TechnipFMC plc Files 10-Q for Q2 2024
Ticker: FTI · Form: 10-Q · Filed: Jul 25, 2024 · CIK: 1681459
Sentiment: neutral
Topics: 10-Q, quarterly-report, oil-gas-equipment
TL;DR
FTI 10-Q filed. Q2 numbers in. Oil & Gas equipment biz chugging along.
AI Summary
TechnipFMC plc filed its 10-Q for the period ending June 30, 2024. The filing covers financial performance and operational details for the second quarter and the first half of the year. Specific financial figures and segment performances are detailed within the report, providing insight into the company's ongoing activities in the oil and gas machinery and equipment sector.
Why It Matters
This filing provides investors and analysts with the latest financial and operational data for TechnipFMC plc, crucial for understanding the company's performance and outlook in the oil and gas industry.
Risk Assessment
Risk Level: low — This is a routine quarterly filing providing standard financial disclosures.
Key Players & Entities
- TechnipFMC plc (company) — Filer of the 10-Q
- 20240630 (date) — Period of report
- 20240725 (date) — Filing date
- OIL & GAS FILED MACHINERY & EQUIPMENT [3533] (industry) — Company's Standard Industrial Classification
FAQ
What is the reporting period for this 10-Q filing?
The Conformed Period of Report is 20240630, indicating the filing covers the period ending June 30, 2024.
When was this 10-Q filed with the SEC?
The filing date (FILED AS OF DATE) is 20240725.
What is TechnipFMC plc's Standard Industrial Classification (SIC) code?
TechnipFMC plc's SIC code is OIL & GAS FILED MACHINERY & EQUIPMENT [3533].
What was the former name of TechnipFMC plc?
The former company name was TechnipFMC Ltd, with a date of name change on 20160803.
What fiscal year end does TechnipFMC plc observe?
TechnipFMC plc's fiscal year ends on 1231.
Filing Stats: 4,748 words · 19 min read · ~16 pages · Grade level 7 · Accepted 2024-07-25 16:00:51
Key Financial Figures
- $1.00 — e on which registered Ordinary shares, $1.00 par value per share FTI New York Stock
Filing Documents
- fti-20240630.htm (10-Q) — 1551KB
- technipfmc2024630ex311.htm (EX-31.1) — 9KB
- technipfmc2024630ex312.htm (EX-31.2) — 9KB
- technipfmc2024630ex321.htm (EX-32.1) — 4KB
- technipfmc2024630ex322.htm (EX-32.2) — 5KB
- 0001681459-24-000119.txt ( ) — 8827KB
- fti-20240630.xsd (EX-101.SCH) — 47KB
- fti-20240630_cal.xml (EX-101.CAL) — 97KB
- fti-20240630_def.xml (EX-101.DEF) — 264KB
- fti-20240630_lab.xml (EX-101.LAB) — 608KB
- fti-20240630_pre.xml (EX-101.PRE) — 441KB
- fti-20240630_htm.xml (XML) — 1600KB
- 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 10
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 29 Business Outlook 29 Consolidated Results of Operations 31 Segment Results of Operations 34 Inbound Orders and Order Backlog 37 Liquidity and Capital Resources 37 Critical Accounting Estimates 39 Other Matters 39
Quantitative and Qualitative Disclosures About Market Risk
Item 3. Quantitative and Qualitative Disclosures About Market Risk 40
Controls and Procedures
Item 4. Controls and Procedures 41
- Other Information
PART II - Other Information 42
Legal Proceedings
Item 1. Legal Proceedings 42
Risk Factors
Item 1A. Risk Factors 42
Unregistered Sales of Equity Securities and Use of Proceeds
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 42
Defaults Upon Senior Securities
Item 3. Defaults Upon Senior Securities 42
Mine Safety Disclosures
Item 4. Mine Safety Disclosures 42
Other Information
Item 5. Other Information 42
Exhibits
Item 6. Exhibits 43
Signatures
Signatures 44 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 Energy 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 de
- 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 Six Months Ended June 30, June 30, (In millions, except per share data) 2024 2023 2024 2023 Revenue Service revenue $ 1,405.7 $ 1,049.4 $ 2,571.5 $ 1,917.5 Product revenue 860.2 858.8 1,674.1 1,653.9 Lease revenue 59.7 64.0 122.0 118.2 Total revenue 2,325.6 1,972.2 4,367.6 3,689.6 Costs and expenses Cost of service revenue 1,112.1 870.5 2,131.2 1,672.5 Cost of product revenue 672.3 725.6 1,315.5 1,380.3 Cost of lease revenue 40.3 45.7 78.6 85.5 Selling, general and administrative expense 174.9 150.0 334.7 303.9 Research and development expense 15.2 16.8 32.8 32.2 Restructuring, impairment and other charges 2.4 5.1 7.4 5.7 Total costs and expenses 2,017.2 1,813.7 3,900.2 3,480.1 Other expense, net ( 44.1 ) ( 182.3 ) ( 56.4 ) ( 183.6 ) Gain on disposal of Measurement Solutions business (Note 3) — — 75.2 — Income from equity affiliates (Note 10) 2.6 1.1 4.0 15.3 Income (loss) before net interest expense and income taxes 266.9 ( 22.7 ) 490.2 41.2 Interest income 5.7 4.1 19.4 12.4 Interest expense ( 27.1 ) ( 34.4 ) ( 53.5 ) ( 61.4 ) Income (loss) before income taxes 245.5 ( 53.0 ) 456.1 ( 7.8 ) Provision for income taxes (Note 16) 59.2 43.3 108.9 80.7 Net income (loss) 186.3 ( 96.3 ) 347.2 ( 88.5 ) (Income) loss attributable to non-controlling interests 0.2 9.1 ( 3.6 ) 1.7 Net income (loss) attributable to TechnipFMC plc $ 186.5 $ ( 87.2 ) $ 343.6 $ ( 86.8 ) Earnings (loss) per share attributable to TechnipFMC plc Basic $ 0.43 $ ( 0.20 ) $ 0.80 $ ( 0.20 ) Diluted $ 0.42 $ ( 0.20 ) $ 0.78 $ ( 0.20 ) Weighted average shares outstanding (Note 6) Basic 430.2 440.1 431.9 441.1 Diluted 440.1 440.1 443.2 441.1 The accompanying notes are an integral part of the condensed consolidated financial statements. 4 TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS