff expenses, share-based compensation expenses, and other employee benefits. For the three and six months ended June 30, 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 |
|
Six Months Ended |
||||||||||||
Inbound Orders(1) |
June 30, |
|
March 31, |
|
June 30, |
|
June 30, |
||||||||
|
2024 |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||
|
|
|
|
|
|
|
|
|
|
||||||
Subsea |
$ |
2,838.0 |
|
$ |
2,403.8 |
|
$ |
4,114.5 |
|
$ |
5,241.8 |
|
$ |
6,651.0 |
|
Surface Technologies |
|
254.2 |
|
|
370.6 |
|
|
332.8 |
|
|
624.8 |
|
|
655.2 |
|
Total inbound orders |
$ |
3,092.2 |
|
$ |
2,774.4 |
|
$ |
4,447.3 |
|
$ |
5,866.6 |
|
$ |
7,306.2 |
|
Order Backlog(2) |
June 30, 2024 |
|
March 31, 2024 |
|
June 30, 2023 |
||||
|
|
|
|
|
|
||||
Subsea |
$ |
12,925.9 |
|
$ |
12,455.5 |
|
$ |
12,088.5 |
|
Surface Technologies |
|
972.9 |
|
|
1,037.0 |
|
|
1,190.1 |
|
Total order backlog |
$ |
13,898.8 |
|
$ |
13,492.5 |
|
$ |
13,278.6 |
|
(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) |
||||||
|
June 30,
|
|
December 31,
|
|||
|
|
|
|
|||
Cash and cash equivalents |
$ |
708.2 |
|
$ |
951.7 |
|
Trade receivables, net |
|
1,163.2 |
|
|
1,138.1 |
|
Contract assets, net |
|
1,118.6 |
|
|
1,010.1 |
|
Inventories, net |
|
1,132.8 |
|
|
1,100.3 |
|
Other current assets |
|
761.6 |
|
|
995.2 |
|
Total current assets |
|
4,884.4 |
|
|
5,195.4 |
|
|
|
|
|
|||
Property, plant and equipment, net |
|
2,162.0 |
|
|
2,270.9 |
|
Intangible assets, net |
|
559.4 |
|
|
601.6 |
|
Other assets |
|
1,636.8 |
|
|
1,588.7 |
|
Total assets |
$ |
9,242.6 |
|
$ |
9,656.6 |
|
|
|
|
|
|||
Short-term debt and current portion of long-term debt |
$ |
321.6 |
|
$ |
153.8 |
|
Accounts payable, trade |
|
1,446.2 |
|
|
1,355.8 |
|
Contract liabilities |
|
1,401.7 |
|
|
1,485.8 |
|
Other current liabilities |
|
1,283.7 |
|
|
1,473.2 |
|
Total current liabilities |
|
4,453.2 |
|
|
4,468.6 |
|
|
|
|
|
|||
Long-term debt, less current portion |
|
646.8 |
|
|
913.5 |
|
Other liabilities |
|
1,133.0 |
|
|
1,102.4 |
|
TechnipFMC plc stockholders’ equity |
|
2,972.4 |
|
|
3,136.7 |
|
Non-controlling interests |
|
37.2 |
|
|
35.4 |
|
Total liabilities and equity |
$ |
9,242.6 |
|
$ |
9,656.6 |
|
Exhibit 5 |
||||||||||||
TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES |
||||||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS |
||||||||||||
(In millions, unaudited) |
||||||||||||
|
Three Months
|
|
Six Months Ended June 30, |
|||||||||
2024 |
|
2024 |
|
2023 |
||||||||
Cash provided (required) by operating activities |
|
|
|
|
|
|||||||
Net income (loss) |
$ |
186.3 |
|
|
$ |
347.2 |
|
|
$ |
(88.5 |
) |
|
Adjustments to reconcile income (loss) to cash required by operating activities |
|
|
|
|
|
|||||||
Depreciation and amortization |
|
92.1 |
|
|
|
191.6 |
|
|
|
190.0 |
|
|
Gain on disposal of Measurement Solutions business |
|
— |
|
|
|
(75.2 |
) |
|
|
— |
|
|
Income from equity affiliates, net of dividends received |
|
(2.0 |
) |
|
|
(3.4 |
) |
|
|
(15.4 |
) |
|
Other non-cash items, net |
|
(37.0 |
) |
|
|
(4.5 |
) |
|
|
11.9 |
|
|
Working capital(1) |
|
(82.3 |
) |
|
