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TechnipFMC Announces Fourth Quarter 2019 Results

26/02/2020

Press release | February 26, 2020 TechnipFMC Announces Fourth Quarter 2019 Results LONDON & PARIS & HOUSTON--(BUSINESS WIRE)-- Regulatory News:

TechnipFMC plc (NYSE:FTI) (Paris:FTI) (ISIN:GB00BDSFG982) today reported fourth quarter 2019 results.

Summary Financial Statements - Fourth 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)

December 31,

2019

December 31,

2018

Change

Revenue

$3,726.8

$3,323.0

12.2%

Net income (loss)

$(2,414.0)

$(2,259.3)

n/m

Diluted earnings (loss) per share

$(5.40)

$(5.00)

n/m

Adjusted EBITDA

$404.4

$342.4

18.1%

Adjusted EBITDA margin

10.9%

10.3%

60 bps

Adjusted net income (loss)

$15.1

$(39.0)

n/m

Adjusted diluted earnings (loss) per share

$0.03

$(0.09)

n/m

Inbound orders

$2,718.4

$2,925.1

(7.1%)

Backlog

$24,251.1

$14,560.0

66.6%

Total Company revenue was $3,726.8 million. The Company reported a net loss of $2,414 million, or $5.40 per diluted share. These results included after-tax charges and credits totaling $2,429.1 million of expense, or $5.43 per diluted share. Adjusted net income was $15.1 million, or $0.03 per diluted share.

Total after-tax charges and credits in the quarter of $2,429.1 million (Exhibit 7) were as follows:

1) After-tax charges and credits impacting operating results of $2,321.1 million, which included the following:

Impairment and other charges totaling $2,268.6 million for goodwill and fixed assets; and

Separation costs, purchase price accounting adjustments, and restructuring and other charges totaling $52.5 million.

2) A tax provision for a valuation allowance of $108 million.

Adjusted EBITDA, which excludes pre-tax charges and credits, was $404.4 million; adjusted EBITDA margin was 10.9 percent (Exhibit 9).

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

$64.1 million of foreign exchange losses included in corporate expense, or $0.13 per diluted share on an after-tax basis; and

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

Full Year 2019 Results

Summary Financial Statements - Full Year 2019

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

Twelve Months Ended

(In millions, except per share amounts)

December 31,

2019

December 31,

2018

Change

Revenue

$13,409.1

$12,552.9

6.8%

Net income (loss)

$(2,415.2)

$(1,921.6)

n/m

Diluted earnings (loss) per share

$(5.39)

$(4.20)

n/m

Adjusted EBITDA

$1,529.4

$1,536.8

(0.5%)

Adjusted EBITDA margin

11.4%

12.2%

(80 bps)

Adjusted net income

$330.5

$377.1

(12.4%)

Adjusted diluted earnings per share

$0.74

$0.82

(9.8)%

Inbound orders

$22,693.0

$14,291.0

58.8%

Backlog

$24,251.1

$14,560.0

66.6%

Total Company revenue was $13,409.1 million. The Company reported a net loss of $2,415.2 million, or $5.39 per diluted share. These results included after-tax charges and credits totaling $2,745.7 million of expense, or $6.13 per diluted share. Adjusted net income was $330.5 million, or $0.74 per diluted share.

Total after-tax charges and credits for the full year of $2,745.7 million (Exhibit 8) were as follows:

1) After-tax charges and credits impacting operating results of $2,558.7 million, which included the following:

Impairment and other charges totaling $2,364.2 million for goodwill and fixed assets;

Legal provisions, net of $46.3 million; and

Separation costs, purchase price accounting adjustments, business combination transaction and integration costs, restructuring and other charges, and reorganization totaling $148.2 million.

2) A tax provision for valuation allowances of $187 million.

Adjusted EBITDA, which excludes pre-tax charges and credits, was $1,529.4 million; adjusted EBITDA margin was 11.4 percent (Exhibit 10).

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

$146.9 million of foreign exchange losses included in corporate expense, or $0.27 per diluted share on an after-tax basis; and

$423.1 million of expense resulting from increased liability payable to joint venture partners included in interest expense, or $0.94 per diluted share on an after-tax basis.

Doug Pferdehirt, Chairman and CEO of TechnipFMC, stated, We achieved an unprecedented level of inbound in 2019, including over 50 percent order growth in Subsea. With this success, our backlog now stands at $24 billion, an increase of 67 percent versus 2018. Backlog grew across all segments, with Onshore/Offshore increasing almost 90 percent when compared to the prior year.

Pferdehirt added, Our success was driven by an acceleration in the market adoption of our new subsea technologies, our integrated subsea model (iEPCI ) and continued strength in both LNG and downstream project sanctioning. Onshore/Offshore inbound orders grew almost 80 percent versus 2018, driven by more than $8 billion in LNG awards. Subsea integrated award value more than doubled, clearly demonstrating that iEPCI has become the model of choice for most of our customers.

In addition to this tremendous commercial success in 2019, we have been proactively taking actions to better position ourselves for 2020 and beyond. Our announced separation into two industry-leading, diversified pure-play companies is a bold, visible step in this regard. In parallel, we are optimizing our Subsea organization, while transforming our Surface Technologies business in North America. Taken together, these actions support our long-term strategy f
LINK: https://www.technipfmc.com/en/media/press-releases/2020/02/technipfmc-...
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