FTI · TechnipFMC plc

124 filings

FTI SEC Filings

TechnipFMC plc - 124 total filings

Filing record · 2016–202610-K1210-Q308-K82

Showing 1–50 of 124 filings

TechnipFMC plc Quarterly Report for Q2 Ended Jun 30, 2026

TechnipFMC plc (FTI) reported robust financial results for the six months ended June 30, 2026, demonstrating significant year-over-year growth in revenue and net income. Total revenue increased by 10.2% to $5.3 billion, driven primarily by a strong performance in the Subsea segment, which saw a 13.1% revenue jump. This growth is attributed to increased backlog conversion from higher energy demand and upstream spending, supported by the company's integrated iEPCI® and SPS offerings, particularly in Latin America, Africa, and the Middle East. Profitability also saw a substantial improvement, with net income attributable to TechnipFMC plc rising by 51.4% to $623.2 million. The Subsea segment was the key contributor, with operating profit increasing by 33.0% due to higher volumes and a favorable activity mix. While the Surface Technologies segment experienced a revenue decline, its operating profit increased due to the absence of prior-year restructuring charges and improved international market performance. The company maintains a strong liquidity position, with $991.8 million in cash and cash equivalents and significant availability under its revolving credit facility, and has seen credit rating upgrades from Fitch and S&P, reflecting its solid financial health.

Jul 30, 2026 8-K

TechnipFMC plc 8-K Report, Financial Results (Jul 30, 2026)

TechnipFMC reported second-quarter 2026 results that were strong on nearly every measure. Revenue rose 9.0% year over year to $2,763.1 million, and diluted EPS was $0.90 on GAAP net income of $362.7 million (adjusted diluted EPS $0.91). Adjusted EBITDA was $581.9 million, or $601.2 million excluding a $19.3 million foreign exchange loss. Subsea drove the quarter, with revenue up 12.6% sequentially, operating margin of 19.6%, and inbound orders of $2.5 billion including four notable awards. Surface Technologies was weaker, with revenue down 13.3% year over year on Middle East disruption and lower North American activity, although its margin improved. Cash generation and shareholder returns were the central story. Operating cash flow was $548 million and free cash flow was $488 million. The company returned $440 million to shareholders, equal to about 90% of free cash flow, through $420 million of buybacks and $19.8 million of dividends. Net cash rose to $589.9 million from $540.4 million the prior quarter, and total backlog stood at $16.4 billion. Management reaffirmed its 2026 guidance without changes and said Subsea revenue and adjusted EBITDA margin are tracking toward the high end of their ranges. It also reiterated its target of $10 billion in Subsea inbound orders for 2026 and expects a step-up in 2027. The main watch items are the fall in Subsea backlog-to-revenue coverage over the coming years, since total backlog declined slightly sequentially, and the continued Middle East disruption affecting Surface Technologies. Inbound orders of $2.7 billion in the quarter were down 3.7% year over year, and six-month Subsea orders trail the prior year's level. Investors will want to see whether the second-half order ramp needed to reach the $10 billion target materializes.

Jul 30, 2026 8-K

TechnipFMC plc 8-K Report, Executive Changes (Jun 1, 2026)

TechnipFMC plc (NYSE: FTI) filed a Form 8-K on June 1, 2026 to report a board change: Eric D. Mullins, Chairman and Chief Executive Officer of Lime Rock Resources, was elected to the Board of Directors effective June 1, 2026, and appointed to the Audit Committee. The Board is increasing its size from nine to ten directors to accommodate the appointment. The filing is governance-related and does not contain financial results, guidance, or material financial impact disclosures. Mr. Mullins will receive non-executive director compensation consistent with the company's other non-employee directors, as described in the March 19, 2026 proxy statement, prorated for his 2026 service. Compensation follows the shareholder-approved Director Remuneration Policy. The filing also furnishes a press release (Exhibit 99.1) under Regulation FD, which is not deemed filed for Exchange Act purposes. For investors, the key takeaways are the addition of an experienced energy-sector director with private equity, Goldman Sachs natural resources, and public company board experience, and the expansion of the board by one seat. The 8-K itself does not indicate any change in strategy, operations, or financial outlook. Investors may wish to watch for any further commentary on how the new director's Audit Committee role fits into the company's oversight priorities.

Jun 1, 2026 8-K

TechnipFMC plc 8-K Report, Executive Changes (May 1, 2026)

TechnipFMC plc held its Annual General Meeting of Shareholders on May 1, 2026, where key proposals related to corporate governance and executive compensation were voted upon. The most significant outcome was the shareholder approval of Amendment No. 1 to the TechnipFMC plc 2022 Incentive Award Plan, which will affect the terms of equity-based compensation for officers and employees. Additionally, all nine director nominees were overwhelmingly re-elected, indicating strong shareholder confidence in the current board. Shareholders also provided advisory approval for the company's named executive officer compensation and directors' remuneration report for the fiscal year 2025, with high percentages of votes in favor. The appointment and reappointment of PricewaterhouseCoopers LLP (PwC) as both the U.S. independent registered public accounting firm and the U.K. statutory auditor for the upcoming fiscal year were also ratified and reappointed, respectively, with substantial support. The meeting also authorized the Board to allot equity securities, both with and without pre-emptive rights, reflecting management's need for flexibility in future capital management or strategic initiatives.

May 1, 2026 10-Q

TechnipFMC plc Quarterly Report for Q1 Ended Mar 31, 2026

TechnipFMC plc (FTI) reported a strong first quarter for 2026, with total revenue increasing by 11.6% to $2.49 billion, driven primarily by a robust performance in its Subsea segment. Net income attributable to TechnipFMC plc surged by 83.5% to $260.5 million, or $0.64 per diluted share, significantly outpacing the prior year's results. The company's Subsea segment saw a substantial revenue increase of 14.1% to $2.21 billion, fueled by strong backlog conversion and successful execution of iEPCI™ projects, particularly in Brazil, Mozambique, and Suriname. The Surface Technologies segment experienced a slight revenue decline of 4.4% to $284.3 million, primarily due to the timing of project-related activity in the Middle East. Despite lower revenue, Surface Technologies' operating profit improved due to a favorable activity mix.

Apr 30, 2026 8-K

TechnipFMC plc 8-K Report, Financial Results (Apr 30, 2026)

TechnipFMC (FTI) reported first-quarter 2026 results on April 30, 2026, with revenue of $2.49 billion (down 1.0% sequentially but up 11.6% year-over-year), GAAP net income of $260.5 million ($0.64 per diluted share), and adjusted EBITDA of $466.0 million (18.7% margin). Excluding a $12.8 million foreign exchange gain, adjusted EBITDA was $453.2 million (18.2% margin). Reported results were essentially clean, with only $0.4 million of net after-tax charges. The sequential comparison was distorted by a $52.1 million restructuring charge in Q4 2025, which makes the sequential EPS decline on an adjusted basis ($0.70 to $0.64) look worse than underlying operations. The quarter's key weakness was orders. Total inbound fell 16.8% sequentially to $2.15 billion, and Subsea orders of $1.90 billion were down 18.7% sequentially and 31.7% year-over-year, producing a Subsea book-to-bill of 0.9x. Total backlog ended at $16.47 billion. Management reaffirmed its 2026 guidance without changes and said it expects order activity to strengthen through the year, supporting its target of $10 billion in Subsea orders for 2026. Management also pointed to a Subsea Opportunities List of roughly $30 billion over 24 months and expects a step-up in inbound in 2027. Cash generation and capital returns were strong. Operating cash flow was $332.5 million and free cash flow was $276.9 million, though this was down from $379.9 million a year earlier. Shareholders received $284.7 million in distributions, including $264.8 million of buybacks, and net cash stood at $540.4 million. Management reiterated its commitment to returning at least 70% of free cash flow to shareholders. The Surface Technologies segment was softer, with revenue down 11.9% sequentially on Middle East project timing, and the company noted that the Middle East conflict had minimal operational impact on its results.