|
(473.3 |
) |
|
|
(286.8 |
) |
|
Other non-current assets and liabilities, net |
|
73.8 |
|
|
|
121.8 |
|
|
|
(41.2 |
) |
|
Cash provided (required) by operating activities |
|
230.9 |
|
|
|
104.2 |
|
|
|
(230.0 |
) |
|
|
|
|
|
|
|
|||||||
Cash provided (required) by investing activities |
|
|
|
|
|
|||||||
Capital expenditures |
|
(50.8 |
) |
|
|
(102.8 |
) |
|
|
(110.1 |
) |
|
Proceeds from sale of Measurement Solutions business |
|
— |
|
|
|
186.1 |
|
|
|
— |
|
|
Other investing activities |
|
1.6 |
|
|
|
3.8 |
|
|
|
30.7 |
|
|
Cash provided (required) by investing activities |
|
(49.2 |
) |
|
|
87.1 |
|
|
|
(79.4 |
) |
|
|
|
|
|
|
|
|||||||
Cash required by financing activities |
|
|
|
|
|
|||||||
Net decrease in short-term debt |
|
(38.0 |
) |
|
|
(65.4 |
) |
|
|
(26.1 |
) |
|
Net increase in revolving credit facility |
|
— |
|
|
|
— |
|
|
|
50.0 |
|
|
Dividends paid |
|
(21.5 |
) |
|
|
(43.2 |
) |
|
|
— |
|
|
Share repurchases |
|
(100.0 |
) |
|
|
(250.1 |
) |
|
|
(100.0 |
) |
|
Payments related to taxes withheld on share-based compensation |
|
— |
|
|
|
(49.7 |
) |
|
|
(17.2 |
) |
|
Other financing activities |
|
(2.2 |
) |
|
|
(9.5 |
) |
|
|
(48.5 |
) |
|
Cash required by financing activities |
|
(161.7 |
) |
|
|
(417.9 |
) |
|
|
(141.8 |
) |
|
Effect of changes in foreign exchange rates on cash and cash equivalents |
|
(8.6 |
) |
|
|
(16.9 |
) |
|
|
(20.7 |
) |
|
Change in cash and cash equivalents |
|
11.4 |
|
|
|
(243.5 |
) |
|
|
(471.9 |
) |
|
Cash and cash equivalents, beginning of period |
|
696.8 |
|
|
|
951.7 |
|
|
|
1,057.1 |
|
|
Cash and cash equivalents, end of period |
$ |
708.2 |
|
|
$ |
708.2 |
|
|
$ |
585.2 |
|
|
(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 |
|
Six Months Ended |
|||||||||||||||
|
|
June 30, 2024 |
|
March 31, 2024 |
|
June 30, 2023 |
|
June 30, 2024 |
|
June 30, 2023 |
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Net income (loss) attributable to TechnipFMC plc |
|
$ |
186.5 |
|
$ |
157.1 |
|
|
$ |
(87.2 |
) |
|
$ |
343.6 |
|
|
$ |
(86.8 |
) |
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Charges and (credits): |
|
|
|
|
|
|
|
|
|
|
|||||||||
Restructuring, impairment and other charges |
|
|
2.4 |
|
|
5.0 |
|
|
|
5.1 |
|
|
|
7.4 |
|
|
|
5.7 |
|
Gain on disposal of Measurement Solutions business |
|
|
— |
|
|
(75.2 |
) |
|
|
— |
|
|
|
(75.2 |
) |
|
|
— |
|
Non-recurring legal settlement charges* |
|
|
— |
|
|
— |
|
|
|
126.5 |
|
|
|
— |
|
|
|
126.5 |
|
Tax impact of the charges and (credits) above |
|
|
— |
|
|
10.7 |
|
|
|
0.4 |
|
|
|
10.7 |
|
|
|
0.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Adjusted net income attributable to TechnipFMC plc |
|
$ |
188.9 |
|
$ |
97.6 |
|
|
$ |
44.8 |
|
|
$ |
286.5 |
|
|
$ |
45.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Weighted diluted average shares outstanding |
|
|
440.1 |
|
|
446.3 |
|
|
|
440.1 |
|
|
|
443.2 |
|
|
|
441.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Reported earnings (loss) per share - diluted |
|
$ |
0.42 |
|
$ |
0.35 |
|
|
$ |
(0.20 |
) |
|
$ |
0.78 |
|
|
$ |
(0.20 |
) |
Adjusted earnings per share - diluted |
