Summary
TechnipFMC plc (FTI) reported a robust financial performance for the fiscal year 2024, demonstrating significant growth and improved profitability. The company experienced a substantial increase in revenue, driven primarily by its Subsea segment, which saw strong demand for integrated projects and services. The Surface Technologies segment, while facing some regional headwinds, benefited from international market strength and strategic divestitures. Key financial highlights include a 16.1% increase in total revenue to $9.1 billion, driven by strong inbound orders that grew 5% year-over-year, leading to a backlog of $14.4 billion. The company also significantly improved its cash flow from operations by 39% to $961 million, with free cash flow increasing by 45% to $679.4 million. TechnipFMC returned approximately $486 million to shareholders through dividends and share repurchases, underscoring a commitment to capital return. The company also achieved investment-grade debt ratings, reflecting a strengthened financial profile. Looking ahead, TechnipFMC anticipates continued global economic growth and sustained demand in the offshore and Middle East markets, positioning it for further value creation.
Financial Highlights
54 data points| Revenue | $9.08B |
| Cost of Revenue | $7.36B |
| Gross Profit | $1.72B |
| R&D Expenses | $73.40M |
| SG&A Expenses | $667.10M |
| Operating Expenses | $8.13B |
| Operating Income | $1.16B |
| Net Income | $842.90M |
| EPS (Basic) | $1.96 |
| EPS (Diluted) | $1.91 |
| Shares Outstanding (Basic) | 429.10M |
| Shares Outstanding (Diluted) | 440.50M |
Key Highlights
- 1Total revenue increased by 16.1% to $9.1 billion in 2024 compared to 2023.
- 2Inbound orders improved by 5% year-over-year to $11.6 billion, driving backlog to $14.4 billion.
- 3Cash flow from operations grew 39% to $961 million, and free cash flow increased 45% to $679.4 million.
- 4Shareholder distributions nearly doubled year-over-year, with $486 million returned through dividends and share repurchases.
- 5The company achieved investment-grade debt ratings from S&P and Fitch.
- 6Subsea segment revenue increased by 21.5% to $7.8 billion, with operating profit nearly doubling to $953.1 million.
- 7Surface Technologies segment revenue decreased by 9.1% to $1.3 billion, but operating profit significantly improved due to a gain on sale and better international performance.
- 8TechnipFMC is actively pursuing new energy initiatives, including carbon transportation and storage, offshore floating renewables, and hydrogen solutions.