The following is a summary of the Technip Energies N.V. (THNPY) Q1 2024 Earnings Call Transcript:
Financial Performance:
Technip Energies Q1 adjusted earnings amounted to €1.5 billion, a 5% rise YoY with an adjusted recurring EBIT margin of 7.3%.
Noted a solid financial performance with an adjusted diluted EPS of €0.50 per share, marking an 11% YoY increase.
They achieved over 100% free cash conversion from EBIT excluding working capital, resulting in €119 million free cash flow.
The period end backlog increased by 27% YoY to €15.3 billion.
Estimation of a $200 million DOE funding for a potential collaboration with LanzaTech in the U.S.
Business Progress:
Three major projects have been awarded including Ruwais LNG in Abu Dhabi, a BP project in U.K. and Marsa LNG in Oman.
They have prioritized net-zero solutions in strategic markets and innovation initiatives, particularly in carbon capture, cement production, gas-fired power, and energy from waste sectors.
A joint venture with SBM Offshore, EkWil, is formed to foster progress in the floating offshore wind sector.
Emphasis is laid on differentiation through carbon capture, sequestration and utilization technology.
R&D is a key focus as investments in the future, with particular attention to carbon capture technology improvements and optimization of hydrogen production costs.
Achieving double-digit EBIT margin by 2025 for TPS is targeted.
Attained €620 million of order intake in Q1 2024 with an expectation of exceeding a book-to-bill rate of one for 2024.
Envisaged opportunities in alcohol to jet pathway technology in the U.S. and U.K. as part of their commercial pipeline development.
More details: TECHNIP ENERGIES N.V SPON ADR EACH REP 1 ORD SHS IR
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