|
$ |
0.43 |
|
$ |
0.22 |
|
|
$ |
0.10 |
|
|
$ |
0.65 |
|
|
$ |
0.10 |
|
*The non-recurring legal settlement charges reflect the impact of the resolution of all outstanding matters with the PNF (reference to Note 15 of the 10-Q). 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 |
|
Six Months Ended |
||||||||||||||||
|
|
June 30, 2024 |
|
March 31, 2024 |
|
June 30, 2023 |
|
June 30, 2024 |
|
June 30, 2023 |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income (loss) attributable to TechnipFMC plc |
|
$ |
186.5 |
|
|
$ |
157.1 |
|
|
$ |
(87.2 |
) |
|
$ |
343.6 |
|
|
$ |
(86.8 |
) |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Income (loss) attributable to non-controlling interests |
|
|
(0.2 |
) |
|
|
3.8 |
|
|
|
(9.1 |
) |
|
|
3.6 |
|
|
|
(1.7 |
) |
Provision for income tax |
|
|
59.2 |
|
|
|
49.7 |
|
|
|
43.3 |
|
|
|
108.9 |
|
|
|
80.7 |
|
Net interest expense |
|
|
21.4 |
|
|
|
12.7 |
|
|
|
30.3 |
|
|
|
34.1 |
|
|
|
49.0 |
|
Depreciation and amortization |
|
|
92.1 |
|
|
|
99.5 |
|
|
|
97.0 |
|
|
|
191.6 |
|
|
|
190.0 |
|
Restructuring, impairment and other charges |
|
|
2.4 |
|
|
|
5.0 |
|
|
|
5.1 |
|
|
|
7.4 |
|
|
|
5.7 |
|
Gain on disposal of Measurement Solutions business |
|
|
— |
|
|
|
(75.2 |
) |
|
|
— |
|
|
|
(75.2 |
) |
|
|
— |
|
Non-recurring legal settlement charges* |
|
|
— |
|
|
|
— |
|
|
|
126.5 |
|
|
|
— |
|
|
|
126.5 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted EBITDA |
|
$ |
361.4 |
|
|
$ |
252.6 |
|
|
$ |
205.9 |
|
|
$ |
614.0 |
|
|
$ |
363.4 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Foreign exchange, net |
|
|
17.7 |
|
|
|
4.5 |
|
|
|
48.3 |
|
|
|
22.2 |
|
|
|
46.2 |
|
Adjusted EBITDA, excluding foreign exchange, net |
|
$ |
379.1 |
|
|
$ |
257.1 |
|
|
$ |
254.2 |
|
|
$ |
636.2 |
|
|
$ |
409.6 |
|
*The non-recurring legal settlement charges reflect the impact of the resolution of all outstanding matters with the PNF (reference to Note 15 of the 10-Q). 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 |
|||||||||||||||||||
|
June 30, 2024 |
|||||||||||||||||||
|
Subsea |
|
Surface
|
|
Corporate
|
|
Foreign
|
|
Total |
|||||||||||
Revenue |
$ |
2,009.1 |
|
|
$ |
316.5 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
2,325.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Operating profit (loss), as reported (pre-tax) |
$ |
277.7 |
|
|
$ |
30.6 |
|
|
$ |
(23.7 |
) |
|
$ |
(17.7 |
) |
|
$ |
266.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Charges and (credits): |
|
|
|
|
|
|
|
|
|
|||||||||||
Restructuring, impairment and other charges |
|
(0.2 |
) |
|
|
2.6 |
|
|
|
— |
|
|
|
— |
|
|
|
2.4 |
|
|
Subtotal |
|
(0.2 |
) |
|
|
2.6 |
|
|
|
— |
|
|
|
— |
|
|
|
2.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Depreciation and amortization |
|
79.0 |
|
|
|
12.8 |
|
|
|
0.3 |
|
|
|
— |
|
|
|
92.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Adjusted EBITDA |
$ |
356.5 |
|
|
$ |
46.0 |
|
|
$ |
(23.4 |
) |
|
$ |
(17.7 |
) |
|
$ |
361.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Foreign exchange, net |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
