Latest news with #Subsea
Yahoo
4 days ago
- Business
- Yahoo
TechnipFMC (FTI) Extends Winning Streak on Impressive Earnings, Growth Outlook
We recently published . TechnipFMC plc (NYSE:FTI) is one of the best-performing stocks on Thursday. TechnipFMC extended its winning streak to a third consecutive day on Thursday, jumping 11.76 percent to close at $37.54 apiece as investors cheered its impressive earnings performance and growth outlook for the rest of the year. In a statement, TechnipFMC plc (NYSE:FTI) said it was able to grow its net income by 44.5 percent to $269.5 million in the second quarter of the year from $186.5 million in the same period last year. Revenues also rose by 9 percent to $2.5 billion from $2.3 billion year-on-year. Commenting on the performance, TechnipFMC plc (NYSE:FTI) Chairman and CEO Doug Pferdehirt underscored the company's $2.6 billion of Subsea inbound in the quarter, representing a diverse set of awards. Source:unsplash 'The uniqueness and diversity of our order book give us continued confidence that we will reach our three-year goal of $30 billion of Subsea inbound by the end of this year,' he noted. While we acknowledge the potential of FTI as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the . Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Yahoo
5 days ago
- Business
- Yahoo
TechnipFMC (FTI) Extends Winning Streak on Impressive Earnings, Growth Outlook
We recently published . TechnipFMC plc (NYSE:FTI) is one of the best-performing stocks on Thursday. TechnipFMC extended its winning streak to a third consecutive day on Thursday, jumping 11.76 percent to close at $37.54 apiece as investors cheered its impressive earnings performance and growth outlook for the rest of the year. In a statement, TechnipFMC plc (NYSE:FTI) said it was able to grow its net income by 44.5 percent to $269.5 million in the second quarter of the year from $186.5 million in the same period last year. Revenues also rose by 9 percent to $2.5 billion from $2.3 billion year-on-year. Commenting on the performance, TechnipFMC plc (NYSE:FTI) Chairman and CEO Doug Pferdehirt underscored the company's $2.6 billion of Subsea inbound in the quarter, representing a diverse set of awards. Source:unsplash 'The uniqueness and diversity of our order book give us continued confidence that we will reach our three-year goal of $30 billion of Subsea inbound by the end of this year,' he noted. While we acknowledge the potential of FTI as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the . Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Wire
24-07-2025
- Business
- Business Wire
TechnipFMC Announces Second-Quarter 2025 Results
NEWCASTLE & HOUSTON--(BUSINESS WIRE)--TechnipFMC plc (NYSE: FTI) (the 'Company' or 'TechnipFMC') today reported second-quarter 2025 results. Total Company revenue in the second quarter was $2,534.7 million. Net income attributable to TechnipFMC was $269.5 million, or $0.64 per diluted share. These results included after-tax charges and credits totaling $16 million of expense, or $0.04 per share (Exhibit 6). Adjusted net income was $285.5 million, or $0.68 per diluted share (Exhibit 6). Adjusted EBITDA, which excludes pre-tax charges and credits, was $520.8 million; adjusted EBITDA margin was 20.5 percent (Exhibit 8). Included in total Company results was a foreign exchange gain of $12.1 million, or a loss of $6.3 million after-tax. When excluding the after-tax impact of the foreign exchange loss of $6.3 million, net income was $275.8 million. Adjusted EBITDA, excluding foreign exchange, was $508.7 million (Exhibit 8). Doug Pferdehirt, Chair and CEO of TechnipFMC, remarked, 'I am very proud of what our team accomplished in what was another solid quarter, driven by continued strength in execution from both the commercial and operational teams. Total Company revenue in the period was $2.5 billion, with adjusted EBITDA of $509 million when excluding foreign exchange impacts. We generated free cash flow of $261 million and distributed $271 million through dividends and share buybacks, further demonstrating our commitment to return a significant portion of free cash flow to shareholders.' Pferdehirt continued, 'We achieved $2.6 billion of Subsea inbound in the quarter, representing a diverse set of awards. We continue to benefit from a combination of iEPCI™, Subsea Services, and direct awards. Subsea Services inbound was particularly robust, representing one of the highest quarterly levels ever achieved. The uniqueness and diversity of our order book give us continued confidence that we will reach our three-year goal of $30 billion of Subsea inbound by the end of this year.' 