TechnipFMC plc Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>TechnipFMC plc filed its Q1 2024 10-Q report, detailing financial performance and balance sheet changes.</b>

AI Summary

TechnipFMC plc (FTI) filed a Quarterly Report (10-Q) with the SEC on April 26, 2024. TechnipFMC plc reported financial results for the quarter ended March 31, 2024. The filing includes data for the periods January 1, 2024 to March 31, 2024, and January 1, 2023 to March 31, 2023. Key balance sheet information as of March 31, 2024, December 31, 2023, and March 31, 2023, is presented. The company is involved in the Oil & Gas Machinery & Equipment industry. The filing details changes in equity accounts for various periods in 2023 and 2024.

Why It Matters

For investors and stakeholders tracking TechnipFMC plc, this filing contains several important signals. This 10-Q filing provides investors with the latest quarterly financial performance data for TechnipFMC plc, crucial for assessing operational health and investment potential. The detailed breakdown of financial statements and equity changes allows for a thorough analysis of the company's financial position and trends over the reported periods.

Risk Assessment

Risk Level: medium — TechnipFMC plc shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q) which typically contains routine financial information and does not indicate any immediate, significant positive or negative events.

Analyst Insight

Review the detailed financial statements and segment performance within the 10-Q to understand revenue drivers and profitability trends for Q1 2024.

Key Numbers

• 2024-03-31 — Period End Date (Quarterly report period)
• 2024-04-26 — Filing Date (Date the 10-Q was filed with the SEC)
• 2023-03-31 — Prior Year Period End (Comparison period for financial data)

Key Players & Entities

• TechnipFMC plc (company) — Filer of the 10-Q report
• 0001681459 (company) — Central Index Key for TechnipFMC plc
• FTI (company) — Ticker symbol for TechnipFMC plc
• 2024-03-31 (date) — Period end date for the 10-Q filing
• 2024-04-26 (date) — Filing date of the 10-Q report
• 3533 (industry) — Standard Industrial Classification for Oil & Gas Filed Machinery & Equipment

FAQ

Industry Context

TechnipFMC plc operates within the Oil & Gas Machinery & Equipment sector, providing services and products to the energy industry.

Regulatory Implications

As a publicly traded company, TechnipFMC plc is subject to SEC regulations, including the requirement to file quarterly reports (10-Q) under the Securities Exchange Act of 1934.

What Investors Should Do

1. Analyze the revenue and net income figures for Q1 2024 compared to Q1 2023.
2. Examine the balance sheet details, particularly changes in assets and liabilities, as of March 31, 2024.
3. Review any disclosures related to the Measurement Solutions Business disposal group.

Key Dates

• 2024-03-31: Quarter End Date — Marks the end of the reporting period for the 10-Q.
• 2024-04-26: Filing Date — Date the 10-Q was officially submitted to the SEC.

Year-Over-Year Comparison

This filing represents the first quarterly report of 2024, providing updated financial data compared to the previous year's quarterly filings.

Key Financial Figures

• $1.00 — e on which registered Ordinary shares, $1.00 par value per share FTI New York Stock

Filing Documents

• fti-20240331.htm (10-Q) — 1164KB
• ex101-technipfmcrsuagreeme.htm (EX-10.1) — 77KB
• ex102-technipfmcrsuagreeme.htm (EX-10.2) — 123KB
• ex103-technipfmcpsuagreeme.htm (EX-10.3) — 133KB
• technipfmc2024331ex311.htm (EX-31.1) — 9KB
• technipfmc2024331ex312.htm (EX-31.2) — 9KB
• technipfmc2024331ex321.htm (EX-32.1) — 4KB
• technipfmc2024331ex322.htm (EX-32.2) — 5KB
• 0001681459-24-000099.txt (&nbsp;) — 8276KB
• fti-20240331.xsd (EX-101.SCH) — 46KB
• fti-20240331_cal.xml (EX-101.CAL) — 97KB
• fti-20240331_def.xml (EX-101.DEF) — 259KB
• fti-20240331_lab.xml (EX-101.LAB) — 686KB
• fti-20240331_pre.xml (EX-101.PRE) — 484KB
• fti-20240331_htm.xml (XML) — 1226KB

