Press release | April 26 2017
TechnipFMC Reports First Quarter 2017 Diluted Earnings per Share of 041
Company reported net income of $190.8 million and adjusted EBITDA of $684.4 million
Company announced a $500 million share repurchase program and planning for a quarterly dividend following third quarter 2017 results
LONDON & PARIS & HOUSTON--(BUSINESS WIRE)--Apr. 26, 2017-- Regulatory News:
TechnipFMC plc (Paris:FTI) (NYSE:FTI) (ISIN:GB00BDSFG982) (NYSE and Euronext: FTI) today reported first quarter 2017 revenue of $3.4 billion.
Diluted earnings per share were $0.41, which includes total Company pre-tax charges and credits of $193.5 million, or $0.30 per diluted share as detailed in the attached financial schedules. Adjusted1 diluted earnings per share were $0.71.
Total Company net income was $190.8 million, including corporate income due to foreign exchange gains; adjusted EBITDA was $684.4 million.
The Company also announced that its Board of Directors approved a capital allocation plan that includes the authorization of a share repurchase program of up to $500 million of the Company's stock to be completed by the end of 2018 and planning for a quarterly dividend following third quarter 2017 results. The implementation of this capital allocation program is subject to U.K. required approval of distributable reserves, which is expected to be completed in the third quarter of 2017.
Our merger is completed. We are now leveraging the unparalleled breadth of capabilities of TechnipFMC - from our industry-leading front-end engineering, our culture of innovation that is bringing to market next-generation solutions, to our reputation of superior project management, said Doug Pferdehirt , CEO of TechnipFMC. These capabilities, coupled with our unique commercial alignment to deliver efficiencies across the value chain, allow us to drive the change required for real, sustainable improvement to project economics - improvements which enable our customers to sanction more projects with greater confidence in cost and time to production.
1 Adjusted results exclude the impact of charges and credits. See reconciliation of U.S. GAAP to non-GAAP financial measures in the attached tables.
Although the global energy market remains challenged, we benefit from the recovery of the short-cycle North America market as well as strong execution on our backlog of longer cycle projects.
In subsea, market acceptance of our combined offering has been demonstrated by an acceleration of front-end studies. These studies are being converted to iEPCI awards including the Shell Kaikias project. Other recent project awards, including our award of ExxonMobil Liza, further illustrate returning confidence in the subsea market.
Pferdehirt added, Execution remains fundamental to our performance, and our strong project management capability has been demonstrated, for example, in our LNG project portfolio which delivered Petronas Satu, the first-ever floating LNG (FLNG) to be operational, and continues to make progress on both the Shell Prelude FLNG and Yamal LNG projects.
Pferdehirt concluded, As our first quarter results have shown, it is the remarkable women and men of TechnipFMC - now working together - who provide the unparalleled ability and determination to drive real change required in our industry.
Order Intake and Backlog
During the first quarter of 2017, the Company's order intake was $1.6 billion. The breakdown by business segment was as follows:
Subsea order intake of $666 million;
Onshore/Offshore order intake of $682 million; and
Surface Technologies order intake of $241.5 million.
At the end of the first quarter 2017, the Company's backlog was $16.1 billion, composed of the following:
Subsea backlog of $6.6 billion;
Onshore/Offshore backlog of $9.1 billion; and
Surface Technologies backlog of $0.4 billion.
Operational and Financial Highlights - First Quarter 20172
Subsea
Subsea reported first quarter revenues of $1.4 billion. Major projects include Total Kaombo and Moho Nord, and ENI Jangkrik.
Revenues were down 42 percent, primarily due to a reduction in project activity within Europe and Africa, partially offset by increased project activity in Asia Pacific. Prior-year declines in inbound orders continue to impact near-term revenues.
Vessel utilization rate for the first quarter of 2017 was 68 percent, down from the 78 percent rate in the fourth quarter of 2016.
Subsea reported operating profit of $54.2 million; adjusted EBITDA was $238.6 million with margins of 17.3 percent. Adjusted EBITDA margins increased from the prior year pro forma results, despite the 42 percent revenue decline. Operating performance reflected the results of strong project execution, cost reductions, and restructuring.
2 Because this is the first quarter of operation following our merger, we have prepared pro forma financial statements for 2016 as if the merger had been completed on January 1, 2016. All prior year quarter comparisons are to these pro forma results. In addition, because our merger did not close until January 16, 2017, we have a sixteen day stub period for FMC Technologies, Inc. that has been excluded from this quarter.
Onshore/Offshore
Onshore/Offshore reported first quarter revenues of $1.8 billion. Major projects include Yamal LNG, Shell Prelude FLNG, and SIBUR Zapsib 2.
Revenues declined 19 percent from the prior-year quarter on a pro forma basis, which includes the full consolidation of Yamal LNG. Revenues were lower as a result of reduced project activity, notably in the Middle East and Americas.
Onshore/Offshore reported operating profit of $139.9 million; adjusted EBITDA was $152.2 million with margins of 8.6 percent.
Adjusted EBITDA and margins improved year-over-year, compared with the pro forma results, despite the revenue decline as project profitab
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Press release | April 26 2017 
