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Sep 30, 2022
TechnipFMC Q3 2022 Earnings Report
TechnipFMC's financial performance demonstrated continued momentum, with solid revenue and improved profitability, driven by strong inbound orders and effective execution.
Key Takeaways
TechnipFMC announced third quarter 2022 results, with total company revenue of $1.733 billion. Subsea inbound orders of $1.4 billion support full-year outlook for orders to approach $7 billion. Surface Technologies inbound orders of $449 million driven by Middle East. Cash provided by operating activities of $212 million and free cash flow of $181 million. The company repurchased $50 million of ordinary shares following $400 million authorization in July.
Subsea inbound orders reached $1.4 billion, supporting the full-year outlook for orders approaching $7 billion.
Surface Technologies inbound orders totaled $449 million, driven by the Middle East, with a book-to-bill ratio of 1.4.
Cash provided by operating activities was $212 million, with free cash flow of $181 million.
The company repurchased $50 million of ordinary shares following a $400 million authorization in July.
Revenue by Segment
Forward Guidance
The Company’s full-year guidance for 2022 was updated. Capital expenditures are expected to be approximately $180 million. All segment guidance assumes no further material degradation from COVID-19-related impacts.
Positive Outlook
- Subsea revenue is expected to be in a range of $5.2 - 5.6 billion.
- Subsea EBITDA margin is expected to be in a range of 11 - 12% (excluding charges and credits)
- Surface Technologies revenue is expected to be in a range of $1,150 - 1,300 million.
- Surface Technologies EBITDA margin is expected to be in a range of 11 - 13% (excluding charges and credits)
- Free cash flow is expected to be $100 - 250 million.
Challenges Ahead
- Corporate expense, net is expected to be $100 - 110 million (includes depreciation and amortization of ~$5 million)
- Net interest expense is expected to be $105 - 115 million
- Tax provision, as reported is expected to be $100 - 110 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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