TechnipFMC Announces First Quarter 2023 Results
Total Company revenue in the first quarter was $1,717.4 million. Income from continuing operations attributable to TechnipFMC was $0.4 million. These results included after-tax restructuring and other charges totaling $0.6 million (Exhibit 6).
Adjusted income from continuing operations was $1 million, or $0.00 per diluted share (Exhibit 6).
Adjusted EBITDA, which excludes pre-tax charges and credits, was $157.5 million; adjusted EBITDA margin was 9.2 percent (Exhibit 7).
Included in total Company results was a foreign exchange gain of $2.1 million, or $3.5 million after-tax. When excluding the impact of foreign exchange, loss from continuing operations was $3.1 million and adjusted EBITDA was $155.4 million.
TechnipFMC plc (NYSE: FTI) (the “Company” or “TechnipFMC”) today reported first quarter 2023 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 | Change | ||||
| (In millions, except per share amounts) | Mar. 31,2023 | Dec. 31,2022 | Mar. 31,2022 | Sequential | Year-over-Year |
| Revenue | $1,717.4 | $1,694.4 | $1,555.8 | 1.4% | 10.4% |
| Income (loss) | $0.4 | $(26.7) | $(42.3) | n/m | n/m |
| Income (loss) margin | 0.0% | (1.6%) | (2.7%) | n/m | n/m |
| Diluted earnings (loss) per share | $0.00 | $(0.06) | $(0.09) | n/m | n/m |
| Adjusted EBITDA | $157.5 | $120.9 | $153.5 | 30.3% | 2.6% |
| Adjusted EBITDA margin | 9.2% | 7.1% | 9.9% | 210 bps | (70 bps) |
| Adjusted income (loss) | $1.0 | $(20.7) | $(13.0) | n/m | n/m |
| Adjusted diluted earnings (loss) per share | $0.00 | $(0.05) | $(0.03) | n/m | n/m |
| Inbound orders | $2,858.9 | $1,842.5 | $2,184.9 | 55.2% | 30.8% |
| Backlog | $10,607.4 | $9,353.0 | $8,894.1 | 13.4% | 19.3% |
Doug Pferdehirt, Chair and CEO of TechnipFMC, stated, “We had solid operational performance in the quarter, as both Subsea and Surface Technologies successfully delivered on the commitments we made in February. Total Company revenue was $1.7 billion, with adjusted EBITDA of $155 million when excluding foreign exchange.”
“We had a strong start to the year with total Company inbound orders of $2.9 billion, driving sequential growth in backlog to $10.6 billion. Orders were driven by robust Subsea inbound of $2.5 billion, which represented a book-to-bill of 1.8. This included a large, iEPCI™ project that received final investment decision in the first quarter. The project will be announced by the customer in the near future.”
Pferdehirt continued, “I want to emphasize the quality of the inbound in the quarter. iEPCI™ represented more than half of our Subsea orders, and when combined with Subsea Services and all other direct awards, represented 70% of total inbound. Given the high quality of the opportunities we are pursuing today and the strength of the broader market, we are confident that the first quarter is not the quarterly peak for iEPCI™ inbound in 2023.”
“We are experiencing a record level of integrated FEED (iFEED™) activity. This is notable as iFEED™ often leads to a direct award for the iEPCI™ execution phase of the project. We continue to expect iEPCI™ to post record inbound in 2023 and to be a strong contributor to the more than $8 billion of Subsea orders we expect for the full year.”
Pferdehirt added, “We are confident in our ability to execute in this period of growth as iEPCI™, Subsea 2.0™ and our vessel ecosystem together enable a differentiated approach to subsea projects. These transformational elements have reshaped our company, driving simplification and industrialization that reduce project complexity and risk. Our improved commercial success is a direct result of our customers’ confidence in our ability to successfully deliver their projects.”
Pferdehirt concluded, “Our journey is not predicated on the market recovery. It reflects the fundamental changes we have made to our business that are already providing tangible benefits today through unique market visibility, improved commercial success and enhanced operational insight. I am confident these changes will continue to drive improved results for our company in the future.”
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