Apr 30, 2026 10-K

TechnipFMC plc Annual Report (Amendment), Year Ended Dec 31, 2024

TechnipFMC plc (FTI) has filed an Amendment No. 1 to its Annual Report on Form 10-K for the fiscal year ended December 31, 2024. This amendment is purely procedural, intended to correct an inadvertent omission of director and officer signatures from the original filing on February 27, 2025. Crucially, no financial statements or other disclosures have been revised or updated in this amendment. The company continues to affirm its status as a large accelerated filer and is not a shell company. Its ordinary shares held by non-affiliates had a market value of approximately $7.8 billion as of June 28, 2024. Investors should note that this filing provides no new financial information or operational updates for the fiscal year 2024. Any analysis or decisions based on this filing should refer to the original Form 10-K filed on February 27, 2025, which contains the substantive financial and operational disclosures. The amendment also includes new certifications from the principal executive and financial officers as required by SEC regulations for amended filings, though certain paragraphs are omitted as no financial statements are being presented.

Mar 26, 2026 10-K

TechnipFMC plc Annual Report (Amendment), Year Ended Dec 31, 2025

TechnipFMC plc (FTI) filed an amendment to its 2025 10-K on March 26, 2026, primarily to include conformed signatures of its directors and officers that were inadvertently omitted from the original filing on February 19, 2026. This amendment does not alter the financial statements or any other disclosures made in the original 10-K and speaks as of the original filing date. Investors should refer to the February 19, 2026, filing for substantive financial and operational information regarding the fiscal year ended December 31, 2025. Key takeaways from the filing indicate that TechnipFMC is a large accelerated filer and not a shell company. The aggregate market value of its ordinary shares held by non-affiliates was approximately $9.8 billion as of June 30, 2025, based on a share price of $34.44. The company has 400,044,930 ordinary shares outstanding. PricewaterhouseCoopers LLP is the auditor.

Mar 26, 2026 8-K

TechnipFMC plc 8-K Report, Financial Results (Feb 19, 2026)

TechnipFMC reported fourth-quarter 2025 revenue of $2,517.0 million, down 4.9% sequentially but up 6.3% year over year, with diluted EPS of $0.59 on a GAAP basis and $0.70 on an adjusted basis (excluding $43.8 million of after-tax charges and a $79.8 million non-cash tax benefit from valuation allowance releases). Adjusted EBITDA was $440.5 million, a 17.5% margin, down sequentially from 19.6% but up 270 bps year over year. Subsea drove the quarter's softness, with revenue of $2,194.2 million and a sequential margin decline to 18.9% adjusted EBITDA margin, partly reflecting seasonally lower vessel activity, higher maintenance, and $50.2 million of higher restructuring and impairment charges. For the full year, revenue grew 9.4% to $9,932.6 million, adjusted EBITDA rose 35.0% to $1,824.1 million (18.4% margin), and adjusted diluted EPS reached $2.45 versus $1.82 in 2024. Free cash flow was $1.45 billion, and shareholder distributions totaled $1.0 billion, more than double 2024 levels. Orders were $11.2 billion for the year, down 3.6%, but ending backlog rose 15.3% to $16.6 billion, with Subsea backlog at $15.9 billion. Management raised its 2026 Subsea revenue guidance to $9.2-9.6 billion and its Subsea adjusted EBITDA margin guidance to 21-22%. The quarter's key positives for investors are the strong full-year cash generation, the rising Subsea opportunity list (approximately $29 billion, sixth consecutive quarterly increase), and the shift toward higher-quality direct awards, iEPCI, and Subsea Services. The main watch items are the 4.9% sequential revenue decline, the sharp sequential Subsea margin compression, and Q4 inbound of $2.6 billion, which was 11.5% below the prior-year quarter and implies management expects roughly $10 billion of Subsea inbound in 2026 to sustain backlog growth.

Feb 19, 2026 10-K

TechnipFMC plc Annual Report, Year Ended Dec 31, 2025

TechnipFMC plc reported robust financial performance for the fiscal year ending December 31, 2025, marked by significant growth in revenue and operating profit. The company's Subsea segment was the primary driver of this success, with strong revenue increases attributed to the execution of integrated projects (iEPCI™) and a growing services backlog, particularly in key regions like Brazil and Norway. The Surface Technologies segment saw a modest revenue increase, bolstered by international activity, especially in the Middle East. Financially, TechnipFMC demonstrated considerable strength with substantial growth in cash provided by operating activities and free cash flow, enabling increased shareholder distributions through share repurchases and dividends. The company also focused on strengthening its balance sheet by reducing debt and maintaining a healthy liquidity position, supported by investment-grade credit ratings. Looking ahead, TechnipFMC remains optimistic about the energy market, anticipating continued demand for oil and natural gas, with a strategic focus on technological innovation and integrated solutions to improve project economics and reduce carbon intensity across both traditional and emerging energy sectors.

Feb 19, 2026 10-Q

TechnipFMC plc Quarterly Report for Q3 Ended Sep 30, 2025

TechnipFMC plc (FTI) reported a solid third quarter for 2025, demonstrating robust growth in both revenue and net income attributable to the company. Total revenue for the quarter increased by 12.7% year-over-year to $2,647.3 million, primarily driven by a significant 14.4% surge in the Subsea segment, which benefited from strong backlog conversion and higher energy demand. The Surface Technologies segment also saw modest revenue growth. Net income attributable to TechnipFMC plc rose by 12.8% to $309.7 million, translating to diluted earnings per share of $0.75. The company continues to focus on its strategic iEPCI™ and Subsea 2.0® offerings, which are enhancing project economics and creating new market opportunities. TechnipFMC also maintained a strong liquidity position and continued its capital return program through dividends and share repurchases.

Oct 23, 2025 8-K

TechnipFMC plc 8-K Report, Financial Results (Oct 23, 2025)

TechnipFMC reported third-quarter 2025 results on October 23, 2025, with total revenue of $2,647.3 million (up 12.7% year over year and 4.4% sequentially), GAAP diluted EPS of $0.75, and adjusted EBITDA of $518.9 million (19.6% margin). Excluding a $12.5 million foreign exchange loss, adjusted EBITDA was $531.4 million. Subsea drove the quarter, with inbound orders of $2.4 billion (book-to-bill of 1.0x), a 4.6% sequential revenue increase, and an adjusted EBITDA margin of 21.8%. Consolidated backlog reached a record $16.8 billion, though Surface Technologies inbound orders and backlog declined year over year. Cash generation was strong: operating cash flow was $525 million and free cash flow was $448 million. The company returned $271 million to shareholders through buybacks and dividends, repaid $254.8 million of debt (including the early redemption of 2026 notes), and moved to a net cash position of $438.6 million, up from net debt of $129.2 million a year earlier. The Board also raised the share repurchase authorization by $2 billion, bringing total available capacity to roughly $2.3 billion. Management raised full-year 2025 Surface Technologies adjusted EBITDA margin guidance to 16-16.5% and free cash flow guidance to $1.3-1.45 billion. It also initiated 2026 Subsea guidance of $9.1-9.5 billion in revenue and a 20.5-22% adjusted EBITDA margin, and expects Subsea inbound orders of $10 billion in 2026 following more than $10 billion expected in 2025. The filing itself is a Form 8-K furnishing an earnings release under Item 2.02, so the results are unaudited and the guidance is forward-looking.

