Press release | April 27 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
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Press release | April 27 2021 