'Our differentiated orders speak to the strength of our customer relationships, which we work to build and enhance every day. I am proud to announce that we recently entered into a new iEPCI™ collaboration agreement with Vår Energi, supporting their subsea developments on the Norwegian Continental Shelf. Working together, we will utilize our integrated execution model to optimize development and maximize value creation.' Pferdehirt added, 'Offshore activity remains robust. Front-end engineering activity is strong, and our Subsea Opportunities List remains healthy, with named projects progressing across multiple basins over the next 24 months. Our visibility into the market also benefits from the high level of direct awards to our company. We continue to see strength in offshore markets, supported by client discussions for projects that are likely to be sanctioned through the end of the decade.' Pferdehirt concluded, 'While the market is not without challenges, our results clearly demonstrate that we are navigating the issues and mitigating the impacts to our company. This reflects the actions we are taking today and the structural changes we have made over the last several years, which together are driving continuous improvement in everything we do.' Estimated Consolidated Backlog Scheduling (In millions) Jun. 30, 2025 2025 (6 months) $3,471 2026 $4,803 2027 and beyond $7,536 Total $15,810 1 Backlog as of June 30, 2025 was increased by a foreign exchange impact of $528 million. 2 Backlog does not capture all revenue potential for Subsea Services. 3 Backlog as of June 30, 2025 does not include total Company non-consolidated backlog of $400 million. Expand Subsea reported second-quarter revenue of $2,216.3 million, an increase of 14.5 percent from the first quarter. The sequential revenue improvement was largely driven by increased iEPCI™ project activity in the North Sea and higher installation activity and flexible pipe supply in Brazil, offset in part by project completions in Asia Pacific. Services revenue also increased primarily due to seasonal improvements. Subsea reported an operating profit of $380.3 million, an increase of 53.4 percent from the first quarter. Operating results increased sequentially due to strong execution, improved earnings mix from backlog, and higher project and services activity. Operating profit margin increased 440 basis points to 17.2 percent. Subsea reported adjusted EBITDA of $482.9 million, an increase of 44.2 percent when compared to the first quarter. The factors impacting operating profit also drove the sequential increase in adjusted EBITDA. Adjusted EBITDA margin increased 450 basis points to 21.8 percent. Subsea inbound orders were $2,553.1 million for the quarter. Book-to-bill was 1.2x. The following award was included in the period: Equinor Heidrun iEPCI™ Extension Project (Norway) Significant* iEPCI™ contract by Equinor for its Heidrun extension project in the Norwegian North Sea. The award follows an integrated Front End Engineering and Design (iFEED™) study by TechnipFMC. The project will enhance the current infrastructure and extend the production lifecycle for the Heidrun platform. *A 'significant' contract is between $75 million and $250 million. Partnership and Alliance Highlights Vår Energi iEPCI™ Cooperation Agreement (Norway) Strategic cooperation agreement signed with Vår Energi ASA (OSE: VAR) supporting subsea developments on the Norwegian Continental Shelf. The agreement establishes a long-term framework for delivery of subsea projects utilizing TechnipFMC's integrated Engineering, Procurement, Construction, and Installation (iEPCI™) commercial model. TechnipFMC will apply simplified, standardized, and industrialized design principles with its integrated execution model to optimize project economics and reduce cycle time for offshore developments. Under the agreement, TechnipFMC will support Vår Energi's hub strategy in the Gjøa area, where recent discoveries including Gjøa Nord, Cerisa, and Ofelia are planned to be tied back to the partly electrified Gjøa platform, with early engineering and procurement activities currently underway. Surface Technologies reported second-quarter revenue of $318.4 million, an increase of 7.1 percent from the first quarter. The sequential increase in revenue was driven by higher project and services activity in the Middle East, modestly offset by lower activity in North America. Surface Technologies reported operating profit of $23.4 million, a decrease of 22.5 percent versus the first quarter. The sequential decrease in operating profit was largely due to $17.5 million of higher restructuring, impairment, and other charges in the period resulting from business transformation initiatives. Operating profit in the Middle East improved sequentially due to higher project and services activity. Operating profit margin decreased 290 basis points to 7.3 percent. Surface Technologies reported adjusted EBITDA of $52.3 million, an increase of 12.2 percent when compared to the first quarter. Adjusted EBITDA increased sequentially due to higher project and services activity in the Middle East, modestly offset by lower activity in North America. Adjusted EBITDA margin increased 70 basis points to 16.4 percent. Inbound orders for the quarter were $277.9 million, a sequential decrease of 8.5 percent. Backlog ended the period at $835.9 million. Corporate and Other Items (three months