Oct 23, 2025 8-K

TechnipFMC plc 8-K Report, Financial Results (Jul 24, 2025)

TechnipFMC (FTI) reported second-quarter 2025 results that beat the prior quarter on nearly every line. Revenue rose 13.5% sequentially to $2.53 billion (up 9.0% year over year), net income attributable to the company was $269.5 million ($0.64 per diluted share), and adjusted EBITDA reached $520.8 million, a 20.5% margin. Excluding a $12.1 million foreign exchange gain that flattered reported results, adjusted EBITDA was $508.7 million, a 20.1% margin. Adjusted diluted EPS was $0.68, versus $0.33 in the first quarter and $0.43 a year earlier. Subsea drove most of the improvement, with revenue of $2.22 billion, an operating margin of 17.2%, and an adjusted EBITDA margin of 21.8%. Surface Technologies was weaker, with operating profit down 22.5% sequentially because of $17.5 million in restructuring and other charges. Orders and backlog were solid but softer on the quarter. Total inbound orders were $2.83 billion, down 8.4% sequentially, though Subsea orders of $2.55 billion gave a book-to-bill of about 1.2x. Total backlog grew 5.2% sequentially to $16.6 billion, and Subsea backlog reached $15.8 billion. Management reiterated its goal of $30 billion of three-year Subsea inbound orders by year end. Cash generation was strong: operating cash flow was $344 million and free cash flow was $261 million. The company returned $271 million to shareholders, including $250 million of buybacks, and repaid the 5.75% notes that matured in the quarter, which cut total debt by $209 million and moved net cash to $254 million. Full-year 2025 guidance was left unchanged from April 24, 2025.

Jul 24, 2025 10-Q

TechnipFMC plc Quarterly Report for Q2 Ended Jun 30, 2025

TechnipFMC plc reported strong financial results for the six months ended June 30, 2025, with total revenue increasing by 9.2% to $4.77 billion, primarily driven by a significant 10.9% surge in Subsea revenue. This growth is attributed to a higher backlog, increased energy demand, and upstream spending, complemented by the company's iEPCI™ and Subsea 2.0® offerings. Subsea operating profit saw a substantial increase of 44.6%, reflecting favorable activity mix and higher volumes, which more than offset increased operating expenses. The company also demonstrated robust cash flow generation, with operating activities providing $785.9 million. While investing activities used more cash due to increased capital expenditures and the absence of the prior year's asset sale proceeds, financing activities saw higher outflows primarily due to increased share repurchases and debt repayments. TechnipFMC maintains a solid liquidity position with $1.25 billion available under its revolving credit facility and has seen positive credit rating actions, including investment grade upgrades from major agencies.

Jul 24, 2025 8-K

TechnipFMC plc 8-K Report, Shareholder Vote Results (Apr 25, 2025)

TechnipFMC plc (FTI) held its Annual General Meeting of Shareholders on April 25, 2025, where shareholders voted on various proposals. The meeting results indicate overwhelming shareholder support for the election of all director nominees, with each receiving over 97.7% of the votes cast. Furthermore, shareholders overwhelmingly approved the advisory votes on named executive officer compensation for 2024, the frequency of future Say-on-Pay votes (favoring annual), and the directors' remuneration report. These strong endorsements suggest shareholder confidence in the company's leadership and compensation practices. A key point of interest for investors is the approval of the prospective directors' remuneration policy for the next three years, which includes a new Value Creation Plan (VCP). This plan, designed to incentivize executives based on Return on Invested Capital (ROIC) and volume-weighted average share price (VWAP) targets, aims to drive strategic objectives and future stock price growth. Awards under this VCP have been approved and will be subject to specific vesting conditions tied to performance metrics and share price appreciation, with a cap on total PSU awards.

Apr 25, 2025 10-Q

TechnipFMC plc Quarterly Report for Q1 Ended Mar 31, 2025

TechnipFMC plc (FTI) reported a solid first quarter for 2025, demonstrating revenue growth driven by strong performance in its Subsea segment. Total revenue rose 9.4% year-over-year to $2.23 billion, with the Subsea segment contributing significantly due to increased iEPCI™ and services activities, particularly in regions like Indonesia, Norway, and Nigeria. This performance reflects the successful conversion of a growing backlog and the company's strategic positioning in key offshore markets. While the Surface Technologies segment saw a slight revenue dip, primarily due to lower activity in North America and Europe and the prior year's sale of the Measurement Solutions business, overall profitability remained robust. The company also continued its shareholder return program with substantial share repurchases and dividend payments. TechnipFMC's strong order intake and a healthy backlog provide visibility and confidence in future performance, underscoring its strategic focus on technological innovation and integrated project delivery in both conventional and new energy sectors.

Apr 24, 2025 8-K

TechnipFMC plc 8-K Report, Financial Results (Apr 24, 2025)

TechnipFMC (FTI) reported first-quarter 2025 results on April 24, 2025, with total revenue of $2.23 billion, down 5.6% sequentially but up 9.4% year-over-year. GAAP net income attributable to the company was $142.0 million, or $0.33 per diluted share, versus $0.52 in the prior quarter. Adjusted EBITDA was $343.8 million (15.4% margin), and excluding a $12.1 million foreign exchange loss it was $355.9 million, up roughly 38% year-over-year on that basis. The quarter's standout items were order intake and cash generation: total inbound orders were $3.09 billion (Subsea $2.79 billion, book-to-bill 1.4x), backlog reached $15.8 billion, and free cash flow was $380 million, which management highlighted as strong given typical first-quarter seasonality. Subsea remained the engine of the business, with revenue of $1.94 billion (up 11.6% year-over-year), operating profit of $247.9 million, and an adjusted EBITDA margin of 17.3%. Surface Technologies was weaker, with revenue of $297 million (down 3.2% year-over-year), an operating margin of 10.2% versus 33.7% a year earlier (which benefited from a one-time Measurement Solutions gain), and inbound orders that rebounded 34.9% sequentially. Management kept its Subsea inbound outlook of more than $10 billion for 2025 and its full-year adjusted EBITDA guidance midpoint unchanged, while raising free cash flow guidance to $1.0–1.15 billion from $850 million–$1.0 billion. Management also estimated that tariff exposure would reduce 2025 adjusted EBITDA by less than $20 million. For investors, the key takeaways are the strong Subsea order momentum, the rising free cash flow outlook, and continued shareholder returns, including $250 million of share repurchases in the quarter. Watch-points include the sequential revenue decline, the sharp drop in Surface Technologies margins, and the modest GAAP earnings decline from the prior quarter, which was flattered by a higher tax benefit in Q4 2024.

Apr 24, 2025 10-K

TechnipFMC plc Annual Report, Year Ended Dec 31, 2024

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.

Feb 27, 2025 8-K

TechnipFMC plc 8-K Report, Financial Results (Feb 27, 2025)

TechnipFMC reported fourth-quarter 2024 revenue of $2,367.3 million, up 13.9% year over year, with GAAP diluted EPS of $0.52 and adjusted diluted EPS of $0.54. Adjusted EBITDA was $351.0 million (14.8% margin), up 60.5% year over year but down 9.1% sequentially. Subsea drove results, with inbound orders of $2.7 billion in the quarter and a Subsea book-to-bill of 1.3x. Total company backlog ended the year at $14.4 billion, up 8.7% year over year. Full-year 2024 orders were $11.6 billion, with Subsea at $10.4 billion, and management expects Subsea inbound to exceed $10 billion in 2025. Cash generation was strong. Full-year free cash flow reached $679 million, up about 45%, and the company ended the year with net cash of $272.5 million, compared with net debt a year earlier. Shareholder distributions were $486 million in 2024. Management raised its 2025 distribution target to at least 70% of free cash flow, which implies distributions growing at least 30% in 2025. Moody's also upgraded the company to investment grade (Baa3) in January 2025. The 2025 outlook was modestly raised for Subsea, with revenue guidance of $8.4-8.8 billion and adjusted EBITDA margin of 19-20%. Surface Technologies guidance is $1.2-1.35 billion in revenue at a 15-16% margin. Results were also helped by a $54 million non-cash tax benefit from releasing valuation allowances, which is excluded from adjusted figures. Surface Technologies revenue and orders were weaker in the quarter, with orders down 30% sequentially, so the Subsea segment remains the main driver of the investment case.

