Q2 2024 TechnipFMC PLC Earnings Call Transcript
Key Points
- TechnipFMC PLC (FTI) reported strong operational performance with Subsea inbound orders reaching $2.8 billion and a book-to-bill ratio of 1.4.
- Adjusted EBITDA margin for Subsea improved by 370 basis points sequentially to 17.7%, exceeding prior full-year guidance.
- Total company revenue for the quarter was $2.3 billion, with adjusted EBITDA of $379 million and an adjusted EBITDA margin of 16.3%.
- TechnipFMC PLC (FTI) secured significant projects, including ExxonMobil's Whiptail project in Guyana and Petrobras' flexible pipe order.
- The company achieved a record backlog of $13.9 billion, driven by strong subsea orders and a book-to-bill ratio above 1 in 10 of the last 11 quarters.
- Foreign exchange impacts resulted in an $18 million loss, affecting overall financial performance.
- Despite strong performance, the Surface Technologies segment faced challenges due to the absence of revenue from the measurement solutions business sold in March.
- Net interest expense for the quarter was $21 million, adding to the company's financial burdens.
- Tax expense in the quarter was $59 million, impacting net income.
- The company faces potential capacity constraints in the future, as highlighted by customer concerns and the need for early commitments to secure quality capacity.
Thank you for standing by and welcome to the TechnipFMC second quarter 2024 earnings conference call. (Operator Instructions) Thank you. I'd now like to turn the call over to Matt Seinsheimer, Senior Vice President of Investor Relations and Corporate Development. Please go ahead.
Thank you, [Rochelle] Good morning and good afternoon, and welcome to TechnipFMC's second quarter 2024 earnings conference call. Our news release and financial statements issued earlier today can be found on our website.
I'd like to caution you with respect to any forward-looking statements made during this call. Although these forward-looking statements are based on our current expectations, beliefs and assumptions regarding future developments and business conditions, they are subject to certain risk and uncertainties that could cause actual results to differ materially from those expressed in or implied by these statements.
Known material factors that could cause our actual results to differ
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