ended June 30, 2025) Corporate expense was $26.6 million. Foreign exchange gain was $12.1 million. Net interest expense was $14.4 million. The provision for income taxes was $106.5 million. Total depreciation and amortization was $115.2 million. Cash provided by operating activities was $344.2 million. Capital expenditures were $83.6 million. Free cash flow was $260.6 million (Exhibit 11). During the quarter, the Company repurchased 8.3 million of its ordinary shares for total consideration of $250.1 million. When including a dividend payment of $20.6 million, total shareholder distributions in the quarter were $270.7 million. Short-term debt and long-term debt totaling $696.3 million declined $208.6 million sequentially, primarily due to the repayment of the 5.75% Private Placement Notes due 2025 that matured during the period (Exhibit 10). The Company ended the period with cash and cash equivalents of $950 million. Net cash decreased sequentially to $253.7 million (Exhibit 10). 2025 Full-Year Financial Guidance 1 The Company's full-year financial guidance for 2025 can be found in the table below. No updates were made to the previous guidance that was issued on April 24, 2025. __________________ 1 Our guidance measures of adjusted EBITDA margin, free cash flow and adjusted corporate expense, net are non-GAAP financial measures. We are unable to provide a reconciliation to comparable GAAP financial measures on a forward-looking basis without unreasonable effort because of the unpredictability of the individual components of the most directly comparable GAAP financial measure and the variability of items excluded from each such measure. Such information may have a significant, and potentially unpredictable, impact on our future financial results. 2 Free cash flow is calculated as cash flow from operations less capital expenditures. Expand Teleconference The Company will host a teleconference on Thursday, July 24, 2025 to discuss the second-quarter 2025 financial results. The call will begin at 1:30 p.m. London time (8:30 a.m. New York time). Webcast access and an accompanying presentation can be found at An archived audio replay will be available after the event at the same website address. In the event of a disruption of service or technical difficulty during the call, information will be posted on our website. About TechnipFMC TechnipFMC is a leading technology provider to the traditional and new energy industries; delivering fully integrated projects, products, and services. With our proprietary technologies and comprehensive solutions, we are transforming our clients' project economics, helping them unlock new possibilities to develop energy resources while reducing carbon intensity and supporting their energy transition ambitions. Organized in two business segments — Subsea and Surface Technologies — we will continue to advance the industry with our pioneering integrated ecosystems (such as iEPCI™, iFEED™ and iComplete™), technology leadership, and digital innovation. Each of our approximately 21,000 employees is driven by a commitment to our clients' success, and a culture of strong execution, purposeful innovation, and challenging industry conventions. TechnipFMC uses its website as a channel of distribution of material company information. To learn more about how we are driving change in the industry, go to and follow us on X @TechnipFMC. This communication 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. 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 words such as 'commit,' 'guidance,' 'confident,' 'believe,' 'expect,' 'anticipate,' 'plan,' 'intend,' 'foresee,' 'should,' 'would,' 'could,' 'may,' 'will,' 'likely,' 'predicated,' '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, including unpredictable trends in the demand for and price of oil and natural gas; competition and unanticipated changes relating to competitive factors in our industry, including ongoing industry consolidation; our inability to develop, implement and protect new technologies and services and intellectual property related thereto; the cumulative loss of major contracts, customers or alliances and unfavorable credit and commercial terms of certain contracts; disruptions in the political, regulatory, economic and social conditions, or public health crisis in the countries where we conduct business; unexpected geopolitical events, armed conflicts, and terrorism threats; the refusal of the Depository Trust Company to act as depository and clearing agency for our shares; the impact of our existing and future indebtedness; a downgrade in our debt rating; the risks caused by our acquisition and divestiture activities; additional costs or risks from increasing scrutiny and expectations regarding sustainability matters; uncertainties related to our investments, including those related to energy transition; the risks caused by fixed-price contracts; our failure to timely deliver our backlog; our reliance on subcontractors, suppliers and our joint venture partners; a failure or breach