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Mar 31, 2021
TechnipFMC Q1 2021 Earnings Report
TechnipFMC reported a strong start to the year with solid financial performance in both Subsea and Surface Technologies, driven by strong operational execution and strategic partnerships.
Key Takeaways
TechnipFMC announced first quarter 2021 results, demonstrating strong financial performance in both Subsea and Surface Technologies. The company reported income from continuing operations attributable to TechnipFMC plc was $430.3 million, or $0.95 per diluted share and free cash flow of $137 million. Subsea inbound orders more than doubled sequentially to $1.5 billion.
Strong financial performance in both Subsea and Surface Technologies
Cash flow from continuing operations $182 million, free cash flow $137 million
Subsea inbound orders more than doubled sequentially to $1.5 billion
New partnerships leverage subsea expertise for integrated wind, wave energy
Revenue by Segment
Forward Guidance
TechnipFMC provided full-year financial guidance for 2021, based on continuing operations and excluding the impact of Technip Energies.
Positive Outlook
- Revenue in a range of $5.0 - 5.4 billion for Subsea
- EBITDA margin in a range of 10 - 11% for Subsea (excluding charges and credits)
- Revenue in a range of $1,050 - 1,250 million for Surface Technologies
- EBITDA margin in a range of 8 - 11% for Surface Technologies (excluding charges and credits)
- Free cash flow of $120 - 220 million
Challenges Ahead
- Corporate expense, net $105 -115 million (includes depreciation and amortization of ~$15 million)
- Net interest expense $130 - 135 million
- Tax provision, as reported $70 - 80 million
- Capital expenditures approximately $250 million
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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