Feb 27, 2025 10-Q

TechnipFMC plc Quarterly Report for Q3 Ended Sep 30, 2024

TechnipFMC plc reported a strong third quarter and first nine months of 2024, with significant year-over-year revenue and net income growth. Total revenue for the third quarter increased by 14.2% to $2.35 billion, and for the first nine months, it rose 16.9% to $6.72 billion. This growth was primarily driven by the Subsea segment, which saw substantial revenue and operating profit increases due to strong backlog conversion and favorable project mix, including significant contributions from iEPCI projects. The company's net income attributable to TechnipFMC plc for the third quarter surged to $274.6 million from $90.0 million in the prior year, while for the nine-month period, net income reached $618.2 million, a dramatic increase from $3.2 million in 2023. This profitability improvement was bolstered by the gain on the disposal of the Measurement Solutions business and a significant release of a valuation allowance on U.S. deferred tax assets. Looking ahead, TechnipFMC anticipates continued strength in the energy market, with a strategic focus on offshore and Middle East opportunities, driven by evolving market trends such as shifting capital flows and the increasing role of new technologies. The company maintains a robust order backlog, particularly in its Subsea segment, providing good visibility for future revenue and profitability. Furthermore, TechnipFMC continues its commitment to shareholder returns through dividends and substantial share repurchase programs.

Oct 24, 2024 8-K

TechnipFMC plc 8-K Report, Financial Results (Oct 24, 2024)

TechnipFMC reported third-quarter 2024 results on October 24, 2024, with revenue of $2,348.4 million (up 14.2% year over year), net income attributable to the company of $274.6 million ($0.63 per diluted share), and adjusted EBITDA of $386.1 million (16.4% margin). Adjusted net income was $280.5 million, or $0.64 per diluted share, but this figure includes a $60.6 million non-cash tax benefit from releasing a valuation allowance on deferred tax assets, so the underlying operating improvement is smaller than the headline growth rates suggest. Excluding a $3.1 million pre-tax foreign exchange loss, adjusted EBITDA was $389.2 million. Total company backlog reached a record $14.7 billion, and Subsea backlog hit $13.7 billion, supported by $2.5 billion of Subsea inbound orders (book-to-bill of 1.2x). Management raised its 2025 Subsea guidance to revenue of $8.3–8.7 billion (from roughly $8 billion) and adjusted EBITDA margin of 18.5–20% (from roughly 18%). The board also expanded the share repurchase authorization by $1 billion to a total of $1.2 billion, and management said it expects to nearly double 2024 shareholder distributions versus 2023. Free cash flow was $225.3 million in the quarter, and net debt fell $131 million sequentially to $129.2 million. Investors should weigh the strong order intake and visibility against several items. Surface Technologies revenue declined 8.1% year over year, Subsea inbound orders fell 13.2% sequentially, and the company disclosed a roughly $170 million legal settlement payment within its 2024 free cash flow guidance. The full-year 2024 guidance was also trimmed for net interest expense and tax provision, and the company remains exposed to ongoing oil and gas project timing and macro risks.

Oct 24, 2024 8-K

TechnipFMC plc 8-K Report, Financial Results (Jul 25, 2024)

TechnipFMC reported second quarter 2024 results on July 25, 2024, with revenue of $2,325.6 million, up 13.9% sequentially and 17.9% year-over-year, and GAAP net income attributable to the company of $186.5 million, or $0.42 per diluted share. Adjusted EBITDA was $361.4 million (15.5% margin), and excluding a $17.7 million foreign exchange loss it was $379.1 million. Adjusted diluted EPS was $0.43, up from $0.22 in the prior quarter. The quarter's strength was led by Subsea, where operating profit margin rose 480 basis points sequentially to 13.8% and adjusted EBITDA margin reached 17.7%. Order momentum was strong. Total inbound orders were $3.09 billion, giving a book-to-bill above 1 and a record total company backlog of $13.9 billion. Subsea inbound orders of $2.8 billion (book-to-bill of 1.4x) included the Whiptail project for ExxonMobil in Guyana, the Woodside Xena Phase 3 and Energean Katlan iEPCI projects, and a Petrobras flexible pipe contract. Surface Technologies was steadier, with revenue up 3% sequentially but orders down 31% and backlog declining to $973 million. The prior quarter's operating profit included a $75.2 million gain on the Measurement Solutions divestiture, so Surface Technologies' sequential operating profit comparison is distorted. Management raised full-year 2024 guidance. Subsea revenue is now expected at $7.6-7.8 billion (previously $7.2-7.6 billion), Subsea adjusted EBITDA margin at 16.5-17% (previously 15.5-16.5%), and free cash flow at $425-575 million (previously $350-500 million). Balance sheet and capital returns also improved: net debt fell to $260 million, the company returned $121.5 million to shareholders in the quarter, and Fitch's first-time BBB- rating joined S&P's March upgrade to investment grade, which removes collateral requirements on its revolving credit and letter of credit facilities.

Jul 25, 2024 10-Q

TechnipFMC plc Quarterly Report for Q2 Ended Jun 30, 2024

TechnipFMC plc (FTI) reported a strong financial performance for the six months ended June 30, 2024, driven by significant revenue growth in its Subsea segment. Total revenue increased by 18.4% to $4.4 billion, with the Subsea segment showing a substantial 24.5% rise, reflecting higher order backlog and strong project execution. Net income attributable to TechnipFMC plc swung from a loss of $86.8 million in the prior year period to a profit of $343.6 million. This turnaround was bolstered by the $75.2 million gain on the disposal of the Measurement Solutions business and improved operational performance across segments. The company's order backlog reached a record $13.9 billion as of June 30, 2024, primarily driven by the Subsea segment's $12.9 billion backlog. This robust order book indicates strong future revenue potential. TechnipFMC also made significant progress in its energy transition initiatives, securing new energy orders and advancing its capabilities in carbon capture and storage and offshore renewables. The company's financial health is further supported by its investment-grade credit ratings and substantial liquidity, with $1.25 billion available under its revolving credit facility.

Jul 25, 2024 8-K

TechnipFMC plc 8-K Report, Shareholder Vote Results (Apr 29, 2024)

TechnipFMC plc (FTI) filed an 8-K on April 29, 2024, detailing the results of its Annual General Meeting of Shareholders held on April 26, 2024. The meeting covered various proposals, including the election of directors, executive and director compensation, auditor appointments, and share repurchase authorizations. All proposals presented to shareholders were overwhelmingly approved, reflecting strong support for the company's governance and operational plans. Key outcomes include the re-election of all nine director nominees with high percentages of "FOR" votes, generally above 93%. Additionally, advisory votes on named executive officer compensation for 2023 and the directors' remuneration report received approximately 86% and 85% approval, respectively. The prospective directors' remuneration policy for the next three years also garnered strong support at over 86%. The company's U.S. and U.K. auditors, PricewaterhouseCoopers LLP, were ratified and reappointed with near-unanimous approval, and the board received broad authorization to allot equity securities, with and without pre-emptive rights.

Apr 29, 2024 10-Q

TechnipFMC plc Quarterly Report for Q1 Ended Mar 31, 2024

TechnipFMC plc (FTI) reported a strong first quarter in 2024, with total revenue increasing by 18.9% year-over-year to $2,042.0 million. This growth was primarily driven by the Subsea segment, which saw a significant increase in revenue and operating profit. The company also completed the sale of its Measurement Solutions business, recognizing a substantial gain. Despite an increase in cash used by operating activities, overall liquidity remains strong with ample availability under its revolving credit facility. The company also announced an upgrade to investment grade credit rating by S&P Global Ratings. Financially, TechnipFMC demonstrated significant improvement, with net income attributable to TechnipFMC plc soaring to $157.1 million from $0.4 million in the prior year's quarter. This was bolstered by the gain on the disposal of the Measurement Solutions business. The company continues to focus on its core Subsea and Surface Technologies segments, with a robust order backlog providing visibility for future revenue. Management expresses confidence in the ongoing resilience of the energy market and highlights strategic initiatives in areas like offshore wind, carbon capture, and hydrogen solutions.