of our IT infrastructure or that of our subcontractors, suppliers or joint venture partners, including as a result of cyber-attacks; risks of pirates and maritime conflicts endangering our maritime employees and assets; any delays and cost overruns of capital asset construction projects for vessels and manufacturing facilities; potential liabilities inherent in the industries in which we operate or have operated; our failure to comply with existing and future laws and regulations, including those related to environmental protection, climate change, health and safety, labor and employment, import/export controls, currency exchange, bribery and corruption, taxation, privacy, data protection and data security; uninsured claims and litigation against us; the additional restrictions on dividend payouts or share repurchases as an English public limited company; tax laws, treaties and regulations and any unfavorable findings by relevant tax authorities; significant changes or developments in U.S. or other national trade policies, including tariffs and the reactions of other countries thereto; potential departure of our key managers and employees; adverse seasonal, weather, and other climatic conditions; unfavorable currency exchange rates; risk in connection with our defined benefit pension plan commitments; and our inability to obtain sufficient bonding capacity for certain contracts, and other risks as discussed in Part I, Item 1A, 'Risk Factors' of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 and our other reports subsequently filed with the Securities and Exchange Commission. We caution you not to place undue reliance on any forward-looking statements, which speak only as of the date hereof. We undertake no obligation to publicly update or revise any of our forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise, except to the extent required by law. Exhibit 2 TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES (In millions, unaudited) Three Months Ended Six Months Ended June 30, March 31, June 30, June 30, 2025 2025 2024 2025 2024 Segment revenue Subsea $ 2,216.3 $ 1,936.2 $ 2,009.1 $ 4,152.5 $ 3,743.9 Surface Technologies 318.4 297.4 316.5 615.8 623.7 Total segment revenue $ 2,534.7 $ 2,233.6 $ 2,325.6 $ 4,768.3 $ 4,367.6 Segment operating profit Subsea $ 380.3 $ 247.9 $ 277.7 $ 628.2 $ 434.3 Surface Technologies 23.4 30.2 30.6 53.6 134.0 Total segment operating profit $ 403.7 $ 278.1 $ 308.3 $ 681.8 $ 568.3 Corporate items Corporate expense (1) $ (26.6 ) $ (25.8 ) $ (23.7 ) $ (52.4 ) $ (55.9 ) Net interest expense (14.4 ) (9.9 ) (21.4 ) (24.3 ) (34.1 ) Foreign exchange gains (losses) 12.1 (12.1 ) (17.7 ) — (22.2 ) Total corporate items $ (28.9 ) $ (47.8 ) $ (62.8 ) $ (76.7 ) $ (112.2 ) Income before income taxes (2) $ 374.8 $ 230.3 $ 245.5 $ 605.1 $ 456.1 Expand (1) Corporate expense primarily includes corporate staff expenses, share-based compensation expenses, and other employee benefits. (2) Includes amounts attributable to non-controlling interests. Expand Order Backlog (2) June 30, 2025 March 31, 2025 June 30, 2024 Subsea $ 15,810.0 $ 14,945.6 $ 12,925.9 Surface Technologies 835.9 870.4 972.9 Total order backlog $ 16,645.9 $ 15,816.0 $ 13,898.8 Expand (1) Inbound orders represent the estimated sales value of confirmed customer orders received during the reporting period. (2) Order backlog is calculated as the estimated sales value of unfilled, confirmed customer orders at the reporting date. Expand Exhibit 4 TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES (In millions, unaudited) June 30, 2025 December 31, 2024 Cash and cash equivalents $ 950.0 $ 1,157.7 Trade receivables, net 1,307.5 1,318.5 Contract assets, net 1,112.3 967.7 Inventories, net 1,221.5 1,076.7 Other current assets 1,032.2 947.0 Total current assets 5,623.5 5,467.6 Property, plant and equipment, net 2,294.2 2,133.8 Intangible assets, net 494.2 508.3 Other assets 1,670.0 1,759.5 Total assets $ 10,081.9 $ 9,869.2 Short-term debt and current portion of long-term debt $ 271.2 $ 277.9 Accounts payable, trade 1,293.8 1,302.6 Contract liabilities 2,060.3 1,786.6 Other current liabilities 1,465.7 1,497.7 Total current liabilities 5,091.0 4,864.8 Long-term debt, less current portion 425.1 607.3 Other liabilities 1,269.2 1,258.7 TechnipFMC plc stockholders' equity 3,251.6 3,093.8 Non-controlling interests 45.0 44.6 Total liabilities and equity $ 10,081.9 $ 9,869.2 Expand Exhibit 5 TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions, unaudited) Three Months Ended June 30, Six Months Ended June 30, 2025 2025 2024 Cash provided by operating activities Net income $ 268.3 $ 411.6 $ 347.2 Adjustments to reconcile net income to cash provided by operating activities Depreciation and amortization 115.2 217.6 191.6 Gain on disposal of Measurement Solutions business — — (75.2 ) Income from equity affiliates, net of dividends received 19.9 11.3 (3.4 ) Working capital (1) (138.4 ) 21.0 (473.3 ) Other operating activities 79.2 124.4 117.3 Cash provided by operating activities 344.2 785.9 104.2 Cash