TechnipFMC Announces Third Quarter 2019 Results

Press release | October 23 2019

TechnipFMC Announces Third Quarter 2019 Results LONDON & PARIS & HOUSTON--(BUSINESS WIRE)-- Regulatory News:

TechnipFMC plc (NYSE: FTI) (Paris: FTI) today reported third quarter 2019 results.

Total Company revenue was $3,335.1 million. Net income was $21.8 million, or $0.05 per diluted share. These results included after-tax charges and credits totaling $32.6 million of expense, or $0.07 per diluted share. Adjusted net income was $54.4 million, or $0.12 per diluted share.

Adjusted EBITDA, which excludes pre-tax charges and credits, was $379.2 million; adjusted EBITDA margin was 11.4 percent (Exhibit 9).

Other significant pre-tax items impacting the quarter, for which we do not provide guidance, included the following:

$53.2 million of foreign exchange losses included in corporate expense, or $0.09 per diluted share on an after-tax basis; and

$99.1 million of increased liability payable to joint venture partners included in interest expense, or $0.22 per diluted share on an after-tax basis.

Summary Financial Statements - Third Quarter 2019

Reconciliation of U.S. GAAP to non-GAAP financial measures are below and in financial schedules.

Three Months Ended

(In millions, except per share amounts)

September 30,

2019

September 30,

2018

Change

Revenue

$3,335.1

$3,143.8

6.1%

Net income

$21.8

$136.9

(84.1%)

Diluted earnings per share

$0.05

$0.30

(83.3%)

Adjusted EBITDA

$379.2

$430.5

(11.9%)

Adjusted EBITDA margin

11.4%

13.7%

(230 bps)

Adjusted net income

$54.4

$139.8

(61.1%)

Adjusted diluted earnings per share

$0.12

$0.31

(61.3%)

Inbound orders

$2,610.6

$3,647.2

(28.4%)

Backlog

$24,115.3

$15,178.0

58.9%

LINK:	https://www.technipfmc.com/en/media/press-releases/2019/10/technipfmc-...
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