Q3 2024 TechnipFMC PLC Earnings Call Transcript
Key Points
- TechnipFMC PLC (FTI) reported a record backlog of $14.7 billion, driven by $2.8 billion in inbound orders, including $2.5 billion from subsea.
- The company achieved an adjusted EBITDA of $389 million with a margin of 16.6%, reflecting strong execution and improved project activity.
- TechnipFMC PLC (FTI) increased its share repurchase authorization by $1 billion, aiming to nearly double shareholder distributions compared to the previous year.
- The company has a strong outlook for 2025, with subsea revenue guidance increased to a range of $8.3 billion to $8.7 billion and EBITDA margin guidance raised to 18.5% to 20%.
- TechnipFMC PLC (FTI) continues to benefit from its differentiated iEPCI offering and technology leadership, securing significant awards from major clients like Petrobras and BP.
- The company faces potential risks from foreign exchange impacts, which could affect its financial performance.
- There is a concern about managing through a tighter vessel market, which could impact project execution.
- TechnipFMC PLC (FTI) has a portion of legacy projects in its backlog, which may affect overall margins until these are completed.
- The company anticipates seasonal impacts in the fourth quarter, with expected revenue declines in subsea and surface technologies.
- Despite strong performance, the company acknowledges macroeconomic uncertainties that could impact future order cadences and market conditions.
Good day and welcome to the TechnipFMC third quarter 2024 earnings conference call.
(Operator instructions)
And finally, I would like to advise all participants that this call is being recorded. Thank you. I'd now like to welcome Matt Seinsheimer, Senior Vice President, Investor Relations and Corporate Development. Matt, over to you.
Thank you, Pauly. Good morning and good afternoon and welcome to TechnipFMC's third 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 today's 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 risks and uncertainties that could cause actual results to differ materially from those expressed in or implied by these statements.
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