Apr 26, 2024 8-K

TechnipFMC plc 8-K Report, Financial Results (Apr 25, 2024)

TechnipFMC reported first quarter 2024 revenue of $2,042.0 million, down 1.7% sequentially but up 18.9% year over year. GAAP net income attributable to the company was $157.1 million, or $0.35 per diluted share, which includes a $75.2 million pre-tax gain on the sale of the Measurement Solutions business. Excluding charges and credits, adjusted net income was $97.6 million, or $0.22 per diluted share, and adjusted EBITDA was $252.6 million (12.4% margin). Excluding a $4.5 million foreign exchange loss, adjusted EBITDA was $257.1 million. Orders and backlog were the standout metrics. Total inbound orders were $2,774.4 million, and backlog rose 2.0% sequentially to a record $13,492.5 million. Subsea inbound of $2.4 billion produced a 1.4x segment book-to-bill, driven by three iEPCI awards (Petrobras Mero 3, Shell Sparta, and the Northern Endurance Partnership all-electric project, the last of which is subject to final investment decision and regulatory approvals). Subsea adjusted EBITDA margin expanded 90 basis points sequentially to 14.0%, while Surface Technologies revenue fell 14.0% after the divestiture. Cash generation was weak in the quarter. Free cash flow was negative $178.7 million, and net debt increased to $327.0 million from $115.6 million at year-end, partly reflecting $150.1 million of share repurchases and $21.7 million of dividends. Management reiterated full-year 2024 guidance, including free cash flow of $350-500 million, and raised its expected 2024 shareholder distributions to grow at least 70% versus 2023. S&P upgraded the company to investment grade (BBB-) in March.

Apr 25, 2024 10-K

TechnipFMC plc Annual Report, Year Ended Dec 31, 2023

TechnipFMC plc (FTI) reported a strong year in 2023, with significant revenue growth driven by increased activity in its Subsea and Surface Technologies segments. The company's Subsea segment saw a substantial increase in inbound orders and backlog, buoyed by record integrated project awards and a higher adoption of its Subsea 2.0 product platform. The Surface Technologies segment also experienced growth, particularly supported by international markets. The company demonstrated improved financial performance, highlighted by a significant increase in cash flow from operations and free cash flow, which more than doubled year-over-year. TechnipFMC also initiated a quarterly cash dividend and announced a commitment to return over 60% of annual free cash flow to shareholders through 2025, signaling a focus on shareholder returns. Looking ahead, TechnipFMC anticipates continued market strength, with a strategic focus on offshore and Middle East markets, new technologies, and expanding subsea services. The company is also actively progressing its New Energy initiatives, with over $1 billion in inbound orders for these areas, anticipating significant contributions from carbon transportation and storage, offshore floating renewables, and hydrogen solutions.

Feb 27, 2024 8-K

TechnipFMC plc 8-K Report, Financial Results (Feb 22, 2024)

TechnipFMC's Q4 2023 results, reported February 22, 2024, showed a strong close to a year of growth. Quarterly revenue was $2,077.7 million, up 22.6% year over year, and GAAP income attributable to TechnipFMC was $53.0 million, or $0.12 per diluted share. Adjusted EBITDA was $218.7 million with a 10.5% margin, and adjusted diluted EPS was $0.14. Quarterly free cash flow of $629.6 million was strong, and net debt fell sharply to $115.6 million from $649.9 million in the prior quarter, aided by the maturity of the 2013 Private Placement Notes. Sequentially, the quarter was softer: adjusted EBITDA declined 7.9% and quarterly inbound orders fell 28.6% to $1.53 billion, with Subsea book-to-bill at 0.7x. For the full year, revenue rose 16.8% to $7.82 billion and adjusted EBITDA rose 26.8% to $819.6 million, or about 40% growth excluding foreign exchange losses of $119 million. Full-year Subsea inbound orders reached $9.7 billion, up 45%, pushing Subsea backlog above $12 billion and total backlog to $13.2 billion, up 41.5%. Full-year GAAP income was only $56.2 million because of a $126.5 million non-recurring legal settlement with the French national prosecutor (PNF). Management raised its three-year Subsea order outlook through 2025 to $30 billion and guided 2024 Subsea adjusted EBITDA margin to 15.5-16.5%, implying roughly 40% Subsea EBITDA growth at the guidance midpoint. Key watch items for investors include the sequential order slowdown in Q4, the Surface Technologies revenue guidance that includes the pending Measurement Solutions sale to One Equity Partners for $205 million, and the roughly $170 million legal settlement payment that is embedded in 2024 free cash flow guidance of $350-500 million. The post-quarter Mero 3 HISEP award from Petrobras, which exceeded $1 billion of inbound, is a notable subsequent event supporting the order outlook.

Feb 22, 2024 8-K

TechnipFMC plc 8-K Report, Executive Changes (Jan 29, 2024)

TechnipFMC plc (FTI) filed an 8-K on January 29, 2024 under Item 5.02 to report that its Compensation Committee approved renewals of Executive Severance Agreements for the Chief Executive Officer, the Executive Vice President and Chief Technology Officer, and the President, Subsea, all now carrying no expiration date. The committee also approved similar agreements for the company's other executive officers, effective on each officer's respective appointment date. The filing is a governance and compensation disclosure rather than a financial results release, so it contains no new earnings, guidance, or balance sheet information. The agreements retain a 'double trigger' structure, meaning severance applies only if an executive is terminated without cause or constructively terminated within 24 months after a change in control. Severance for the CEO and CFO is three times base salary and three times the greater of target or three-year average bonus, plus a pro-rated target bonus, a release-conditioned payout, and 36 months of benefits premiums. Other executive officers receive a multiple of two on the same components, with 24 months of benefits premiums. Payments may be reduced by other statutory or contractual severance and by Section 280G excise-tax limits, and departing executives are released from stock ownership and retention requirements. For investors, the key takeaway is that the agreements are standard change-in-control protections that are being made permanent rather than periodically renewed. They could raise the cost of a future takeover for shareholders, since executives receive substantial payouts upon a qualifying termination, but the filing does not quantify potential payments. The full terms are in Exhibit 10.1, the form of Executive Severance Agreement, which should be reviewed for specifics.

Jan 29, 2024 8-K

TechnipFMC plc 8-K Report, Executive Changes (Dec 18, 2023)

TechnipFMC plc (FTI) announced a key executive change within its finance department. Effective December 21, 2023, David Light will assume the role of Senior Vice President, Controller and Chief Accounting Officer. This appointment follows the departure of Krisztina Doroghazi, who is leaving to pursue other opportunities. Ms. Doroghazi's exit is stated to be amicable and not due to any disagreements with the company. Mr. Light's promotion signifies internal talent development, as he has been with TechnipFMC since 2018, holding various senior roles including Vice President of Internal Audit and Controls. His prior experience at PricewaterhouseCoopers LLP also provides a strong foundation. Investors should note that while executive changes can sometimes signal underlying issues, the company has explicitly stated no disagreements were involved in Ms. Doroghazi's departure, suggesting a smooth transition.

Dec 18, 2023 10-Q

TechnipFMC plc Quarterly Report for Q3 Ended Sep 30, 2023

TechnipFMC plc (FTI) reported a significant increase in revenue for the third quarter and the first nine months of 2023 compared to the prior year, driven primarily by the Subsea segment. Total revenue for the three months ended September 30, 2023, was $2.06 billion, up 18.7% year-over-year, while nine-month revenue reached $5.75 billion, an increase of 14.8%. This growth is attributed to a strong backlog, particularly in Subsea, and increased activity in key regions like Brazil and Norway. The company achieved a substantial improvement in profitability, with net income attributable to TechnipFMC plc for the third quarter of $90.0 million, a dramatic turnaround from a net loss of $10.3 million in the same period last year. The nine-month net income was $3.2 million, compared to a loss of $69.9 million in the prior year. This improved financial performance reflects higher revenues, improved gross profit margins driven by volume and favorable mix, and effective cost management, despite increased selling, general, and administrative expenses. The company also announced a new quarterly cash dividend of $0.05 per share and continued its share repurchase program.

