TechnipFMC Announces First Quarter 2021 Results
28/04/2021
TechnipFMC Announces First Quarter 2021 Results
Strong financial performance in both Subsea and Surface Technologies
Cash flow from continuing operations $182 million, free cash flow $137 million
Subsea inbound orders more than doubled sequentially to $1.5 billion
New partnerships leverage subsea expertise for integrated wind, wave energy
LONDON & PARIS & HOUSTON--(BUSINESS WIRE)-- Regulatory News:
TechnipFMC plc (NYSE: FTI) (Paris: FTI) today reported first quarter 2021 results.
Summary Financial Results from Continuing Operations
Reconciliation of U.S. GAAP to non-GAAP financial measures are provided in financial schedules.
Three Months Ended
(In millions, except per share amounts)
March 31,
2021
March 31,
2020
Change
Revenue
$1,632.0
$1,582.6
3.1%
Income (loss)
$430.3
$(3,234.8)
n/m
Diluted earnings (loss) per share
$0.95
$(7.23)
n/m
Adjusted EBITDA
$165.2
$79.7
107.3%
Adjusted EBITDA margin
10.1
%
5.0
%
510 bps
Adjusted income (loss)
$(14.5)
$(60.0)
n/m
Adjusted diluted earnings (loss) per share
$(0.03)
$(0.13)
n/m
Inbound orders
$1,722.1
$1,538.4
11.9%
Backlog
$7,221.4
$8,195.5
(11.9%)
Total Company revenue in the first quarter was $1,632 million. Income from continuing operations attributable to TechnipFMC plc was $430.3 million, or $0.95 per diluted share. These results included income from the Company's equity investment in Technip Energies of $470.1 million primarily related to a favorable change in fair market value. After-tax charges and credits totaled $444.8 million of credit, or $0.99 per diluted share. Adjusted loss from continuing operations was $14.5 million, or $0.03 per diluted share (Exhibit 6).
Adjusted EBITDA, which excludes pre-tax charges and credits, was $165.2 million; adjusted EBITDA margin was 10.1 percent (Exhibit 7). Included in adjusted EBITDA was a foreign exchange gain of $28.1 million.
As previously announced, on February 16, 2021, the Company completed the partial spin-off of Technip Energies to its shareholders. Financial results for Technip Energies are reported as discontinued operations.
Doug Pferdehirt, Chairman and CEO of TechnipFMC, stated, Our first quarter as a leading pure play, technology and services provider to both traditional and new energy industries was an exceptional start. Total Company adjusted EBITDA from continuing operations was $165 million, with free cash flow of $137 million. We delivered solid financial results in both Subsea and Surface Technologies, largely driven by strong operational execution. We also announced new strategic partnerships that will further progress the development of material opportunities for TechnipFMC in the energy transition.
Pferdehirt added, In Subsea, inbound orders more than doubled sequentially to $1.5 billion, with increased adoption of Subsea 2.0 technologies. Integrated projects comprised nearly 40 percent of segment orders and included an award for Petronas' first deepwater project, Limbayong, which will benefit from the seamless integration of both iEPCI and Subsea 2.0 . We also received a contract for manifolds for the Petrobras Marlim and Voador fields, which will utilize our all-electric robotic technology. Using digital automation and control, we can replace traditional subsea hydraulics, allowing for a more autonomous system that enables a significantly reduced carbon footprint.
In Surface Technologies, our international revenue mix continued to expand and represented nearly 70 percent of the segment in the quarter, driven by strength in the Middle East, North Sea and Asia Pacific. These markets demand higher specification equipment, global services and local capabilities, which are areas where we continue to further differentiate our offering. We believe our unique capabilities will allow us to extend our leadership positions in these more resilient markets.
Pferdehirt continued, Client conversations remain constructive, suggesting a further increase in activity. We see potential for a global recovery that is more sustainable than previous cycles, giving us confidence in our 2021 Subsea outlook of more than $4 billion in inbound orders and for continued growth in 2022. We believe that integrated project awards have the potential to more than double versus the prior year, and the combination of direct project and service-related orders could represent 50 percent of total inbound for the current year.
Pferdehirt added, We announced two strategic partnerships focused on the generation of renewable energy. There is strong market momentum towards offshore wind, with governments increasingly focused on opening new areas for development. Our new partnership with Magnora is pursuing offshore wind development opportunities, and we are working separately with Bombora to convert both wind and wave energy into renewable power. It is estimated that nearly 80 percent of the world's offshore wind resources will come from deepwater where we will benefit from our significant installed base, domain expertise and history of subsea innovation.