— Financial Information

PART I — Financial Information 4

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) 4 Condensed Consolidated Statements of Income 4 Condensed Consolidated Statements of Comprehensive Income 5 Condensed Consolidated Balance Sheets 6 Condensed Consolidated Statements of Cash Flows 7 Condensed Consolidated Statements of Changes in Stockholders' Equity 8 Notes to Condensed Consolidated Financial Statements 9

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 27 Business Outlook 27 Consolidated Results of Operations 29 Segment Results of Operations 30 Inbound Orders and Order Backlog 31 Liquidity and Capital Resources 32 Critical Accounting Estimates 34 Other Matters 34

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 35

Controls and Procedures

Item 4. Controls and Procedures 35

— Other Information

PART II — Other Information 36

Legal Proceedings

Item 1. Legal Proceedings 36

Risk Factors

Item 1A. Risk Factors 36

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 36

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 36

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 36

Other Information

Item 5. Other Information 37

Exhibits

Item 6. Exhibits 37

Signatures

Signatures 38 2 CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q of TechnipFMC plc (the "Company," "we," "us," or "our") contains "forward-looking statements" as defined in Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended (the "Exchange Act"). Forward-looking statements usually relate to future events, market growth and recovery, growth of our new energies business and anticipated revenues, earnings, cash flows or other aspects of our operations or operating results. Forward-looking statements are often identified by the words "believe," "expect," "anticipate," "plan," "intend," "foresee," "should," "would," "could," "may," "estimate," "outlook" and similar expressions, including the negative thereof. The absence of these words, however, does not mean that the statements are not forward-looking. These forward-looking statements are based on our current expectations, beliefs and assumptions concerning future developments and business conditions and their potential effect on us. While management believes these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting us will be those that we anticipate. All of our forward-looking statements involve risks and uncertainties (some of which are significant or beyond our control) and assumptions that could cause actual results to differ materially from our historical experience and our present expectations or projections. Known material factors that could cause actual results to differ materially from those contemplated in the forward-looking statements include those set forth in Part I, Item 1A, "Risk Factors" of our Annual Report on Form 10-K for the fiscal year ended December 31, 2023 and Part II, Item 1A "Risk Factors" and elsewhere in this Quarterly Report on Form 10-Q, including unpredictable trends in the dema

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) Three Months Ended March 31, (In millions, except per share data) 2024 2023 Revenue Service revenue $ 1,165.8 $ 868.1 Product revenue 813.9 795.1 Lease revenue 62.3 54.2 Total revenue 2,042.0 1,717.4 Costs and expenses Cost of service revenue 1,019.1 802.0 Cost of product revenue 643.2 654.7 Cost of lease revenue 38.3 39.8 Selling, general and administrative expense 159.8 153.9 Research and development expense 17.6 15.4 Restructuring, impairment and other charges 5.0 0.6 Total costs and expenses 1,883.0 1,666.4 Other income (expense), net ( 12.3 ) ( 1.3 ) Gain on disposal of Measurement Solutions business (Note 3) 75.2 — Income from equity affiliates (Note 10) 1.4 14.2 Income before net interest expense and income taxes 223.3 63.9 Interest income 13.7 8.3 Interest expense ( 26.4 ) ( 27.0 ) Income before income taxes 210.6 45.2 Provision for income taxes (Note 16) 49.7 37.4 Net income 160.9 7.8 Net income attributable to non-controlling interests ( 3.8 ) ( 7.4 ) Net income attributable to TechnipFMC plc $ 157.1 $ 0.4 Earnings per share attributable to TechnipFMC plc Basic $ 0.36 $ 0.00 Diluted $ 0.35 $ 0.00 Weighted average shares outstanding (Note 6) Basic 433.6 442.1 Diluted 446.3 455.0 The accompanying notes are an integral part of the condensed consolidated financial statements. 4 TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) Three Months Ended March 31, (In millions) 2024 2023 Net income attributable to TechnipFMC plc $ 157.1 $ 0.4 Net income attributable to non-controlling interests ( 3.8 ) ( 7.4 ) Net income attributable to TechnipFMC plc, including non-controlling interests 160.9 7.8 Foreign currency translation adjustments Net unrealized gains (losses) arising during the period ( 62.7 ) 15.9 Reclassifi

View Full Filing

View this 10-Q filing on SEC EDGAR