TechnipFMC Shows Strong financial performance in 1st Qtr. 2021 Results
Total Company revenue in the first quarter was $1,632 million. Income from continuing operations attributable to TechnipFMC plc was $430.3 million, or $0.95 per diluted share. These results included income from the Company’s equity investment in Technip Energies of $470.1 million primarily related to a favorable change in fair market value. After-tax charges and credits totaled $444.8 million of credit, or $0.99 per diluted share. Adjusted loss from continuing operations was $14.5 million, or $0.03 per diluted share,
Adjusted EBITDA, which excludes pre-tax charges and credits, was $165.2 million; adjusted EBITDA margin was 10.1 percent (Exhibit 7). Included in adjusted EBITDA was a foreign exchange gain of $28.1 million.
Summary Financial Results from Continuing Operations
| 3 Months Ended(In millions, except per share amounts) | March 2021 | March 2020 | change | ||
| Revenue | $1,632.0 | $1,582.6 | 3.1% | ||
| Income (loss) | $430.3 | $(3,234.8) | n/m | ||
| Diluted earnings (loss) per share | $0.95 | $(7.23) | n/m | ||
| Adjusted EBITDA | $165.2 | $79.7 | 107.3% | ||
| Adjusted EBITDA margin | 10.1% | 5.0% | 510 bps | ||
| Adjusted income (loss) | $(14.5) | $(60.0) | n/m | ||
| Adjusted diluted earnings (loss) per share | $(0.03) | $(0.13) | n/m | ||
| Inbound orders | $1,722.1 | $1,538.4 | 11.9% | ||
| Backlog | $7,221.4 | $8,195.5 | (11.9%) | ||
Doug Pferdehirt, Chairman and CEO of TechnipFMC, stated, “Our first quarter as a leading pure play, technology and services provider to both traditional and new energy industries was an exceptional start. Total Company adjusted EBITDA from continuing operations was $165 million, with free cash flow of $137 million. We delivered solid financial results in both Subsea and Surface Technologies, largely driven by strong operational execution. We also announced new strategic partnerships that will further progress the development of material opportunities for TechnipFMC in the energy transition.”
Subsea reported first quarter revenue of $1,386.5 million, an increase of 10.6 percent from the prior year largely driven by higher project and services activity.
Subsea reported an operating profit of $37 million that included impairment, restructuring and other charges totaling $19.7 million. Operating results improved versus the prior-year quarter primarily due to the significant reduction in non-cash impairment charges as well as cost reduction initiatives and increased installation activity.
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