Pferdehirt concluded, Our first quarter results provide us with a very strong start to the year in support of our 2021 commitments. Looking ahead, we expect robust and sustained activity across our businesses, supported by improving market fundamentals and our competitive differentiation. Importantly, we continue to leverage our unique capabilities and technologies to strategically position TechnipFMC for the development of new energy sources, using the very same playbook that led to the successful transformation of our Subsea business.
Operational and Financial Highlights
Subsea
Financial Highlights
Reconciliation of U.S. GAAP to non-GAAP financial measures are provided in financial schedules.
Three Months Ended
(In millions)
March 31,
2
LINK: | https://www.technipfmc.com/en/media/press-releases/2021/04/technipfmc-... |
See more stories from fmc |
More from FMC
03/12/2022
How increasing accessibility sets up people with disabilities for success
News | December 03 2022 How increasing accessibility sets up people with disabilities for success People with disabilities meet discrimination every day du...
23/06/2022
Innovation, invention, and inclusivity celebrated on International Women in Engineering Day
News | June 23 2022 Innovation, invention, and inclusivity celebrated on Inter...
08/06/2022
How a work placement at TechnipFMC changed a prize-winning apprentice's life
News | June 08 2022 How a work placement at TechnipFMC changed a prize-winning apprentice's life An apprentice who found her calling at TechnipFMC throu...
20/05/2022
Working together to build primary school children's soft skills
News | May 20 2022 Working together to build primary school children's soft skills A new generation had fun learning about working together when volunte...
10/05/2022
TechnipFMC team raises funds for multiple sclerosis charity on marathon bike ride
News | May 10 2022 The pedal power of a TechnipFMC team raised more than $20,0...
14/04/2022
Providing safe play therapy for pupils at a Ghanaian special school
News | April 14 2022 Providing safe play therapy for pupils at a Ghanaian special school The TechnipFMC team in Ghana is helping children at a special schoo...
16/03/2022
Boat boost for nautical students thanks to TechnipFMC donation
News | March 16 2022 Boat boost for nautical students thanks to TechnipFMC donation Young people studying for nautical qualifications are set to benefit aft...
07/03/2022
International Women's Day 2022: Support in the workplace
News | March 07 2022 International Women's Day 2022: Support in the workplace Four women on four continents, united by their careers with TechnipFMC and...
02/03/2022
United Way link helps TechnipFMC put teamwork in action to aid our communities
News | March 02 2022 United Way link helps TechnipFMC put teamwork in action to aid our communities Boxes are passed along a table, each pair of hands slott...
24/01/2022
TechnipFMC Awarded Large EPCI Contract by Petrobras for Bzios 6 Field
Press release | January 24 2022 TechnipFMC Awarded Large EPCI Contract by Petrobras for B zios 6 Field NEWCASTLE & HOUSTON, January 24, 2022 - TechnipFMC (NY...
20/01/2022
TechnipFMC Announces Fourth Quarter 2021 Earnings Release and Conference Call
Press release | January 20 2022 TechnipFMC Announces Fourth Quarter 2021 Earnings Release and Conference Call NEWCASTLE & HOUSTON, January 20, 2022 - Technip...
20/01/2022
Success for ROV remote piloting proof of concept trials
News | January 20 2022 Success for ROV remote piloting proof of concept trials Tucked away in an industrial unit in Aberdeen, United Kingdom, a pilot eyes a...
18/01/2022
TechnipFMC Partnership Magnora Offshore Wind is Successful in ScotWind Leasing Round Application
Press release | January 18 2022 TechnipFMC Partnership Magnora Offshore Wind i...
13/01/2022
TechnipFMC Awarded Integrated EPCI (iEPCI) Contract by Equinor
Press release | January 13 2022 TechnipFMC Awarded Integrated EPCI (iEPCI ) Contract by Equinor NEWCASTLE & HOUSTON, January 13, 2022 - TechnipFMC (NYSE: FTI...
11/01/2022
TechnipFMC launch a Surface app for onshore product information
News | January 11 2022 TechnipFMC launch a Surface app for onshore product information TechnipFMC has launched in December 2021, a new Surface app designed ...
