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Sep 30, 2021
TechnipFMC Q3 2021 Earnings Report
TechnipFMC's Q3 2021 performance reflected operational strength, progress in balance sheet improvements, and advancements in energy transition initiatives.
Key Takeaways
TechnipFMC announced its Q3 2021 results, which showed Subsea inbound orders of $1.1 billion, cash flow from operations of $135.9 million, and free cash flow of $88.6 million. The company's cash and cash equivalents increased to $1.0 billion, with net debt reduced by $401 million.
Subsea inbound orders reached $1.1 billion for the quarter and $3.9 billion year-to-date.
Cash flow from operations was reported at $135.9 million, with free cash flow at $88.6 million.
Cash and cash equivalents increased to $1.0 billion, and net debt was reduced by $401 million.
The company acquired the remaining 75% interest in Magma Global to advance composite pipe technology.
TechnipFMC
TechnipFMC
TechnipFMC Revenue by Segment
Revenue by Segment
Subsea Revenue
CapyFin.comSurface Technologies Revenue
CapyFin.com Forward Guidance
TechnipFMC reaffirmed its full-year financial guidance for 2021, with no updates from the previous guidance issued on July 21, 2021. All segment guidance assumes no further material degradation from COVID-19-related impacts and is based on continuing operations, excluding the impact of Technip Energies.
Positive Outlook
- Revenue in a range of $5.2 - 5.5 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 10 - 12% for Surface Technologies (excluding charges and credits)
- Free cash flow $120 - 220 million
Challenges Ahead
- Corporate expense, net $105 - 115 million
- Net interest expense $135 - 140 million
- Tax provision, as reported $85 - 95 million
- Capital expenditures approximately $250 million
- Guidance excludes the impact of Technip Energies
Revenue & Expenses
Visualization of income flow from segment revenue to net income