provided (required) by investing activities Capital expenditures (83.6 ) (145.4 ) (102.8 ) Proceeds from sales of assets 1.0 4.6 3.3 Proceeds from sale of Measurement Solutions business — — 186.1 Other investing activities — — 0.5 Cash provided (required) by investing activities (82.6 ) (140.8 ) 87.1 Cash required by financing activities Repayments of current portion of long-term debt (230.4 ) (241.6 ) (65.4 ) Dividends paid (20.6 ) (41.6 ) (43.2 ) Share repurchases (250.1 ) (500.2 ) (250.1 ) Payments related to taxes withheld on share-based compensation (7.0 ) (69.2 ) (49.7 ) Other financing activities (6.8 ) (28.2 ) (9.5 ) Cash required by financing activities (514.9 ) (880.8 ) (417.9 ) Effect of changes in foreign exchange rates on cash and cash equivalents 16.5 28.0 (16.9 ) Change in cash and cash equivalents (236.8 ) (207.7 ) (243.5 ) Cash and cash equivalents, beginning of period 1,186.8 1,157.7 951.7 Cash and cash equivalents, end of period $ 950.0 $ 950.0 $ 708.2 Expand (1) Working capital includes receivables, payables, inventories and other current assets and liabilities. Expand Exhibit 6 TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (In millions, except per share data, unaudited) In addition to financial results determined in accordance with U.S. generally accepted accounting principles (GAAP), the second quarter 2025 Earnings Release also includes non-GAAP financial measures (as defined in Item 10 of Regulation S-K of the Securities Exchange Act of 1934, as amended) and describes performance on a year-over-year or sequential basis. Net income attributable to TechnipFMC plc, excluding charges and credits, as well as measures derived from it (including Diluted EPS, excluding charges and credits; Earnings before net interest expense, income taxes, depreciation and amortization, excluding charges and credits ('Adjusted EBITDA'); and Adjusted EBITDA, excluding foreign exchange gains or losses, net; Adjusted EBITDA margin; Adjusted EBITDA margin, excluding foreign exchange, net); Corporate expense, net; Foreign exchange, net and other, excluding charges and credits; net cash (debt); and free cash flow are non-GAAP financial measures. Non-GAAP adjustments are presented on a gross basis and the tax impact of the non-GAAP adjustments is separately presented in the applicable reconciliation table. Estimates of the tax effect of each adjustment is calculated item by item, by reviewing the relevant jurisdictional tax rate to the pretax non-GAAP amounts, analyzing the nature of the item and/or the tax jurisdiction in which the item has been recorded, the need of application of a specific tax rate, history of non-GAAP taxable income positions (i.e. net operating loss carryforwards) and concluding on the valuation allowance positions. Management believes that the exclusion of charges, credits and foreign exchange impacts from these financial measures provides a useful perspective on the Company's underlying business results and operating trends, and a means to evaluate TechnipFMC's operations and consolidated results of operations period-over-period. These measures are also used by management as performance measures in determining certain incentive compensation. The foregoing non-GAAP financial measures should be considered by investors in addition to, not as a substitute for or superior to, other measures of financial performance prepared in accordance with GAAP. The following is a reconciliation of the most comparable financial measures under GAAP to the non-GAAP financial measures. Expand Exhibit 7 TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES (In millions, unaudited) Three Months Ended Six Months Ended June 30, 2025 March 31, 2025 June 30, 2024 June 30, 2025 June 30, 2024 Net income attributable to TechnipFMC plc $ 269.5 $ 142.0 $ 186.5 $ 411.5 $ 343.6 (Income) loss attributable to non-controlling interests (1.2 ) 1.3 (0.2 ) 0.1 3.6 Provision for income tax 106.5 87.0 59.2 193.5 108.9 Net interest expense 14.4 9.9 21.4 24.3 34.1 Depreciation and amortization 115.2 102.4 92.1 217.6 191.6 Restructuring, impairment and other charges 16.4 1.2 2.4 17.6 7.4 Gain on disposal of Measurement Solutions business — — — — (75.2 ) Adjusted EBITDA $ 520.8 $ 343.8 $ 361.4 $ 864.6 $ 614.0 Foreign exchange, net (12.1 ) 12.1 17.7 — 22.2 Adjusted EBITDA, excluding foreign exchange, net $ 508.7 $ 355.9 $ 379.1 $ 864.6 $ 636.2 Expand Exhibit 8 TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES (In millions, unaudited) Three Months Ended June 30, 2025 Revenue $ 2,216.3 $ 318.4 $ — $ — $ 2,534.7 Operating profit (loss), as reported (pre-tax) $ 380.3 $ 23.4 $ (26.6 ) $ 12.1 $ 389.2 Charges and (credits): Restructuring, impairment and other charges (1.8 ) 18.2 — — 16.4 Subtotal (1.8 ) 18.2 — — 16.4 Depreciation and amortization 104.4 10.7 0.1 — 115.2 Adjusted EBITDA $ 482.9 $ 52.3 $ (26.5 ) $ 12.1 $ 520.8 Foreign exchange, net — — — (12.1 ) (12.1 ) Adjusted EBITDA, excluding foreign exchange, net $ 482.9 $ 52.3 $ (26.5 ) $ — $ 508.7 Operating profit margin, as reported 17.2 % 7.3 % 15.4 % Adjusted EBITDA margin 21.8 % 16.4 % 20.5 % Adjusted EBITDA margin, excluding foreign exchange, net 21.8 % 16.4 % 20.1 % Expand Exhibit 8 TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES (In millions, unaudited) Three Months Ended March 31, 2025 Revenue $ 1,936.2 $ 297.4 $ — $ — $ 2,233.6 Charges and (credits): Restructuring, impairment and other charges 0.5 0.7 — — 1.2 Subtotal 0.5 0.7 — — 1.2 Depreciation and amortization 86.5 15.7 0.2 — 102.4 Adjusted EBITDA $ 334.9 $ 46.6 $ (25.6 ) $ (12.1 ) $ 343.8 Foreign exchange, net — — — 12.1 12.1 Adjusted EBITDA, excluding foreign exchange, net $ 334.9 $ 46.6 $ (25.6 ) $ — $ 355.9 Operating profit margin, as reported 12.8 % 10.2 % 10.8 % Adjusted EBITDA margin 17.3 % 15.7 % 15.4 % Adjusted EBITDA margin, excluding foreign exchange, net 17.3 % 15.7 % 15.9 % Expand Exhibit 8 TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES (In millions, unaudited) Three Months Ended June 30, 2024 Revenue $ 2,009.1 $ 316.5 $ — $ — $ 2,325.6 Charges and (credits): Subtotal (0.2 ) 2.6 — — 2.4 Depreciation and amortization 79.0 12.8 0.3 — 92.1 Adjusted EBITDA $ 356.5 $ 46.0 $ (23.4 ) $ (17.7 ) $ 361.4 Foreign exchange, net — — — 17.7 17.7 Adjusted EBITDA, excluding foreign exchange, net $ 356.5 $ 46.0 $ (23.4 ) $ — $ 379.1 Operating profit margin, as reported 13.8 % 9.7 % 11.5 % Adjusted EBITDA margin 17.7 % 14.5 % 15.5 % Adjusted EBITDA margin, excluding foreign exchange, net 17.7 % 14.5 % 16.3 % Expand Exhibit 9 TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES (In millions, unaudited) Six Months Ended June 30, 2025 Revenue $ 4,152.5 $ 615.8 $ — $ — $ 4,768.3 Operating profit (loss), as reported (pre-tax) $ 628.2 $ 53.6 $ (52.4 ) $ — $ 629.4 Charges and (credits): Subtotal (1.3 ) 18.9 — — 17.6 Depreciation and amortization 190.9 26.4 0.3 — 217.6 Adjusted EBITDA $ 817.8 $ 98.9 $ (52.1 ) $ — $ 864.6 Foreign exchange, net — — — — — Adjusted EBITDA, excluding foreign exchange, net $ 817.8 $ 98.9 $ (52.1 ) $ — $ 864.6 Operating profit margin, as reported 15.1 % 8.7 % 13.2 % Adjusted EBITDA margin 19.7 % 16.1 % 18.1 % Adjusted EBITDA margin, excluding foreign exchange, net 19.7 % 16.1 % 18.1 % Expand Exhibit 9 TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES (In millions, unaudited) Six Months Ended June 30, 2024 Revenue $ 3,743.9 $ 623.7 $ — $ — $ 4,367.6 Operating profit (loss), as reported (pre-tax) $ 434.3 $ 134.0 $ (55.9 ) $ (22.2 ) $ 490.2 Charges and (credits): Restructuring, impairment and other charges (0.2 ) 2.4 5.2 — 7.4 Gain on disposal of Measurement Solutions business — (75.2 ) — (75.2 ) Subtotal (0.2 ) (72.8 ) 5.2 — (67.8 ) Depreciation and amortization 164.8 26.2 0.6 — 191.6 Adjusted EBITDA $ 598.9 $ 87.4 $ (50.1 ) $ (22.2 ) $ 614.0 Foreign exchange, net — — — 22.2 22.2 Adjusted EBITDA, excluding foreign exchange, net $ 598.9 $ 87.4 $ (50.1 ) $ — $ 636.2 Operating profit margin, as reported 11.6 % 21.5 % 11.2 % Adjusted EBITDA margin 16.0 % 14.0 % 14.1 % Adjusted EBITDA margin, excluding foreign exchange, net 16.0 % 14.0 % 14.6 % Expand Exhibit 10 TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (In millions, unaudited) June 30, 2025 March 31, 2025 June 30, 2024 Cash and cash equivalents $ 950.0 $ 1,186.8 $ 708.2 Short-term debt and current portion of long-term debt (271.2 ) (494.1 ) (321.6 ) Long-term debt, less current portion (425.1 ) (410.8 ) (646.8 ) Net cash (debt) $ 253.7 $ 281.9 $ (260.2 ) Net cash (debt) is a non-GAAP financial measure reflecting cash and cash equivalents, net of debt. Management uses this non-GAAP financial measure to evaluate our capital structure and financial leverage. We believe net cash is a meaningful financial measure that may assist investors in understanding our financial condition and recognizing underlying trends in our capital structure. Net cash should not be considered an alternative to, or more meaningful than, cash and cash equivalents as determined in accordance with U.S. GAAP or as an indicator of our operating performance or liquidity. Expand Exhibit 11 TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES (In millions, unaudited) Three Months Ended June 30, Six Months Ended June 30, 2025 2025 2024 Cash provided by operating activities $ 344.2 $ 785.9 $ 104.2 Capital expenditures (83.6 ) (145.4 ) (102.8 ) Free cash flow $ 260.6 $ 640.5 $ 1.4 Free cash flow, is a non-GAAP financial measure and is defined as cash provided by operating activities less capital expenditures. Management uses this non-GAAP financial measure to evaluate our financial condition. We believe free cash flow is a meaningful financial measure that may assist investors in understanding our financial condition and results of operations. Expand
Mid East Info
18-07-2025
- Business
- Mid East Info
e& and 4iG Group partner to advance cross-regional digital infrastructure - Middle East Business News and Information