Oct 26, 2023 8-K

TechnipFMC plc 8-K Report, Financial Results (Oct 26, 2023)

TechnipFMC reported third-quarter 2023 results with revenue of $2.06 billion, up 18.7% year over year and 4.3% sequentially. GAAP income from continuing operations attributable to TechnipFMC was $90.0 million, or $0.20 per diluted share, compared with a loss of $87.2 million in the second quarter, which included a $126.5 million non-recurring legal settlement charge. Adjusted EBITDA rose 15.3% sequentially to $237.5 million, with an 11.5% margin. Subsea drove the results, with revenue of $1.71 billion, operating profit of $177.7 million, and an adjusted EBITDA margin of 15.1%. Surface Technologies revenue was $348.6 million, with an adjusted EBITDA margin of 14.3%. Foreign exchange losses of $46.4 million reduced reported results. Order activity was the headline. Subsea inbound orders were $1.83 billion, with a book-to-bill of 1.1x, and total company inbound was $2.15 billion. Total backlog ended at $13.2 billion, up 49.7% year over year, though it was roughly flat sequentially. Management now expects full-year 2023 Subsea orders above $9 billion and roughly $11 billion over the next five quarters. It also said both segments' operating results are now expected above the midpoint of full-year guidance. The filing does not restate the numeric guidance, which remains as issued on February 23, 2023. Cash generation and balance sheet repair also stood out. Operating cash flow was $221.9 million and free cash flow was $178.3 million, compared with a free cash flow deficit of $161.8 million for the first nine months. Net debt fell $194.1 million sequentially to $649.9 million, and cash ended at $690.9 million. The company repurchased $50.1 million of shares and paid $21.8 million in dividends, for total quarterly shareholder distributions of $71.9 million.

Oct 26, 2023 8-K

TechnipFMC plc 8-K Report, Executive Changes (Jul 31, 2023)

TechnipFMC plc (FTI) announced a key executive leadership change through an 8-K filing on July 31, 2023. Cristina Aalders, previously the Chief Compliance Officer, has been appointed as the new Executive Vice President, Chief Legal Officer, and Secretary, effective immediately. This transition sees Victoria Lazar departing from these roles, though she will remain with the company in an employee capacity until August 31, 2023, to facilitate a smooth handover. The departure of Ms. Lazar is accompanied by a Separation, Release and Waiver of Claims and Restrictive Covenant Agreement. Under this agreement, Ms. Lazar is set to receive a severance package that includes two times her base salary and target bonus, a pro-rata bonus for 2023, continued benefits for up to 18 months, tax preparation assistance, and outplacement services. In return, she has agreed to a release of claims and has committed to specific post-termination restrictive covenants, including non-competition and non-solicitation for 24 months, ongoing cooperation, and adherence to non-disparagement and confidentiality clauses.

Jul 31, 2023 10-Q

TechnipFMC plc Quarterly Report for Q2 Ended Jun 30, 2023

TechnipFMC plc reported increased revenue for the second quarter and first half of 2023 compared to the prior year, driven by strong performance in both its Subsea and Surface Technologies segments. The Subsea segment benefited from higher project activity, while Surface Technologies saw growth due to increased operator activity. Despite revenue growth, the company reported a net loss attributable to TechnipFMC plc for both periods, largely due to a significant non-recurring legal settlement charge of $126.5 million in the second quarter. Order backlog also saw a substantial increase, particularly in the Subsea segment, indicating strong future revenue potential. Key financial developments include a significant increase in cash used by operating activities, though this was partially offset by improved investing and financing cash flows compared to the previous year. The company also strengthened its liquidity position by amending its revolving credit facility and entering into a new performance letters of credit facility. Investors should monitor the execution of the substantial order backlog and the impact of ongoing legal resolutions, particularly the recent French PNF settlement, on profitability.

Jul 27, 2023 8-K

TechnipFMC plc 8-K Report, Financial Results (Jul 27, 2023)

TechnipFMC (FTI) reported second quarter 2023 results that were headline-negative on a GAAP basis but operationally strong. Revenue rose 14.8% sequentially and year-over-year to $1,972.2 million, and the company posted a GAAP loss from continuing operations attributable to TechnipFMC of $87.2 million ($0.20 per diluted share). The loss was driven mainly by a $126.5 million non-recurring legal settlement with the French national prosecutor's office and a $48.3 million foreign exchange loss, largely tied to the depreciation of the Angolan Kwanza. Excluding charges and credits, adjusted income was $44.0 million, or $0.10 per diluted share, and adjusted EBITDA was $205.9 million at a 10.4% margin. Excluding FX, adjusted EBITDA was $254.2 million. The core story is Subsea. Inbound orders reached $4.1 billion, with a book-to-bill of 2.5x, and Subsea backlog rose 28.7% sequentially to $12.1 billion. Subsea adjusted EBITDA margin expanded 420 basis points to 14.4%, the highest quarterly level since 2018. Management raised its full-year 2023 Subsea order outlook to $9 billion from its prior view and highlighted record inbound for its iEPCI and Subsea 2.0 offerings. Total company backlog reached $13.3 billion, up 25% sequentially. Surface Technologies also improved, with revenue up 7.3% sequentially and adjusted EBITDA margin up 110 basis points to 13.3%. Capital returns were a major announcement. The board initiated a quarterly cash dividend of $0.05 per share ($0.20 annualized), increased the total share repurchase authorization to $800 million (of which $200 million has been completed), and committed to return more than 60% of annual free cash flow through at least 2025. Free cash flow from continuing operations was $103.4 million in the quarter, and net debt was $844 million. Full-year 2023 guidance was reiterated without changes, though the Subsea order outlook was raised.

Jul 27, 2023 8-K

TechnipFMC plc 8-K Report, Shareholder Vote Results (May 2, 2023)

TechnipFMC plc (FTI) filed an 8-K on May 2, 2023, detailing the results of its Annual General Meeting of Shareholders held on April 28, 2023. The meeting covered several key proposals, including the election of directors, advisory votes on executive and director compensation, receipt of the U.K. annual report, ratification and re-appointment of auditors, and authorizations for the Board to allot equity securities. All proposals presented to shareholders passed with overwhelming support. Notably, all nine director nominees were elected, and shareholders approved the named executive officer compensation and the directors' remuneration report on an advisory basis. The appointment and re-appointment of PricewaterhouseCoopers LLP (PwC) as both U.S. and U.K. auditors were overwhelmingly ratified, and the Board received broad authorization to allot equity securities, including without pre-emptive rights. The high voter turnout and strong approval margins across all proposals indicate shareholder confidence in the company's governance and current strategic direction.

May 2, 2023 10-Q

TechnipFMC plc Quarterly Report for Q1 Ended Mar 31, 2023

TechnipFMC plc (FTI) reported a net income of $0.4 million for the first quarter of 2023, a significant improvement from a net loss of $61.7 million in the same period of 2022. Total revenue increased by 10.4% to $1.72 billion, driven by growth in both the Subsea and Surface Technologies segments. Subsea revenue rose 7.6% due to higher project activity, while Surface Technologies revenue saw a 23.7% increase, fueled by rising operator activity in North America and the Middle East. The company's gross profit margin improved to 12.9% from 11.9% year-over-year, reflecting better margins in backlog and increased service activity. Operating profit also saw a healthy increase across both segments. Despite a cash outflow from operating activities of $386.2 million, primarily due to timing differences, the company's financial position remains robust with a significant order backlog of $10.6 billion. Management remains confident in the multi-year growth cycle for energy demand and TechnipFMC's positioning to capitalize on opportunities in both conventional energy and the energy transition.

