TechnipFMC has announced a total revenue of $2,056.9 million, with an income from continuing operations attributable to TechnipFMC of $90 million. Adjusted income from continuing operations was $93.7 million, or $0.21 per diluted share.
The company’s revenue increased by 18.7% year-over-year, while income showed a significant increase of 1,700.0% from the same period last year. Adjusted EBITDA was $237.5 million, marking a 28.0% increase year-over-year. Inbound orders also saw a 16.0% increase compared to the same period in the previous year.
The cash provided by operating activities from continuing operations was $221.9 million. Capital expenditures were $43.6 million. Free cash flow from continuing operations was $178.3 million.
“Subsea inbound orders in the quarter came in strong at $1.8 billion. Adjusted EBITDA improved sequentially for both Subsea and Surface Technologies, exceeding the guidance we provided on our second quarter call. This momentum is also driving our full-year expectations higher,” said Doug Pferdehirt, the Chair and CEO of TechnipFMC.
The company, a global leader in energy projects, technologies, systems, and services, received significant orders for flexible pipe, including a contract from Petrobras for the pre-salt fields in Brazil and its largest-ever flexibles contract in the Gulf of Mexico for Woodside Energy’s Trion project.
“Beyond the flexible’s activity, we also experienced an exceptionally high level of unannounced project awards in the quarter, which speaks to the ongoing strength of the market. In subsea services, inbound was robust, driven by the installation and life of field activities. Given the continued strength of our inbound, we are confident that subsea orders will exceed $9 billion for the full year. And if we extend the view to include our current expectations for 2024, we now believe orders over the next five quarters will approach $11 billion,” Pferdehirt added.
Pferdehirt concluded by stating that TechnipFMC’s commercial and operational success is driving improved financial results. The upward revisions to the company’s subsea order outlook are fueled by high-quality inbound orders, driven by iEPCI™, Subsea Services, and other direct awards. These results are expected to represent more than 70% of segment orders in the current year, setting the stage for higher and more sustainable performance in the future.