e& and 4iG Group, the leading provider of integrated telecommunications services in Hungary and the Western Balkans, have signed a strategic Memorandum of Understanding (MoU) to explore collaboration across key areas of digital infrastructure. Hatem Dowidar, Group Chief Executive Officer, e&, said: 'Our strategic partnership with 4iG is an important step in strengthening cross-regional digital infrastructure that supports economic growth, resilience, and innovation. Rooted in purposeful innovation and a belief in the power of infrastructure to unlock human potential, we see this collaboration as a platform for long-term projects that bridge continents, empower communities, and accelerate inclusive digital transformation across the Middle East, North Africa, and Europe.' Gellért Jászai, Chairman, 4iG Group, said: 'Partnering with e& opens new avenues for collaboration across fast-growing digital corridors that link Europe with the Middle East and Africa. By combining our regional strength with e&'s global reach, we are building a strategic alliance focused on unlocking long-term value through innovation, infrastructure development, and shared investment opportunities.' The MoU sets the framework for future cooperation between e& and 4iG in the planning, development, and operation of advanced connectivity and data infrastructure. This includes potential joint initiatives in subsea and terrestrial networks, large-scale data centres, and other strategic projects that enhance digital interconnection between the Middle East, North Africa, and Europe. The preliminary scope also includes a jointly developed data centre in Albania to support subsea data traffic, and the potential development of other digital infrastructure in Hungary via e& PPF Telecom. Furthermore, the partnership will aim to cooperate on planning, implementation and operation of Subsea cable projects connecting primarily Middle East, North Africa and Europe. This will support the digital needs of tens of millions in the region, supporting global trade and economic development. By combining e&'s global expertise in telecom infrastructure and network development with 4iG's regional leadership and decades of experience in transit networks across the Western Balkans, the partnership lays the groundwork for scalable digital infrastructure projects and increased cross-border collaboration. This agreement is part of a broader set of strategic MoUs signed by 4iG Group with leading UAE entities, including EDGE Group and Mubadala Investment Company. Together, these partnerships reflect a shared ambition to deepen economic ties between Hungary and the UAE, while advancing cooperation in priority sectors such as digital infrastructure, defence technologies, and strategic investments. This also sets the path for future trade alliances: flexible, strategic, and built on common pillars of sustainable development, innovation, and economic cooperation. About e&: e& is a global technology group committed to advancing the digital future across markets in the Middle East, Asia, Africa and Europe. With the group's financial performance in 2024 showing a consolidated revenue of AED 59.2 billion and a net profit of AED 10.8 billion, e& continues to maintain its position as a financial powerhouse, reflected by its strong credit rating and solid balance sheet. Founded in Abu Dhabi over 48 years ago, e& has evolved from a telecom pioneer into a technology group. Its footprint now spans 38 countries, offering a comprehensive portfolio of innovative digital services ranging from advanced connectivity, entertainment, streaming and financial services to AI-powered solutions, cloud computing, ICT, cybersecurity and IoT platforms. The Group is structured around five core business pillars: e& UAE, e& international, e& life, e& enterprise and e& capital, each catering to distinct customer and market needs. These pillars empower e& to lead in various sectors, from telecom and digital lifestyle to enterprise services and venture investments. The ongoing strategic investments in AI, IoT, 5G and cloud services reinforce its leadership in the global technology landscape, driving the future of smart connectivity and innovation. Driven by innovation, sustainability and a commitment to digital empowerment, e& is set on creating a smarter, more connected future for individuals, businesses and communities. About 4iG Group: 4iG Plc. is a Hungarian majority-owned company based in Budapest. It is a leading telecommunication, IT, aerospace and defence group in Hungary and the Western Balkans, and a key player in the knowledge-based digital economy. The Budapest Stock Exchange-listed company has a fresh and innovative approach, and its position as Hungary's leading IT systems integrator makes it a leading business service provider in the region's digital transformation. 4iG's dynamic expansion strategy has resulted in the company becoming a dominant player in the Hungarian and Western Balkan telecom markets. The Group is continuously expanding its services, expertise, and portfolio to meet the changing needs and demands of the telecom and IT markets. 4iG Group is a substantial employer, with a workforce of over 8,000 people.
