Press release | February 24 2021 TechnipFMC Announces Fourth Quarter 2020 Results Full year 2020
Cash flow from operations of $657 million; free cash flow of $365 million
All segments achieved financial guidance
Total Company inbound orders of $10.1 billion; Subsea orders of $4 billion
Resilient backlog of $21.4 billion; Subsea backlog of $6.9 billion
Fourth quarter 2020
U.S. GAAP diluted loss per share was $0.09
Includes total after-tax charges, net of credits, of $0.14 per diluted share
Adjusted diluted earnings per share, excluding charges and credits, was $0.05
Includes expense resulting from increased liability to joint venture partners of $0.12 per diluted share
LONDON & PARIS & HOUSTON--(BUSINESS WIRE)-- Regulatory News:
TechnipFMC plc (NYSE: FTI) (Paris: FTI) today reported fourth quarter 2020 results.
Summary Financial Statements - Fourth Quarter 2020
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,
2020
December 31,
2019
Change
Revenue
$3,426.1
$3,726.8
(8.1%)
Net income (loss)
$(39.3)
$(2,414.0)
n/m
Diluted earnings (loss) per share
$(0.09)
$(5.40)
n/m
Adjusted EBITDA
$300.8
$404.4
(25.6%)
Adjusted EBITDA margin
8.8
%
10.9
%
(210 bps)
Adjusted net income
$23.4
$15.1
55.0%
Adjusted diluted earnings per share
$0.05
$0.03
66.7%
Inbound orders
$4,204.5
$2,718.4
54.7%
Backlog
$21,388.2
$24,251.1
(11.8%)
Total Company revenue in the fourth quarter was $3,426.1 million. Net loss attributable to TechnipFMC plc was $39.3 million, or $0.09 per diluted share. These results included after-tax charges and credits totaling $62.7 million of expense, or $0.14 per diluted share. Adjusted net income was $23.4 million, or $0.05 per diluted share.
Adjusted results for the current period included all direct COVID-19 expenses and operational impacts related to the pandemic. Direct COVID-19 expenses were excluded from adjusted results in previous quarters in 2020.
Adjusted EBITDA, which excludes pre-tax charges and credits, was $300.8 million and included a foreign exchange loss of $2.6 million; adjusted EBITDA margin was 8.8 percent (Exhibit 10).
Full Year 2020 Results
Summary Financial Statements - Full Year 2020
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,
2020
December 31,
2019
Change
Revenue
$13,050.6
$13,409.1
(2.7%)
Net income (loss)
$(3,287.6)
$(2,415.2)
n/m
Diluted earnings (loss) per share
$(7.33)
$(5.39)
n/m
Adjusted EBITDA
$1,083.3
$1,529.4
(29.2%)
Adjusted EBITDA margin
8.3%
11.4%
(310 bps)
Adjusted net income
$89.3
$330.5
(73.0%)
Adjusted diluted earnings per share
$0.20
$0.74
(73.0%)
Inbound orders
$10,065.5
$22,693.0
(55.6%)
Backlog
$21,388.2
$24,251.1
(11.8%)
Total Company revenue for the full year was $13,050.6 million. Net loss attributable to TechnipFMC plc was $3,287.6 million, or $7.33 per diluted share. These results included after-tax charges and credits totaling $3,376.9 million of expense, or $7.53 per diluted share. Adjusted net income was $89.3 million, or $0.20 per diluted share.
Adjusted EBITDA, which excludes pre-tax charges and credits, was $1,083.3 million and included a foreign exchange loss of $28.8 million; adjusted EBITDA margin was 8.3 percent (Exhibit 11).
Separation update
Throughout 2020, we continued our work to separate TechnipFMC into two industry-leading, pure-play companies, with the transaction now completed through the partial spin-off of Technip Energies on February 16, 2021.
TechnipFMC shareholders received, as a dividend, one share of Technip Energies N.V. common stock for every five shares of TechnipFMC common stock held at the close of business on the record date. Technip Energies is now an independent public company. Its ordinary shares are traded under the ticker symbol TE on the Euronext Paris Exchange and its Level 1 American Depositary Receipts (ADRs) trade over-the-counter in the U.S.
Doug Pferdehirt, Chairman and CEO of TechnipFMC, stated, Our success has always been the result of the tireless efforts and unwavering commitment of the women and men of TechnipFMC. Their accomplishments in 2020 were nothing short of exceptional given the hardship and difficulties that occurred across the globe.
Our efforts to address COVID-19 challenges have been recognized by our clients. Working together, we found solutions that helped mitigate many of the obstacles we faced and allowed projects to move forward safely. This collaboration allowed us to protect our backlog and remain focused on project execution, enabling us to deliver strong performance and achieve our financial guidance across all segments.
Pferdehirt added, Throughout 2020, we delivered several notable achievements with regard to our business transformation. We progressed on our plan to separate into two independent, industry-leading pure-play companies, completing the transaction on February 16 of this year. We achieved targeted cost savings of more than $350 million well ahead of schedule. We provided a comprehensive overview of our ESG efforts, including new initiatives to be realized through 2023 and a commitment to deliver a 50 percent reduction in Scope 1 and 2 equivalent emissions by 2030. And as part of our efforts to drive sustainable change, we introduced key elements of our digital transformation, including Subsea Studio and iComplete , which will improve project economics, enhance performance and reduce emissions.
Pferdehirt continued, In Surface Technologies, we expect growth in international activity to drive full-year segment revenue higher in 2021. While we anticipate revenue in North America to be fl
