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Mar 31, 2024
TechnipFMC Q1 2024 Earnings Report
TechnipFMC reported strong Q1 2024 results driven by solid operational execution and robust Subsea inbound orders.
Key Takeaways
TechnipFMC announced strong first quarter 2024 results with revenue of $2,042 million and net income of $157.1 million. The company saw significant growth in Subsea inbound orders, reaching $2.4 billion, and achieved an investment-grade credit rating from S&P Global Ratings. Shareholder distributions were $172 million, and the company expects full-year growth to exceed 70% versus 2023.
Subsea inbound orders reached $2.4 billion with a book-to-bill ratio of 1.4.
Three iEPCI™ awards were announced, showcasing first-of-its-kind technology solutions.
Shareholder distributions totaled $172 million, with expected full-year growth exceeding 70% compared to 2023.
S&P Global Ratings upgraded TechnipFMC to investment grade.
Revenue by Segment
Forward Guidance
The Company’s full-year guidance for 2024 can be found in the table below. No updates were made to the previous guidance that was issued on February 22, 2024. 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.
Positive Outlook
- Subsea Revenue in a range of $7.2 - 7.6 billion
- Subsea Adjusted EBITDA margin in a range of 15.5 - 16.5%
- Surface Technologies Revenue in a range of $1.2 - 1.35 billion
- Surface Technologies Adjusted EBITDA margin in a range of 13 - 15%
- Free cash flow $350 - 500 million (includes payment for legal settlement of ~$170 million)
Challenges Ahead
- Corporate expense, net $115 - 125 million (includes depreciation and amortization of ~$3 million; excludes charges and credits)
- Net interest expense $70 - 80 million
- Tax provision, as reported $280 - 290 million
Historical Earnings Impact
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Avg. Return Before/After Earnings
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