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
Most recent headlines
05/01/2027
Worlds first 802.15.4ab-UWB chip verified by Calterah and Rohde & Schwarz to be ...
06/09/2026
June 9 2026, 23:00 (PDT) Dolby and MagentaTV Bring Fans Closer to the FIFA Worl...
04/08/2026
Dalet, a leading technology and service provider for media-rich organizations, t...
04/07/2026
April 7 2026, 19:00 (PDT) Detective Conan: Fallen Angel of the Highway Opens in...
01/07/2026
Broadcast Management Group (BMG) has announced the appointment of Kathy Samuels ...
01/07/2026
Shade has announced Custom Objects and Automations, a platform expansion releasing June 29, 2026, that adds database and workflow automation capabilities direct...
01/07/2026
FOR-A America has announced the addition of Jaz Wray and Fernando Cruz to its U.S. sales team. Both report to Ernie Leon, Senior VP and Head of Sales and Strate...
01/07/2026
NBC Sports will air all 15 MLB games nationally on Sunday, July 5, across NBC, P...
01/07/2026
Clear-Com has announced a wireless communications upgrade for Jeopardy! and Wheel of Fortune, deploying FreeSpeak II and FreeSpeak Icon systems across both prod...
01/07/2026
England's performance team will use Sony's STATSports APEX GPS tracking system to monitor player physical data in real time during FIFA World Cup 2026 m...
01/07/2026
Adder Technology has announced the appointment of Neil Hillier as Chief Executive Officer, effective July 1, 2026. Hillier succeeds Adrian Dickens, who transiti...
01/07/2026
Bitcentral, Inc. has announced a strategic transaction creating two separate companies. The Production and Playout business will continue as Bitcentral, now own...
01/07/2026
DAZN has announced results from DAZN48, its creator initiative for the FIFA World Cup 2026. Launched in April 2026, the program received thousands of applicatio...
01/07/2026
Sarah Rose, VP, global services, Daktronics (NASDAQ: DAKT), will be inducted into the Information Display and Entertainment Association (IDEA) Hall of Fame at t...
01/07/2026
Gravity Media and the World Economic Forum's production team provided broadc...
01/07/2026
Insight Productions has announced the launch of Insight Storm, a 53-foot mobile broadcast unit built for esports production. The truck is built around a Ross Vi...
01/07/2026
ESPN has announced several content initiatives marking America's 250th anniversary, as part of The Walt Disney Company's Disney Celebrates America pro...
01/07/2026
Eleven production kits, REMI workflows, and cloud distribution bring 40 World Cu...
01/07/2026
The conference also discussed the opportunities offered an industry that is endu...
01/07/2026
The Mountain West Conference has announced the launch of MW , a direct-to-consumer streaming platform powered by Kiswe. The platform will carry live Mountain We...
01/07/2026
New AI Assistant, Multi-channel Audio, ARA2 improvements & more
Tracktion's DAW software has just received its latest major update, gaining a selection ...
01/07/2026
Stammering, stuttering, strangulated tones
The Crow Hill Company's latest creation promises to be the most original sound set they've produced to d...
01/07/2026
Exclusive run of limited-edition modelling pedals
Sweetwater and Andertons M...
01/07/2026
The National Film and Video Foundation (NFVF) is pleased to announce that the ca...
01/07/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
01/07/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
01/07/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
01/07/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
01/07/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
01/07/2026
Manfrotto Introduces UNCOVER, the new premium camera bag collection for modern h...
01/07/2026
Blackmagic Design Powers Houston Tamil Sangam Literacy Competition
Brie Clayton July 1, 2026
0 Comments
Volunteers use ATEM Mini Pro, Blackmagic Desig...
01/07/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
01/07/2026
PlayBox Technology has published State of Broadcast Infrastructure 2026, an in-depth industry research report examining the technologies, operational challenges...
01/07/2026
LONDON, UK, 1 JULY Jigsaw24 has appointed Alan Henry as Head of Sales for Media and Entertainment, reinforcing its continued investment in helping broadcaster...
01/07/2026
Content Vault, the patent-pending secure content distribution platform protecting high-value media from disclosures, theft and unauthorised access, today announ...
01/07/2026
Bitcentral, Inc. a leading provider of enterprise software and digital media solutions for news, sports and entertainment broadcasters, as well as streaming pla...
01/07/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
01/07/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
01/07/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
01/07/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
01/07/2026
Groundbreaking First Nations Screen Business Accelerator launched through nation...
01/07/2026
Chyron Launches the All-New Chyron Academy: A Reimagined, Hands-On Learning Expe...
01/07/2026
Amplium Captures Kawasaki Brave Thunders Game with Blackmagic URSA Cine Immersiv...
01/07/2026
Boris FX Optics Expands Plugin Support to Apple Photos, Capture One, and Affinit...
01/07/2026
UKTV has today announced the appointment of Matt Berry to the newly created role of General Manager - Marketing, effective 1 July.
Matt will take on this senio...
01/07/2026
Sky Zero Footprint Fund-backed TV campaign featuring Deborah Meaden challenges consumers to rethink everyday bathroom wasteWednesday 1 July 2026
Fussy asks Bri...
01/07/2026
Constituency-level analysis reveals where girls miss out most on sport - and where targeted action could unlock more than £640 million in economic and health be...
01/07/2026
Wuppertal July 1, 2026
Riedel and SKAARHOJ Expand Collaboration With SimplyLive IntegrationRiedel Communications today announced an expanded collaboration wit...
01/07/2026
Apple today introduced power-packed updates to Apple Creator Studio, a groundbre...
Press release | February 24 2021 