Apr 27, 2023 8-K

TechnipFMC plc 8-K Report, Financial Results (Apr 27, 2023)

TechnipFMC reported first quarter 2023 revenue of $1,717.4 million, up 1.4% sequentially and 10.4% year over year. Net income attributable to TechnipFMC was $0.4 million, or $0.00 per diluted share, compared with a loss of $26.7 million in the fourth quarter of 2022. Adjusted EBITDA was $157.5 million (9.2% margin), or $155.4 million excluding a $2.1 million foreign exchange gain. Subsea drove the quarter with $2.5 billion of inbound orders at a 1.8 book-to-bill, and more than half of Subsea orders came from iEPCI, the company's integrated execution model. Total company inbound orders were $2.9 billion, and total backlog rose 13.4% sequentially to a record $10.6 billion. Surface Technologies was weaker: revenue fell 6.3% sequentially to $329.8 million, and adjusted EBITDA margin declined to 12.2%, reflecting lower international activity and the timing of backlog conversion. Cash flow was a significant concern. Free cash flow from continuing operations was negative $443.5 million, driven by $484.8 million of working capital outflows, and net debt rose to $868.4 million from $309.5 million at year-end 2022. Management said the company repurchased $50 million of shares in the quarter and has bought back $150 million under its $400 million program to date. Management left full-year 2023 guidance unchanged, including Subsea revenue of $5.9 to $6.3 billion, Surface Technologies revenue of $1.3 to $1.45 billion, and free cash flow of $225 to $375 million. Investors will likely focus on whether the strong order intake converts into revenue and whether working capital normalizes enough to produce the full-year cash flow guidance, given the large first-quarter cash outflow.

Apr 27, 2023 8-K

TechnipFMC plc 8-K Report, Material Agreement (Apr 25, 2023)

TechnipFMC plc (FTI) has filed an 8-K to disclose material updates regarding its financing arrangements. The company entered into a fifth amendment to its senior secured multicurrency revolving credit facility, increasing the total commitments to $1.25 billion and extending the facility's term to five years. Additionally, FTI has established a new $500 million senior secured performance letters of credit facility, also with a five-year term, which can be expanded up to $1 billion. These actions strengthen the company's liquidity and financial flexibility, supporting its ongoing contracting activities.

Apr 25, 2023 10-K

TechnipFMC plc Annual Report, Year Ended Dec 31, 2022

TechnipFMC plc (FTI) reported a revenue of $6.7 billion for the fiscal year ended December 31, 2022, a modest increase of 4.6% from the previous year, driven by stronger performance in its Subsea and Surface Technologies segments. The Subsea segment experienced a revenue increase of 2.5% to $5.46 billion, supported by higher project and services activity, particularly in Brazil and the UK, and a significant 36% rise in inbound orders to $6.74 billion. The Surface Technologies segment saw a more robust revenue growth of 15.3% to $1.24 billion, primarily due to increased operator activity in North America and resilient international markets. The company reported a net loss of $107.2 million for the year, a significant shift from the $13.3 million net income in 2021. This was largely influenced by a $27.7 million loss on its investment in Technip Energies and a $29.8 million loss on early extinguishment of debt, alongside other operational factors. Despite the net loss, the company's operating profit from continuing operations improved significantly year-over-year, with Subsea operating profit more than doubling to $317.6 million and Surface Technologies operating profit increasing to $58.3 million. TechnipFMC also announced plans to initiate a quarterly dividend in the second half of 2023, signaling a focus on returning value to shareholders.

Feb 24, 2023 8-K

TechnipFMC plc 8-K Report, Financial Results (Feb 23, 2023)

TechnipFMC reported fourth-quarter 2022 revenue of $1,694.4 million, up 11.2% year over year but down 2.2% sequentially. Adjusted EBITDA was $120.9 million, a 7.1% margin, reflecting a $37 million foreign exchange loss. Excluding FX, adjusted EBITDA was $157.9 million. The quarter produced a GAAP loss from continuing operations of $26.7 million, or $0.06 per diluted share. Free cash flow was strong at $502.8 million, which drove net debt down to $309.5 million from $655.3 million in the prior quarter. Full-year 2022 results showed clearer momentum. Revenue rose 4.6% to $6.7 billion, adjusted EBITDA rose 11.4% to $646.5 million (about $670 million excluding FX), and inbound orders grew 19.6% to $8.1 billion. Ending backlog reached a record $9.4 billion, up 22.1%. Full-year free cash flow was $194.2 million, and gross debt fell $638 million. Management guided to 2023 revenue of about $7.5 billion at the midpoint, roughly 12% growth, and adjusted EBITDA of about $870 million. Free cash flow guidance is $225 to $375 million. Management also raised its intermediate-term view: it now expects roughly $25 billion of Subsea inbound orders over 2023 through 2025, a Subsea adjusted EBITDA margin of about 18% in 2025, and Subsea adjusted EBITDA of about $1.4 billion. Shareholder returns are accelerating, with a $400 million buyback authorized in July 2022 (of which $100 million was repurchased in 2022) and a quarterly dividend planned to start in the second half of 2023. Key risks include the lumpy timing of large project awards, FX volatility, and the Surface Technologies North America restructuring.

Feb 23, 2023 8-K

TechnipFMC plc 8-K Report, Executive Changes (Feb 1, 2023)

TechnipFMC plc (NYSE: FTI) filed this Form 8-K to report two board-level changes disclosed under Item 5.02. On January 27, 2023, the Board elected Robert G. Gwin as a director effective February 1, 2023, on the recommendation of the Environmental, Social, and Governance Committee, and the Company expects to appoint him to the Audit Committee. Mr. Gwin's director compensation will mirror that of the Company's other non-executive directors, prorated for 2023, under the shareholder-approved Director Remuneration Policy. The same day, long-serving director Peter Mellbye notified the Board that he will not stand for re-election at the next annual general meeting. The filing contains no financial results, guidance, or operational updates, so the event is primarily a governance development. The most notable element for investors is Mr. Gwin's background: he was President of Anadarko Petroleum and its CFO from 2009 to 2018, has a CFA designation, and has prior board and chairmanship experience at LyondellBasell, Western Gas, and Enable Midstream. Given his finance and upstream energy expertise, he may strengthen the Audit Committee and the Board's financial oversight. The CEO's press release characterized him as adding strategic thinking and financial acumen. The Mellbye retirement is a routine board transition after a tenure dating to 2013, with no indication of disagreement or governance concern in the filing. The Item 7.01 disclosure of the press release is furnished rather than filed, so it is not subject to Section 18 liability. Investors should watch the upcoming annual meeting proxy for formal confirmation of Mr. Gwin's committee assignments and any further board refreshment.

Feb 1, 2023 10-Q

TechnipFMC plc Quarterly Report for Q3 Ended Sep 30, 2022

TechnipFMC plc (FTI) reported total revenue of $1.73 billion for the third quarter of 2022, an increase of 9.7% compared to the prior year period, driven by growth in both its Subsea and Surface Technologies segments. The Subsea segment saw revenue increase by 7.8% due to higher activity in Brazil, while Surface Technologies revenue grew by 19.0% primarily due to increased operator activity in North America. Despite the revenue growth, the company reported a net loss attributable to TechnipFMC plc of $10.3 million for the quarter, compared to a loss of $32.2 million in the prior year. This was influenced by a significant increase in provision for income taxes and a $15.3 million loss from discontinued operations. However, excluding discontinued operations and other items, income from continuing operations attributable to TechnipFMC plc was $5.0 million, a significant improvement from a loss of $40.6 million in Q3 2021, demonstrating operational recovery. The company ended the quarter with a strong order backlog of $8.84 billion, signaling positive future revenue potential.

Oct 28, 2022 8-K

TechnipFMC plc 8-K Report, Financial Results (Oct 26, 2022)

TechnipFMC (FTI) reported third quarter 2022 results on October 26, 2022, with total revenue of $1,733 million (up 9.7% year-over-year and 0.9% sequentially) and GAAP income from continuing operations attributable to TechnipFMC of $5 million, or $0.01 per diluted share. Adjusted EBITDA was $185.6 million (10.7% margin), but management noted a $14.5 million foreign exchange loss; excluding it, adjusted EBITDA was $200.1 million, or an 11.5% margin. Adjusted diluted EPS was $0.03. The quarter's headline strength was in orders: total inbound orders were $1,850 million (book-to-bill above 1.0), and total backlog stood at $8.84 billion, up 26% year-over-year. Subsea orders of $1.4 billion and Surface Technologies orders of $449 million (book-to-bill 1.4, boosted by Aramco) drove the order book, and management reiterated that full-year Subsea orders should approach $7 billion. Cash generation and capital returns were also a focus. Operating cash flow from continuing operations was $212 million and free cash flow was $181 million, supported by a sharp reduction in capital expenditure guidance to approximately $180 million from $230 million. Net debt fell to $655 million from $790 million in the prior quarter, and the company repurchased $50 million of shares under a new $400 million buyback authorized in July. Management reaffirmed its objective of more than $1 billion of Subsea EBITDA by 2025. The company also updated its 2022 guidance: Subsea revenue of $5.2 to $5.6 billion with an 11 to 12% EBITDA margin, and Surface Technologies revenue of $1,150 to $1,300 million with an 11 to 13% margin. Consolidated free cash flow guidance is $100 to $250 million. Investors should weigh the strong order intake and improved cash flow against the modest GAAP profitability, the continued currency headwind, and a discontinued operations loss of $15.3 million in the quarter related to Technip Energies.

