TechnipFMC Q3 2021 Earnings Report
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
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