10/01/2022
TechnipFMC Announces Voluntary Delisting from Euronext Paris
Press release | January 10 2022 TechnipFMC Announces Voluntary Delisting from Euronext Paris NEWCASTLE & HOUSTON, January 10, 2022 - TechnipFMC plc (NYSE: F...
10/01/2022
TechnipFMC to Address Attendees at the ATB 10th Annual Institutional Investor Conference
Press release | January 10 2022 TechnipFMC to Address Attendees at the ATB 10t...
09/12/2021
TechnipFMC Awarded Flexible Pipe Frame Agreements by Petrobras in Brazil
Press release | December 09 2021 TechnipFMC Awarded Flexible Pipe Frame Agreements by Petrobras in Brazil December 9, 2021 - TechnipFMC (NYSE: FTI) (PARIS: F...
07/12/2021
TechnipFMC Awarded Multi-Year Surface Technologies Contract
Press release | December 07 2021 TechnipFMC Awarded Multi-Year Surface Technologies Contract NEWCASTLE & HOUSTON, December 7, 2021 - TechnipFMC (NYSE: FTI) (...
03/12/2021
Brian Skeels: Respect makes a difference on International Day of Persons with Disabilities
News | December 03 2021 Brian Skeels: Respect makes a difference on Internatio...
02/12/2021
TechnipFMC Announces Results and Upsizing of Note Tender Offer
Press release | December 02 2021 TechnipFMC Announces Results and Upsizing of Note Tender Offer December 2, 2021 - TechnipFMC plc (NYSE: FTI) (PARIS: FTI) (t...
01/12/2021
Developing our team in Ghana
News | December 01 2021 Developing our team in Ghana The team at TechnipFMC's Takoradi base in Ghana recently took some time out to celebrate the comple...
26/11/2021
Celebrating 10 years of renewable energy from Dunfermline's wind turbine
News | November 26 2021 Celebrating 10 years of renewable energy from Dunfermline's wind turbine It's a milestone birthday for a local landmark at o...
19/11/2021
TechnipFMC, Petronas to Commercialize Gas Processing Technology
Press release | November 18 2021 TechnipFMC, Petronas to Commercialize Gas Processing Technology November 18, 2021 - TechnipFMC (NYSE: FTI) (PARIS: FTI) and ...
19/11/2021
TechnipFMC Commences Tender Offer For Up To $100 Million Principal Amount of Notes
Press release | November 18 2021 TechnipFMC Commences Tender Offer For Up To $...
18/11/2021
TechnipFMC Announces Strategic Investment and Collaboration with Orbital Marine Power to Accelerate Tidal Energy...
Press release | November 17 2021 TechnipFMC Announces Strategic Investment and...
16/11/2021
TechnipFMC Awarded Large Subsea Contract for Additional Stabroek Block project
Press release | November 15 2021 TechnipFMC Awarded Large Subsea Contract for Additional Stabroek Block project NEWCASTLE & HOUSTON, November 15, 2021 - Tech...
16/11/2021
TechnipFMC to Host 2021 Analyst Day
Press release | November 16 2021 TechnipFMC to Host 2021 Analyst Day NEWCASTLE & HOUSTON, November 16, 2021 - TechnipFMC (NYSE: FTI) (PARIS: FTI) will host i...
16/11/2021
TechnipFMC presents New Energy Ventures: diversifying beyond oil and gas
News | November 16 2021 TechnipFMC presents New Energy Ventures: diversifying beyond oil and gas TechnipFMC is growing its contribution to Net Zero as a ke...
28/10/2021
TechnipFMC and Saipem Announce SURF Commercial Agreement to Unlock New Opportunities
Press release | October 28 2021 TechnipFMC and Saipem Announce SURF Commercial...
21/10/2021
TechnipFMC Announces Third Quarter 2021 Results
Press release | October 20 2021 TechnipFMC Announces Third Quarter 2021 Results Subsea inbound orders of $1.1 billion in the quarter, $3.9 billion for fir...
20/10/2021
TechnipFMC's iProduction wins Best Production Technology Award' at 2021 World Oil Awards
News | October 20 2021 TechnipFMC's iProduction wins Best Production Tec...
19/10/2021
TechnipFMC and Talos Energy Enter Strategic Alliance to Provide Carbon Capture and Storage
Press release | October 18 2021 TechnipFMC and Talos Energy Enter Strategic Al...
14/10/2021
TechnipFMC Completes Acquisition of Magma Global to Accelerate Development of Breakthrough Composite Pipe Technologies...
