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Dec 31, 2021
TechnipFMC Q4 2021 Earnings Report
TechnipFMC reported mixed Q4 2021 results with revenue decline but significant order growth and positive cash flow.
Key Takeaways
TechnipFMC's Q4 2021 saw a revenue of $1,523.3 million, a loss of $127.2 million, and an adjusted loss of $55.8 million. However, the company experienced strong inbound orders totaling $2,106.7 million and generated $423 million in free cash flow. The company is optimistic about a multi-year upcycle for energy demand.
Subsea orders reached $1 billion in the quarter and $5 billion for the full year.
Surface Technologies orders were $1.1 billion in the quarter and $1.8 billion for the full year.
Cash flow from operations was $483.5 million in the quarter, with free cash flow of $423 million.
Cash and cash equivalents increased to $1.3 billion, and net debt was reduced to $677.5 million.
Revenue by Segment
Forward Guidance
TechnipFMC provided full-year 2022 financial guidance, anticipating revenue between $5.2 - 5.6 billion for Subsea and $1.15 - 1.3 billion for Surface Technologies. The company expects Subsea EBITDA margin in the range of 11-12% and Surface Technologies EBITDA margin in the range of 11-13%.
Positive Outlook
- Subsea Revenue in a range of $5.2 - 5.6 billion
- Subsea EBITDA margin in a range of 11 - 12%
- Surface Technologies Revenue in a range of $1,150 - 1,300 million
- Surface Technologies EBITDA margin in a range of 11 - 13%
- Free cash flow $100 - 250 million
Challenges Ahead
- Corporate expense, net $100 - 110 million
- Net interest expense $105 - 115 million
- Tax provision, as reported $100 - 110 million
- Capital expenditures approximately $230 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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