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TechnipFMC(FTI) - 2023 Q3 - Earnings Call Presentation
2023-10-26 11:36
Added 2023 Full-year financial guidance1 As of February 23, 2023 Change in Scope Value Q3 2023 Cash flow and net debt Q3 2023 Earnings Call Presentation | 10 Diluted earnings per share from continuing operations attributable to TechnipFMC plc, as reported $ 0.20 Adjusted diluted earnings per share from continuing operations attributable to TechnipFMC plc $ 0.21 RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES Free cash flow (deficit) from continuing operations, is a non-GAAP financial measure and is de ...
TechnipFMC(FTI) - 2023 Q3 - Quarterly Report
2023-10-25 16:00
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____ to _____ . Commission File Number: 001-37983 TechnipFMC plc (Exact name of registrant as specified in its charter) United Kingdom 98-1283037 (State or other ju ...
TechnipFMC(FTI) - 2023 Q2 - Earnings Call Transcript
2023-07-27 16:11
TechnipFMC plc (NYSE:FTI) Q2 2023 Results Conference Call July 27, 2023 8:30 AM ET Company Participants Matt Seinsheimer - Senior Vice President, Investor Relations and Corporate Development Douglas Pferdehirt - Chairman and Chief Executive Officer Alf Melin - Executive Vice President and Chief Financial Officer Conference Call Participants David Anderson - Barclays Arun Jayaram - JPMorgan Chase & Co Luke Lemoine - Piper Sandler Kurt Hallead - The Benchmark Company Marc Bianchi - TD Cowen Operator Thank you ...
TechnipFMC(FTI) - 2023 Q2 - Quarterly Report
2023-07-26 16:00
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 United Kingdom 98-1283037 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) One Subsea Lane Houston, Texas United States of America 77044 (Addresses of ...
TechnipFMC(FTI) - 2023 Q1 - Earnings Call Transcript
2023-04-27 19:20
TechnipFMC plc (NYSE:FTI) Q1 2023 Earnings Conference Call March 27, 2023 8:30 AM ET Company Participants Matt Seinsheimer - Senior Vice President, Investor Relations and Corporate Development Douglas J. Pferdehirt - Chair and Chief Executive Officer Alf Melin - Executive Vice President and Chief Financial Officer Conference Call Participants Marc Bianchi - TD Cowen Chase Mulvehill - Bank of America Scott Gruber - Citigroup Arun Jayaram - J.P. Morgan Guillaume Delaby - Societe Generale David Anderson - Barc ...
TechnipFMC(FTI) - 2023 Q1 - Quarterly Report
2023-04-26 16:00
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____ to _____ . Commission File Number: 001-37983 TechnipFMC plc (Exact name of registrant as specified in its charter) United Kingdom 98-1283037 (State or other jurisd ...
TechnipFMC(FTI) - 2022 Q4 - Earnings Call Transcript
2023-02-23 17:36
TechnipFMC plc (NYSE:FTI) Q4 2022 Earnings Conference Call February 23, 2023 8:30 AM ET Company Participants Matt Seinsheimer – Senior Vice President-Investor Relations and Corporate Development Doug Pferdehirt – Chair and Chief Executive Officer Alf Melin – Executive Vice President and Chief Financial Officer Conference Call Participants David Anderson – Barclays Arun Jayaram – JPMorgan Scott Gruber – Citigroup Kurt Hallead – Benchmark Marc Bianchi – Cowen Operator Thank you for holding, and welcome everyo ...
