TechnipFMC Announces Record Backlog and Share Repurchase Increase in Third Quarter 2024 Results

TechnipFMC plc (NYSE: FTI) reported its third-quarter 2024 results, revealing significant achievements in its financials. The company’s total company backlog reached a record high of $14.7 billion, with the subsea segment hitting a new record of $13.7 billion. In addition to this milestone, TechnipFMC also increased its share repurchase authorization by $1 billion, reaching a total of $1.2 billion.

For the three months ended September 30, 2024, the company disclosed revenue of $2,348.4 million, showing a slight increase from the previous quarter and a notable year-over-year growth of 14.2%. Net income attributable to TechnipFMC was reported at $274.6 million, or $0.63 per diluted share, reflecting significant improvements of 47.2% sequentially and 205.1% year-over-year. Adjusted metrics also showcased strong performances, with adjusted net income at $280.5 million and adjusted diluted earnings per share at $0.64.

The company shared insights into its operational highlights, with Total Company inbound orders reaching $2,784.5 million, supporting the growth in backlog. Doug Pferdehirt, Chair and CEO of TechnipFMC, expressed satisfaction with the team’s execution, emphasizing the significant achievements in revenue and adjusted EBITDA, hitting $389 million when excluding foreign exchange impacts.

Pferdehirt highlighted the robust inbound orders in Subsea, reaching $2.5 billion, with a book-to-bill ratio of 1.2. These orders included substantial contracts with Petrobras in Brazil and a substantial iEPCI™ contract with bp in the Gulf of Mexico. The Surface Technologies segment also showed strong execution, particularly with projects in the Middle East.

Looking ahead, Pferdehirt expressed confidence in the company’s outlook, supported by a strong backlog and market opportunities. The updated Subsea guidance for 2025 indicates a positive outlook for improved financial results.

Upon reviewing the provided SEC filing exhibit 99-1, TechnipFMC continues to demonstrate its operational strength, positioning the company for continued growth based on a solid financial foundation and strategic ventures moving forward.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read TechnipFMC’s 8K filing here.

TechnipFMC Company Profile

TechnipFMC plc engages in the energy projects, technologies, and systems and services businesses in Europe, Central Asia, North America, Latin America, the Asia Pacific, Africa, the Middle East, and internationally. It operates through two segments: Subsea and Surface Technologies. The Subsea segment engages in the design, engineering, procurement, manufacturing, fabrication, installation, and life of field services for subsea systems, subsea field infrastructure, and subsea pipe systems used in oil and gas production and transportation.