17.7 |
|
|
|
17.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Adjusted EBITDA, excluding foreign exchange, net |
$ |
356.5 |
|
|
$ |
46.0 |
|
|
$ |
(23.4 |
) |
|
$ |
— |
|
|
$ |
379.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Operating profit margin, as reported |
|
13.8 |
% |
|
|
9.7 |
% |
|
|
|
|
|
|
11.5 |
% |
|||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Adjusted EBITDA margin |
|
17.7 |
% |
|
|
14.5 |
% |
|
|
|
|
|
|
15.5 |
% |
|||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Adjusted EBITDA margin, excluding foreign exchange, net |
|
17.7 |
% |
|
|
14.5 |
% |
|
|
|
|
|
|
16.3 |
% |
|||||
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
|
|
Corporate
|
|
Foreign
|
|
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 8 |
||||||||||||||||||||
TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES |
||||||||||||||||||||
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES |
||||||||||||||||||||
(In millions, unaudited) |
||||||||||||||||||||
|
Three Months Ended |
|||||||||||||||||||
|
June 30, 2023 |
|||||||||||||||||||
|
Subsea |
|
Surface
|
|
Corporate
|
|
Foreign
|
|
Total |
|||||||||||
Revenue |
$ |
1,618.4 |
|
|
$ |
353.8 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
1,972.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Operating profit (loss), as reported (pre-tax) |
$ |
153.4 |
|
|
$ |
25.7 |
|
|
$ |
(153.5 |
) |
|
$ |
(48.3 |
) |
|
$ |
(22.7 |
) |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Charges and (credits): |
|
|
|
|
|
|
|
|
|
|||||||||||
Restructuring and other charges |
|
0.5 |
|
|
|
4.6 |
|
|
|
— |
|
|
|
— |
|
|
|
5.1 |
|
|
Non-recurring legal settlement charges* |
|
— |
|
|
|
— |
|
|
|
126.5 |
|
|
|
— |
|
|
|
126.5 |
|
|
Subtotal |
|
0.5 |
|
|
|
4.6 |
|
|
|
126.5 |
|
|
|
— |
|
|
|
131.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Depreciation and amortization |
|
79.9 |
|
|
|
16.6 |
|
|
|
0.5 |
|
|
|
— |
|
|
|
97.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Adjusted EBITDA |
$ |
233.8 |
|
|
$ |
46.9 |
|
|
$ |
(26.5 |
) |
|
$ |
(48.3 |
) |
|
$ |
205.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Foreign exchange, net |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
48.3 |
|
|
|
48.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Adjusted EBITDA, excluding foreign exchange, net |
$ |
233.8 |
|
|
$ |
46.9 |
|
|
$ |
(26.5 |
) |
|
$ |
— |
|
|
$ |
254.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Operating profit margin, as reported |
|
9.5 |
% |
|
|
7.3 |
% |
|
|
|
|
|
|
-1.2 |
% |
|||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Adjusted EBITDA margin |
|
14.4 |
% |
|
|
13.3 |
% |
|
|
|
|
|
|
10.4 |
% |
|||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Adjusted EBITDA margin, excluding foreign exchange, net |
|
14.4 |
% |
|
|
13.3 |
% |
|
|
|
|
|
|
12.9 |
% |
|||||
*The non-recurring legal settlement charges reflect the impact of the resolution of all outstanding matters with the PNF (reference to Note 15 of the 10-Q). For taxation purposes the charges are treated as a penalty and as such, do not trigger tax charges or benefits. |
