TechnipFMC Announces Fourth Quarter 2018 Results

Press release | February 20 2019

TechnipFMC Announces Fourth Quarter 2018 Results LONDON & PARIS & HOUSTON--(BUSINESS WIRE)-- Regulatory News:

TechnipFMC plc (NYSE: FTI) (Paris: FTI) (ISIN:GB00BDSFG982) today reported fourth quarter 2018 results.

Total Company revenue was $3,323 million. The Company reported a net loss of $2,259.3 million, or $5.00 per diluted share. These results included total after-tax charges and credits of $2,220.3 million, or $4.91 per diluted share. Adjusted net loss was $39 million, or $0.09 per diluted share.

Total after-tax charges and credits in the quarter of $2,220.3 million were as follows:

1) After-tax charges and credits impacting operating results of $2,006.1 million, which included the following (Exhibit 8):

Asset impairments totaling $1,688.8 million for goodwill and other fixed assets;

A provision of $280 million as a probable estimate for the aggregate settlement of investigations regarding historical projects; and

Restructuring charges, business combination costs, and purchase price accounting adjustments totaling $37.3 million.

2) Charges and credits impacting the tax provision of $214.2 million, which included the following (Exhibit 8):

A tax provision for the true-up of U.S. tax reform of $11.8 million; and

A tax provision for valuation allowances of $202.4 million.

Adjusted EBITDA, which excludes pre-tax charges and credits, was $342.4 million; adjusted EBITDA margin was 10.3 percent (Exhibit 9).

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

$38.7 million of foreign exchange losses included in corporate expense, or $0.05 per diluted share on an after-tax basis; and

$108.8 million of increased liability payable to joint venture partners included in interest expense, or $0.24 per diluted share on an after-tax basis.

Summary Financial Statements - Fourth Quarter 2018

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,

2018

December 31,

2017

Change

Revenue $3,323.0 $3,683.0 (9.8%)

Net income (loss) $(2,259.3) $(153.9) n/m

Diluted earnings (loss) per share $(5.00) $(0.33) n/m

Adjusted EBITDA $342.4 $525.0 (34.8%)

Adjusted EBITDA margin 10.3% 14.3% (395 bps)

Adjusted net income (loss) $(39.0) $90.9 n/m

Adjusted diluted earnings (loss) per share $(0.09) $0.20 n/m

Inbound orders $2,925.1 $2,991.9 (2.2%)

Backlog $14,560.0 $12,982.8 12.1%

LINK:	https://www.technipfmc.com/en/media/press-releases/2019/02/technipfmc-...
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