TechnipFMC(FTI) - 2022 Q4 - Annual Report
2023-02-23 16:00
Financial Performance - Revenue for 2022 was $6,700.4 million, an increase of $296.9 million or 4.6% compared to 2021[280]. - Gross profit margin improved to 13.4% in 2022 from 12.9% in 2021, driven by better margins in backlog and increased installation and service activities[282]. - Selling, general and administrative expenses decreased by $28.1 million year-over-year, reflecting reduced costs in support functions[283]. - Restructuring and impairment expenses were $15.2 million in 2022, significantly lower than $66.7 million in 2021, primarily due to exiting operations in Russia and Canada[284]. - Other income decreased by $41.2 million year-over-year, impacted by foreign currency losses of $23.9 million in 2022 compared to a gain of $15.8 million in 2021[285]. - Income from equity affiliates increased to $44.6 million in 2022 from $0.6 million in 2021, driven by higher operational activity[286]. - Net income attributable to TechnipFMC plc was a loss of $107.2 million in 2022, compared to a profit of $13.3 million in 2021[279]. - Cash provided by operating activities from continuing operations decreased to $352.1 million in 2022 from $715.0 million in 2021, a decline of about 50.8%[306]. - Free cash flow from continuing operations was $194.2 million in 2022, down from $523.3 million in 2021, representing a decrease of approximately 63.0%[310]. Orders and Backlog - Subsea inbound orders grew to $6.7 billion in 2022, an increase of 36 percent compared to the prior year, with expectations for 2023 to exceed $8 billion[270]. - Total inbound orders for 2022 were $8,079.1 million, up from $6,754.2 million in 2021, with Subsea orders increasing significantly[300]. - As of December 31, 2022, the total order backlog increased to $9.35 billion, up from $7.66 billion in 2021, representing a growth of approximately 22%[301]. - The Subsea order backlog reached $8.13 billion, an increase of $1.6 billion from $6.53 billion in 2021, indicating a growth of about 24.5%[301]. - The Surface Technologies order backlog increased by $96.8 million to $1.22 billion, a rise of approximately 8.6% compared to the previous year[302]. Market and Economic Outlook - The average Brent crude oil price was just under $100 per barrel in 2022, with projections indicating prices will remain elevated in the intermediate term[268]. - The global economy is forecasted to grow in 2023, with energy demand expected to increase, driven by recovery in Asia Pacific and geopolitical tensions supporting oil prices[258][259]. - Approximately 80 percent of total sales in 2022 were recognized outside of the United States, highlighting the company's international market focus[255]. - The Surface Technologies segment generated 55 percent of its revenue from international markets in 2022, indicating strong global demand[273]. Strategic Initiatives - The company is committed to the energy transition, focusing on offshore floating renewables and hydrogen as part of its strategy[262]. - The company signed an Option to Lease Agreement for the ScotWind N3 area, which will install 33 floating wind turbines with a total capacity of approximately 500 megawatts[263]. - The company has commenced work on a 10-year framework agreement with Abu Dhabi National Oil Company, enhancing its presence in the Middle East[275]. - The introduction of configure-to-order (CTO) has resulted in up to 25 percent lower product costs and a shortened 12-month delivery time for subsea production equipment[267]. Financial Position and Debt - Net debt improved to $(309.5) million in 2022 from $(677.5) million in 2021, reflecting a reduction of approximately 54.3%[305]. - Projected capital expenditures for 2023 are estimated to be approximately $250 million, reflecting the company's strategy to align spending with market demand[319]. - The company maintained compliance with all debt covenants as of December 31, 2022, with $954.6 million available under the Revolving Credit Facility[312]. Tax and Regulatory Matters - The company maintains a $70.0 million provision related to an ongoing investigation by the PNF concerning historical projects in Equatorial Guinea and Ghana[345]. - The company recognizes tax benefits related to uncertain tax positions when it is more likely than not that such positions will be sustained upon examination[331]. - The complexity of tax law application may result in payments that differ materially from current estimates, impacting future income tax expense[331]. Currency and Foreign Exchange - A 10% increase or decrease in average exchange rates of all foreign currencies as of December 31, 2022, would have changed the company's revenue by approximately $318.6 million and income before income taxes by $2.1 million[350]. - A 10% increase in the value of the U.S. dollar would have resulted in an additional loss of $61.9 million in the net fair value of cash flow hedges as of December 31, 2022[352]. - The company assesses the effectiveness of forward foreign currency contracts designated as cash flow hedges based on changes in fair value attributable to changes in spot rates[353]. Pension and Employee Benefits - The actuarial assumptions and estimates made by management regarding pension benefit obligations may materially differ from actual results due to changing market conditions[335]. - A 25 basis point decrease in the expected long-term rate of return on plan assets would increase pension expense by $2.8 million[336]. - The company engages third-party specialists to assist in evaluating assumptions related to pension benefits, which are critical accounting estimates[333].
TechnipFMC(FTI) - 2022 Q4 - Earnings Call Presentation
2023-02-23 15:43
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |---------------------------------------------------------|-------|------------|-------------|-------|-------------------------------|-------|----------------------------------------------------------------|------------------------------|--------|-------|-----------------| | Revenue | | Subsea \n$ | 1,415.0 $ | | Surface Technologies \n318.0 | $ | Three Months Ended September 30, 2022 \nCorporate Expense \n— | Foreign Exchange, net \n ...
TechnipFMC(FTI) - 2022 Q3 - Quarterly Report
2022-10-27 16:00
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____ to _____ . Commission File Number: 001-37983 United Kingdom 98-1283037 United Kingdom NE6 3PL +44 191-295-0303 (Registrant's telephone number, including area c ...