On October 26, 2023, TechnipFMC PLC (FTI, Financial) released its third-quarter earnings report. The company reported a total revenue of $2,056.9 million, with an income from continuing operations attributable to TechnipFMC of $90 million. Adjusted income from continuing operations was $93.7 million, or $0.21 per diluted share.
Financial Highlights
The company's revenue increased by 18.7% year-over-year, while income showed a significant increase of 1,700.0% from the same period last year. Adjusted EBITDA was $237.5 million, marking a 28.0% increase year-over-year. Inbound orders also saw a 16.0% increase compared to the same period in the previous year.
Doug Pferdehirt, Chair and CEO of TechnipFMC, stated, “Subsea inbound orders in the quarter came in strong at $1.8 billion. Adjusted EBITDA improved sequentially for both Subsea and Surface Technologies, exceeding the guidance we provided on our second quarter call. This momentum is also driving our full-year expectations higher.”
Operational and Financial Highlights
Subsea reported third quarter revenue of $1,708.3 million, an increase of 5.6% from the second quarter. The sequential improvement was driven by mid-single-digit revenue growth in both projects and services. Subsea reported an operating profit of $177.7 million, an increase of 15.8% from the second quarter. Adjusted EBITDA of $257.8 million marked a 10.3% increase compared to the second quarter.
Corporate and Other Items
The company ended the period with cash and cash equivalents of $690.9 million; net debt declined $194.1 million to $649.9 million. During the quarter, the company repurchased 2.7 million of its ordinary shares for total consideration of $50.1 million. When including the dividend payment of $21.8 million, total shareholder distributions in the quarter were $71.9 million.
- TechnipFMC PLC (FTI, Financial) reports a strong Q3 2023 with subsea inbound orders of $1.8 billion.
- The company's cash flow from operations was $222 million, with free cash flow of $178 million.
- Operating results for both segments are now expected above the midpoint of full-year guidance.
- Subsea inbound over the next five quarters is projected to approach $11 billion.
Explore the complete 8-K earnings release (here) from TechnipFMC PLC for further details.