Press release | October 13 2021 TechnipFMC Completes Acquisition of Magma Glob...
12/10/2021
TechnipFMC Awarded Substantial Long-term Contract by Petrobras
Press release | October 11 2021 TechnipFMC Awarded Substantial Long-term Contract by Petrobras NEWCASTLE & HOUSTON--(BUSINESS WIRE)-- TechnipFMC (NYSE: FTI) ...
29/09/2021
TechnipFMC Announces Third Quarter 2021 Earnings Release and Conference Call
Press release | September 28 2021 TechnipFMC Announces Third Quarter 2021 Earnings Release and Conference Call NEWCASTLE & HOUSTON--(BUSINESS WIRE)-- Technip...
29/09/2021
TechnipFMC Announces Extension of Its Previously Announced Note Tender Offer
Press release | September 29 2021 TechnipFMC Announces Extension of Its Previously Announced Note Tender Offer NEWCASTLE & HOUSTON--(BUSINESS WIRE)-- Technip...
15/09/2021
TechnipFMC Announces Early Results in Connection with Its Previously Announced Note Tender Offer; Early Tender...
Press release | September 15 2021 TechnipFMC Announces Early Results in Connec...
14/09/2021
Dunfermline Campus celebrates the completion of 1300th subsea tree
News | September 14 2021 Dunfermline Campus celebrates the completion of 1300th subsea tree On September 14, 2021, our Dunfermline, U.K. Campus celebrated r...
03/09/2021
TechnipFMC to Address Attendees at the Barclays CEO Energy-Power Conference
Press release | September 02 2021 TechnipFMC to Address Attendees at the Barclays CEO Energy-Power Conference NEWCASTLE & HOUSTON--(BUSINESS WIRE)-- TechnipF...
03/09/2021
TechnipFMC Announces Sale of Stake in Technip Energies N.V.
Press release | September 03 2021 TechnipFMC Announces Sale of Stake in Technip Energies N.V. NEWCASTLE & HOUSTON--(BUSINESS WIRE)-- TechnipFMC plc (the Com...
01/09/2021
TechnipFMC Commences Tender Offer For Up To $250 Million Principal Amount of Its Outstanding 6.500% Senior...
Press release | August 31 2021 TechnipFMC Commences Tender Offer For Up To $25...
01/09/2021
TechnipFMC and DOF Subsea Awarded Significant Long-term Contracts by Petrobras
Press release | August 31 2021 TechnipFMC and DOF Subsea Awarded Significant Long-term Contracts by Petrobras NEWCASTLE & HOUSTON--(BUSINESS WIRE)-- TechnipF...
12/08/2021
TechnipFMC Announces Strategic Investment in Loke Marine Minerals to Enable the Energy Transition
Press release | August 11 2021 TechnipFMC Announces Strategic Investment in Lo...
11/08/2021
TechnipFMC unlocks field development potential with Shallow Water iEPCI
News | August 11 2021 TechnipFMC unlocks field development potential with Shallow Water iEPCI TechnipFMC announces the launch of its Shallow Water iEPCI e...
03/08/2021
Pushing the boundaries of pipeline technology
News | August 03 2021 Pushing the boundaries of pipeline technology The TechnipFMC team working on Neptune Energy's Fenja project have extended the capa...
30/07/2021
TechnipFMC to Acquire Remaining Shares of Joint Venture TIOS
Press release | July 29 2021 TechnipFMC to Acquire Remaining Shares of Joint Venture TIOS LONDON & HOUSTON--(BUSINESS WIRE)-- TechnipFMC (NYSE: FTI) (PARIS: ...
30/07/2021
TechnipFMC plc Announces the Sale of a ca. 9% Stake in Technip Energies N.V.
Press release | July 29 2021 TechnipFMC plc Announces the Sale of a ca. 9% Stake in Technip Energies N.V. -- Sale of 16 million Technip Energies N.V. ( T...
29/07/2021
TechnipFMC plc to Sell Part of its Stake in Technip Energies N.V.
Press release | July 29 2021 TechnipFMC plc to Sell Part of its Stake in Technip Energies N.V. Sale of 16 million Technip EnergiesN.V. ( Technip Energies ) ...
22/07/2021
TechnipFMC Second Quarter 2021 Earnings Call Presentation
Press release | July 21 2021 TechnipFMC Second Quarter 2021 Earnings Call Presentation LONDON & PARIS & HOUSTON--(BUSINESS WIRE)-- Regulatory News: This pr...