The following is a summary of the TechnipFMC Plc (FTI) Q1 2024 Earnings Call Transcript:
Financial Performance:
TechnipFMC reported Q1 total company revenue of $2 billion, adjusted EBITDA of $257 million, and an adjusted EBITDA margin of 12.6%.
Total company inbound orders in the quarter valued at $2.8 billion.
The company sold the Measurement Solutions business, repurchasing $150 million of shares from the proceeds.
Total shareholder distributions have reached $520 million in less than two years with an expected growth of at least 70% in the current year compared to 2023.
The company reported gross debt around $1 billion with a net debt of $327 million. The company committed to reducing debt by approximately $200 million from the current levels.
Business Progress:
TechnipFMC is accelerating investment in subsea technology. First quarter orders were $2.4 billion, representing a book-to-bill of $1.4.
The company has announced first IEPCI for Petrobras and delivered first all-electric Subsea IEPCI, marking industry milestones.
The company continues to work on integration and commissioning of subsea projects, also developing an integrated carbon transportation system for CCS.
Strong start to Q1 2024 with a strong free cash flow. The company expects increased EBITDA growth, particularly in Subsea.
The company is focusing on project selectivity, quality of backlog, and integrated projects while investing in Saudi Arabia, moving manufacturing capacity from Asia to the Kingdom.
More details: TechnipFMC IR
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