Q4 2024 TechnipFMC PLC Earnings Call Transcript
Key Points
- TechnipFMC PLC (FTI) reported strong financial performance for 2024, with total company inbound orders reaching $11.6 billion and a backlog of $14.4 billion.
- Subsea inbound orders increased to $10.4 billion, marking the fourth consecutive year with a book-to-bill ratio greater than 1.
- Total company revenue grew by 16% to $9.1 billion, and adjusted EBITDA improved by 47% to nearly $1.4 billion.
- The company achieved a 45% increase in full-year free cash flow to $679 million, returning $486 million to shareholders, nearly double the previous year.
- TechnipFMC PLC (FTI) continues to innovate with its iEPCI and Subsea 2.0 models, driving sustainable change in subsea economics and expanding market opportunities.
- Subsea adjusted EBITDA margin decreased by 180 basis points to 16.5% in the fourth quarter due to seasonally lower vessel-based activity and project mix.
- Surface Technologies revenue decreased by 9% for the full year, although it increased by 1% when excluding the impact of the sale of the Measurement Solutions business.
- The company faces challenges in maintaining its competitive edge in Brazil, where traditional installation contracts are not a priority.
- There is uncertainty in the North American market, with lower activity impacting Surface Technologies revenue.
- TechnipFMC PLC (FTI) is investing in an ERP upgrade program, which will increase capital expenditures in the short term.
Hello, and thank you for standing by. My name is Regina, and I will be your conference operator today. At this time, I would like to welcome everyone to the TechnipFMC fourth-quarter 2024 earnings conference call. (Operator Instructions)
I would now like to turn the conference over to Matt Seinsheimer, Senior Vice President of Investor Relations and Corporate Development.
Please go ahead.
Thank you, Regina. Good afternoon and good morning, and welcome to TechnipFMC's fourth-quarter 2024 earnings conference call. Our news release and financial statements issued earlier today can be found on our website.
I'd like to caution you with respect to any forward-looking statements made during this call. Although these forward-looking statements are based on our current expectations, beliefs, and assumptions regarding future developments and business conditions, they are subject to certain risks and uncertainties that could cause actual results to differ materially from
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