Oct 26, 2022 10-Q

TechnipFMC plc Quarterly Report for Q2 Ended Jun 30, 2022

TechnipFMC plc (FTI) reported mixed financial results for the second quarter of 2022. While total revenue saw a modest increase of 2.9% to $1.72 billion compared to the prior year's quarter, the net income attributable to TechnipFMC plc swung from a significant loss of $167.0 million in Q2 2021 to a small profit of $2.1 million in Q2 2022. This improvement was largely driven by a substantial reduction in the loss from investment in Technip Energies and lower interest expenses, partially offset by increased impairment, restructuring, and other expenses. The company's performance was characterized by strength in its Subsea segment, which saw revenue grow 1.5% and operating profit surge by 34.1%, indicating improved margins and higher activity. However, the Surface Technologies segment experienced a decline in operating profit, primarily due to manufacturing transition challenges in Saudi Arabia, despite a 10.2% revenue increase driven by North American activity. For the first six months of 2022, revenue slightly decreased by 0.8% to $3.27 billion, and the company reported a net loss of $59.6 million compared to a net income of $201.2 million in the same period last year, reflecting challenging comparisons and ongoing operational adjustments.

Jul 29, 2022 8-K

TechnipFMC plc 8-K Report, Financial Results (Jul 27, 2022)

TechnipFMC's second-quarter 2022 results, furnished in an 8-K on July 27, 2022, show a company in recovery. Total revenue rose 10.4% sequentially to $1,717.2 million and adjusted EBITDA reached $186.5 million (10.9% margin). Reported income from continuing operations attributable to TechnipFMC was $2.1 million, or $0.00 per diluted share, and adjusted income was $8.4 million, or $0.02 per share. Results were held back by a $29.8 million loss on early extinguishment of debt, which was included in adjusted income. The most important developments for investors were balance sheet and capital return. Gross debt fell by $530 million to $1.5 billion after a $430 million tender offer, and the company fully exited its Technip Energies stake for $1,189.5 million in total proceeds. The board authorized a $400 million share repurchase program, which management says is about 14% of outstanding shares, and the company reaffirmed its plan to start a quarterly dividend in the second half of 2023. Subsea drove the quarter. Inbound orders reached $1.9 billion (book-to-bill of 1.4), and backlog rose to $9.0 billion, up 23.6% year over year. Management raised its 2022 Subsea orders outlook to growth of up to 40% versus 2021, from 30% previously, with orders approaching $7 billion. Surface Technologies also grew, with revenue up 13.5% sequentially on North American activity, although its orders fell 6% sequentially. Full-year 2022 guidance was left unchanged, and free cash flow was negative $133 million in the quarter, which investors should weigh against the buyback plans.

Jul 27, 2022 8-K

TechnipFMC plc 8-K Report, Material Agreement (May 10, 2022)

TechnipFMC plc (FTI) announced on May 4, 2022, the execution of a second supplemental indenture related to its 6.500% Senior Notes due 2026. This action follows a solicitation of consents from noteholders, indicating a significant modification to the terms governing these outstanding notes, which had an aggregate principal amount of $202,892,000 at the time. For investors holding these 2026 Notes, the most critical development is the removal of substantially all restrictive covenants and the elimination of certain events of default. This fundamentally alters the protective provisions for bondholders, potentially increasing the company's financial flexibility but also reducing certain safeguards previously in place. Investors should carefully review the full Second Supplemental Indenture to understand the complete implications of these changes on their investment.

May 10, 2022 8-K

TechnipFMC plc 8-K Report, Shareholder Vote Results (May 3, 2022)

TechnipFMC plc (FTI) filed an 8-K on May 3, 2022, detailing the voting results from its Annual General Meeting of Shareholders held on April 29, 2022. The meeting covered several key proposals, including the election of directors, executive compensation, auditor ratification, and authorization for equity issuances. Most proposals passed with significant shareholder support, reflecting general approval of the company's governance and strategic directions. Notably, all director nominees were elected, though with varying degrees of support, with some facing notable opposition. Shareholder approval was also obtained for the company's 2021 named executive officer compensation and directors' remuneration report on an advisory basis. Furthermore, shareholders overwhelmingly ratified the appointment and re-appointment of PricewaterhouseCoopers LLP as both the U.S. and U.K. auditor, and authorized the board to determine their remuneration. The adoption of the 2022 Incentive Award Plan and authorities for the board to allot equity securities, including those without pre-emptive rights, also received strong backing.

May 3, 2022 10-Q

TechnipFMC plc Quarterly Report for Q1 Ended Mar 31, 2022

TechnipFMC plc (FTI) reported a net loss of $61.7 million for the first quarter of 2022, a significant shift from the $368.2 million net income in the prior year's quarter. This loss was primarily driven by a $28.5 million loss from its investment in Technip Energies, compared to a substantial gain in the prior year, and also impacted by operational shifts. Despite the net loss, the company's outlook remains positive, anticipating a multi-year upcycle in energy demand and strong inbound orders through at least 2025. The Subsea segment saw strong inbound orders of $1.9 billion, the highest quarterly level since 2019, and an increase in its order backlog. The Surface Technologies segment also experienced revenue growth, driven by increased activity in North America and strategic initiatives like the E-Mission solution. The company is also making strides in the energy transition, focusing on greenhouse gas removal, offshore floating renewables, and hydrogen. While the reported quarter showed a loss, the underlying operational performance and the company's strategic positioning for future growth, particularly in offshore energy and renewables, suggest a potentially positive trajectory. Investors should monitor the impact of the Technip Energies divestment and ongoing energy market dynamics.

May 2, 2022 8-K

TechnipFMC plc 8-K Report, Financial Results (Apr 27, 2022)

TechnipFMC reported first quarter 2022 results on April 27, 2022, with revenue of $1,555.8 million (up 2.1% sequentially, down 4.7% year-over-year) and adjusted EBITDA of $153.5 million at a 9.9% margin. The company posted a GAAP loss from continuing operations of $42.3 million, or $0.09 per diluted share, largely driven by a $28.5 million loss from its Technip Energies equity investment. Excluding charges and credits, the adjusted loss was $13.0 million, or $0.03 per share. The headline story is order momentum: total inbound orders reached $2.18 billion (book-to-bill above 1.0), and total backlog climbed 16.1% sequentially to $8.89 billion, with Subsea inbound of $1.89 billion (book-to-bill of 1.5) driving most of the increase. Balance sheet and cash flow were the main concerns. Free cash flow from continuing operations was negative $356.7 million, as operating cash outflow of $329.4 million was driven by working capital, including a $183.5 million contract liability drawdown. Cash ended the quarter at $1.2 billion and net debt at $802.1 million, up from $677.5 million at year-end. Management plans to reduce gross debt by up to $400 million in the second quarter, including a tender offer for $320 million of 6.500% senior notes due 2026 and retirement of EUR 150 million due June 2022. The company also fully exited its Technip Energies stake, receiving total proceeds of $1,189.4 million, and reiterated full-year 2022 guidance without changes. For investors, the quarter pairs strong forward visibility and encouraging Subsea and North American Surface trends with weak near-term cash generation. Management's stated path to shareholder distributions depends on deleveraging and on generating the strong second-half free cash flow it has forecast; that forecast is the key item to monitor on the next earnings call.

Apr 27, 2022