||||||||||||||||||||
Exhibit 9 |
||||||||||||||||||||
TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES |
||||||||||||||||||||
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES |
||||||||||||||||||||
(In millions, unaudited) |
||||||||||||||||||||
|
Six Months Ended |
|||||||||||||||||||
|
June 30, 2024 |
|||||||||||||||||||
|
Subsea |
|
Surface
|
|
Corporate
|
|
Foreign
|
|
Total |
|||||||||||
Revenue |
$ |
3,743.9 |
|
|
$ |
623.7 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
4,367.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Operating profit (loss), as reported (pre-tax) |
$ |
434.3 |
|
|
$ |
134.0 |
|
|
$ |
(55.9 |
) |
|
$ |
(22.2 |
) |
|
$ |
490.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Charges and (credits): |
|
|
|
|
|
|
|
|
|
|||||||||||
Restructuring, impairment and other charges |
|
(0.2 |
) |
|
|
2.4 |
|
|
|
5.2 |
|
|
|
— |
|
|
|
7.4 |
|
|
Gain on disposal of Measurement Solutions business |
|
— |
|
|
|
(75.2 |
) |
|
|
— |
|
|
|
— |
|
|
|
(75.2 |
) |
|
Subtotal |
|
(0.2 |
) |
|
|
(72.8 |
) |
|
|
5.2 |
|
|
|
— |
|
|
|
(67.8 |
) |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Depreciation and amortization |
|
164.8 |
|
|
|
26.2 |
|
|
|
0.6 |
|
|
|
— |
|
|
|
191.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Adjusted EBITDA |
$ |
598.9 |
|
|
$ |
87.4 |
|
|
$ |
(50.1 |
) |
|
$ |
(22.2 |
) |
|
$ |
614.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Foreign exchange, net |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
22.2 |
|
|
|
22.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Adjusted EBITDA, excluding foreign exchange, net |
$ |
598.9 |
|
|
$ |
87.4 |
|
|
$ |
(50.1 |
) |
|
$ |
— |
|
|
$ |
636.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Operating profit margin, as reported |
|
11.6 |
% |
|
|
21.5 |
% |
|
|
|
|
|
|
11.2 |
% |
|||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Adjusted EBITDA margin |
|
16.0 |
% |
|
|
14.0 |
% |
|
|
|
|
|
|
14.1 |
% |
|||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Adjusted EBITDA margin, excluding foreign exchange, net |
|
16.0 |
% |
|
|
14.0 |
% |
|
|
|
|
|
|
14.6 |
% |
|||||
Exhibit 9 |
||||||||||||||||||||
TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES |
||||||||||||||||||||
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES |
||||||||||||||||||||
(In millions, unaudited) |
||||||||||||||||||||
|
Six Months Ended |
|||||||||||||||||||
|
June 30, 2023 |
|||||||||||||||||||
|
Subsea |
|
Surface
|
|
Corporate
|
|
Foreign
|
|
Total |
|||||||||||
Revenue |
$ |
3,006.0 |
|
|
$ |
683.6 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
3,689.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Operating profit (loss), as reported (pre-tax) |
$ |
220.2 |
|
|
$ |
48.1 |
|
|
$ |
(180.9 |
) |
|
$ |
(46.2 |
) |
|
$ |
41.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Charges and (credits): |
|
|
|
|
|
|
|
|
|
|||||||||||
Restructuring and other charges |
|
0.4 |
|
|
|
5.3 |
|
|
|
— |
|
|
|
— |
|
|
|
5.7 |
|
|
Non-recurring legal settlement charges* |
|
— |
|
|
|
— |
|
|
|
