TechnipFMC has released its second quarter results of 2024, reporting $2.325.6 million in revenues, a 17.9% year-on-year (YoY) increase.
The company achieved net income of $186.5 million for Q2 2024, up from $157.1 million in Q1 2024, improved from a net loss of $87.2 million in Q2 2023.
Besides, the company’s adjusted EBITDA was $361.4 million for Q2 2024, up $252.6 million from Q1 2024 and up $205.9 million from Q2 2023.
These results included after-tax charges and credits totaling $2.4 million of expense, or $0.01 per share, the company said in a press release.
“Results were particularly strong in Subsea, where operating profit margin improved 480 basis points sequentially to 13.8%. Adjusted EBITDA margin improved 370 basis points sequentially to 17.7%, a level of performance we expect to continue in the third quarter,” said Doug Pferdehirt, Chair and CEO of TechnipFMC.
The company secured inbound orders, including the ExxonMobil Whiptail project in Guyana, Woodside Energy Xena Phase 3 iEPCI™ project in Australia, Energean Katlan iEPCI™ project in Israel, and a contract from Petrobras for flexible pipe in Brazil.
TechnipFMC has achieved a record level in backlog reaching $13.9 billion, with orders exceeding revenue in 10 of the last 11 quarters.
“We are well positioned for Subsea orders to approach $10 billion for the year, also giving us continued confidence in achieving $30 billion in orders over the three-year period ending 2025. We expect this activity will drive further growth in backlog,” said Pferdehirt.
