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Dec 31, 2022
TechnipFMC Q4 2022 Earnings Report
TechnipFMC reported mixed results for Q4 2022, with revenue declining sequentially but increasing year-over-year. The company experienced a loss from continuing operations but saw growth in inbound orders and backlog. Financial guidance for 2023 was initiated, and the intermediate-term outlook for 2025 was updated.
Key Takeaways
TechnipFMC's Q4 2022 revenue was $1,694.4 million. The company's loss from continuing operations was $26.7 million, or $0.06 per diluted share. Adjusted loss from continuing operations was $20.7 million, or $0.05 per diluted share. The company's inbound orders were $1,842.5 million, and the ending backlog was $9,353.0 million.
Subsea inbound orders reached $1.5 billion, with full-year orders growing 36% to $6.7 billion compared to 2021.
Total Company backlog increased 22% year-over-year to $9.4 billion.
Cash flow from operations was $566 million, resulting in free cash flow of $503 million for the quarter.
Financial guidance for 2023 was initiated, and the intermediate-term outlook for 2025 was updated.
Revenue by Segment
Forward Guidance
TechnipFMC anticipates revenue growth of approximately 12% to $7.5 billion and adjusted EBITDA to increase to approximately $870 million in 2023. The company expects $25 billion of Subsea inbound for the company from 2023 through 2025 and revised Subsea forecast for 2025 demonstrates a 650 basis point expansion in adjusted EBITDA margin to 18% and adjusted EBITDA of approximately $1.4 billion.
Positive Outlook
- Total Company revenue growth of approximately 12% to $7.5 billion.
- Adjusted EBITDA expected to increase to approximately $870 million.
- $25 billion of Subsea inbound for the company from 2023 through 2025.
- 650 basis point expansion in adjusted EBITDA margin to 18% for Subsea in 2025.
- Adjusted EBITDA of approximately $1.4 billion for Subsea in 2025.
Challenges Ahead
- Unpredictability of individual components of the most directly comparable GAAP financial measure.
- Variability of items excluded from each such measure.
- Potential significant and unpredictable impact on future financial results.
Revenue & Expenses
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Historical Earnings Impact
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Avg. Return Before/After Earnings
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