TechnipFMC plc Files Q3 2024 10-Q
Ticker: FTI · Form: 10-Q · Filed: Oct 24, 2024 · CIK: 1681459
Sentiment: neutral
Topics: 10-Q, quarterly-report, oil-gas-equipment
TL;DR
TechnipFMC's Q3 2024 10-Q is in. Check financials.
AI Summary
TechnipFMC plc filed its 10-Q for the period ending September 30, 2024. The filing covers financial results and operational updates for the third quarter and the first nine months of the year. Specific financial figures and segment performance details are included within the report.
Why It Matters
This filing provides investors with the latest financial performance and operational status of TechnipFMC plc, crucial for understanding the company's trajectory in the oil and gas machinery sector.
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
- 20240930 (date) — Period of report
- 20241024 (date) — Filing date
FAQ
What is the reporting period for this 10-Q filing?
The reporting period for this 10-Q filing is September 30, 2024.
When was this 10-Q filed with the SEC?
This 10-Q was filed on October 24, 2024.
What is the Standard Industrial Classification (SIC) code for TechnipFMC plc?
The SIC code for TechnipFMC plc is 3533, which corresponds to OIL & GAS FILED MACHINERY & EQUIPMENT.
What is the fiscal year end for TechnipFMC plc?
The fiscal year end for TechnipFMC plc is December 31.
What is the SEC file number for TechnipFMC plc?
The SEC file number for TechnipFMC plc is 001-37983.
Filing Stats: 4,726 words · 19 min read · ~16 pages · Grade level 7.1 · Accepted 2024-10-24 16:00:42
Key Financial Figures
- $1.00 — e on which registered Ordinary shares, $1.00 par value per share FTI New York Stock
Filing Documents
- fti-20240930.htm (10-Q) — 1561KB
- technipfmc2024930ex311.htm (EX-31.1) — 9KB
- technipfmc2024930ex312.htm (EX-31.2) — 9KB
- technipfmc2024930ex321.htm (EX-32.1) — 5KB
- technipfmc2024930ex322.htm (EX-32.2) — 5KB
- 0001681459-24-000138.txt ( ) — 8847KB
- fti-20240930.xsd (EX-101.SCH) — 46KB
- fti-20240930_cal.xml (EX-101.CAL) — 99KB
- fti-20240930_def.xml (EX-101.DEF) — 262KB
- fti-20240930_lab.xml (EX-101.LAB) — 615KB
- fti-20240930_pre.xml (EX-101.PRE) — 442KB
- fti-20240930_htm.xml (XML) — 1598KB
- 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 32 Segment Results of Operations 35 Inbound Orders and Order Backlog 38 Liquidity and Capital Resources 38 Critical Accounting Estimates 41 Other Matters 41
Quantitative and Qualitative Disclosures About Market Risk
Item 3. Quantitative and Qualitative Disclosures About Market Risk 41
Controls and Procedures
Item 4. Controls and Procedures 42
- Other Information
PART II - Other Information 43
Legal Proceedings
Item 1. Legal Proceedings 43
Risk Factors
Item 1A. Risk Factors 43
Unregistered Sales of Equity Securities and Use of Proceeds
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 43
Defaults Upon Senior Securities
Item 3. Defaults Upon Senior Securities 43
Mine Safety Disclosures
Item 4. Mine Safety Disclosures 43
Other Information
Item 5. Other Information 43
Exhibits
Item 6. Exhibits 44
Signatures
Signatures 45 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 Nine Months Ended September 30, September 30, (In millions, except per share data) 2024 2023 2024 2023 Revenue Service revenue $ 1,491.7 $ 1,180.7 $ 4,063.2 $ 3,098.2 Product revenue 793.5 793.1 2,467.6 2,447.0 Lease revenue 63.2 83.1 185.2 201.3 Total revenue 2,348.4 2,056.9 6,716.0 5,746.5 Costs and expenses Cost of service revenue 1,199.1 916.6 3,330.3 2,589.1 Cost of product revenue 616.0 716.4 1,931.5 2,096.7 Cost of lease revenue 39.5 57.5 118.1 143.0 Selling, general and administrative expense 187.4 183.8 522.1 487.7 Research and development expense 15.4 17.5 48.2 49.7 Restructuring, impairment and other charges 3.8 4.3 11.2 10.0 Total costs and expenses 2,061.2 1,896.1 5,961.4 5,376.2 Other expense, net ( 7.3 ) ( 41.5 ) ( 63.7 ) ( 225.1 ) Gain on disposal of Measurement Solutions business (Note 3) — — 75.2 — Income from equity affiliates (Note 10) 8.4 20.6 12.4 35.9 Income before net interest expense and income taxes 288.3 139.9 778.5 181.1 Interest income 6.3 4.0 25.7 16.4 Interest expense ( 22.2 ) ( 30.7 ) ( 75.7 ) ( 92.1 ) Income before income taxes 272.4 113.2 728.5 105.4 Provision (benefit) for income taxes (Note 16) ( 6.0 ) 19.5 102.9 100.2 Net income 278.4 93.7 625.6 5.2 (Income) attributable to non-controlling interests ( 3.8 ) ( 3.7 ) ( 7.4 ) ( 2.0 ) Net income attributable to TechnipFMC plc $ 274.6 $ 90.0 $ 618.2 $ 3.2 Earnings per share attributable to TechnipFMC plc Basic $ 0.64 $ 0.21 $ 1.44 $ 0.01 Diluted $ 0.63 $ 0.20 $ 1.40 $ 0.01 Weighted average shares outstanding (Note 6) Basic 428.3 436.9 430.7 439.7 Diluted 438.8 450.3 441.9 452.9 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) T