126.5 |
|
|
|
— |
|
|
|
126.5 |
|
|
Subtotal |
|
0.4 |
|
|
|
5.3 |
|
|
|
126.5 |
|
|
|
— |
|
|
|
132.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Depreciation and amortization |
|
155.1 |
|
|
|
33.8 |
|
|
|
1.1 |
|
|
|
— |
|
|
|
190.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Adjusted EBITDA |
$ |
375.7 |
|
|
$ |
87.2 |
|
|
$ |
(53.3 |
) |
|
$ |
(46.2 |
) |
|
$ |
363.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Foreign exchange, net |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
46.2 |
|
|
|
46.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Adjusted EBITDA, excluding foreign exchange, net |
$ |
375.7 |
|
|
$ |
87.2 |
|
|
$ |
(53.3 |
) |
|
$ |
— |
|
|
$ |
409.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Operating profit margin, as reported |
|
7.3 |
% |
|
|
7.0 |
% |
|
|
|
|
|
|
1.1 |
% |
|||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Adjusted EBITDA margin |
|
12.5 |
% |
|
|
12.8 |
% |
|
|
|
|
|
|
9.8 |
% |
|||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Adjusted EBITDA margin, excluding foreign exchange, net |
|
12.5 |
% |
|
|
12.8 |
% |
|
|
|
|
|
|
11.1 |
% |
|||||
*The non-recurring legal settlement charges reflect the impact of the resolution of all outstanding matters with the PNF (reference to Note 15 of the 10-Q). For taxation purposes the charges are treated as a penalty and as such, do not trigger tax charges or benefits. |
||||||||||||||||||||
Exhibit 10 |
||||||||||||
TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES |
||||||||||||
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES |
||||||||||||
(In millions, unaudited) |
||||||||||||
|
June 30, 2024 |
|
March 31, 2024 |
|
June 30, 2023 |
|||||||
Cash and cash equivalents |
$ |
708.2 |
|
|
$ |
696.8 |
|
|
$ |
585.2 |
|
|
Short-term debt and current portion of long-term debt |
|
(321.6 |
) |
|
|
(136.6 |
) |
|
|
(429.5 |
) |
|
Long-term debt, less current portion |
|
(646.8 |
) |
|
|
(887.2 |
) |
|
|
(999.7 |
) |
|
Net debt |
$ |
(260.2 |
) |
|
$ |
(327.0 |
) |
|
$ |
(844.0 |
) |
|
Net (debt) 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 debt, or 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 (debt) cash 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
|
|
Six Months Ended June 30, |
|||||||||
|
2024 |
|
2024 |
|
2023 |
|||||||
Cash provided (required) by operating activities |
$ |
230.9 |
|
|
$ |
104.2 |
|
|
$ |
(230.0 |
) |
|
Capital expenditures |
|
(50.8 |
) |
|
|
(102.8 |
) |
|
|
(110.1 |
) |
|
Free cash flow (deficit) |
$ |
180.1 |
|
|
$ |
1.4 |
|
|
$ |
(340.1 |
) |
|
Free cash flow (deficit), 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 (deficit) 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/20240725007944/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
FAQ
What were TechnipFMC's Q2 2024 revenue and net income?
How much were TechnipFMC's Subsea inbound orders in Q2 2024?
What is the updated full-year 2024 guidance for TechnipFMC?
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What was the adjusted EBITDA margin for TechnipFMC's Subsea segment in Q2 2024?