Business Wire
09-07-2025
- Business
- Business Wire
Hunting PLC ('Hunting' or 'the Company' or 'the Group') H1 2025 Trading Update, Increased Targeted Annual Dividends and Share Buyback Programme of up to $40 million
LONDON--(BUSINESS WIRE)--Hunting PLC (LSE:HTG), the precision engineering group, today publishes its H1 2025 Trading Update, announces an increase to its annual targeted dividend distributions, and proposes a Share Buyback programme of up to $40 million. Highlights Good year-on-year growth in EBITDA to c.$68-$70 million in H1 2025, up c.16% from H1 2024, led by a robust contribution from the OCTG product group. EBITDA margin of c.13% generated in the period. Total cash and bank / (borrowings) of c.$79 million as at 30 June 2025, with significant additional liquidity available via the Group's credit facilities to fund growth. Period-end sales order book of c.$450 million, ahead of Q1 2025 position of $439 million, with a tender pipeline of c.$1.1 billion. $38 million of new orders secured for the Group's titanium stress joints in the Gulf of Mexico and new plug and abandonment and field decommissioning projects in the North Sea. Net acquisition spend of c.$69 million after purchase of Flexible Engineered Solutions (Group) Holdings Limited ('FES') and Organic Oil Recovery ('OOR') technology and disposal of the Rival Downhole Tools investment. Ongoing restructuring of EMEA operating segment to save annualised costs of c.$10 million. Targeted annual dividend increase raised from 10% to 13%. Share Buyback programme of up to $40 million scheduled to commence following publication of the 2025 half year results, with the intention to complete over next 12 months. 2025 full year EBITDA guidance of c.$135-$145 million retained. Targeted year-end total cash and bank / (borrowings) position of c.$65-$75 million. Jim Johnson, Chief Executive of Hunting, commented: "Hunting has taken a significant step forward in the execution of its 2030 Strategy, with the completion of two acquisitions, which will accelerate growth in revenue and EBITDA to the end of the decade. Both FES and OOR demonstrate strong margin profiles, well in excess of the Group's long-range stated target of 15%. 'Our sales order book supports the robust outlook for the Group while our success within our Subsea product group in the Gulf of Mexico and North Sea confirms our strategy of pivoting our sales profile to longer cycle, more stable revenue opportunities. 'The first half of 2025 has seen strong trading for the Group. Hunting's robust cash generation and significant financial flexibility enables us to commence a Share Buyback and increase our targeted annual dividend distributions. We also continue to actively monitor further bolt-on M&A opportunities.' Trading Update Delivery of Hunting 2030 Strategy Hunting completed two acquisitions in the period, which will accelerate growth, generate higher cash flows, and improve capital returns going forward. The acquisition of FES, announced on 24 June 2025, for a consideration of $63 million, after closing adjustments, and the acquisition of the OOR technology from its founding shareholders on 7 March 2025, for a consideration of $18 million, are key milestones in the delivery of the Hunting 2030 Strategy. Hunting also disposed of its interest in Rival Downhole Tools in March 2025 for $12 million. Acquisition costs of c.$3 million have been incurred in the period and will be recorded as a one-off adjusting item in the 2025 half year results. During the period, the Group announced strong progress in expanding its regional and end-user presence for its titanium stress joint offering. The Subsea Spring business secured a new order from BP in the Gulf of Mexico, which represents a new blue-chip client for Hunting for this product. In addition, the Group's Enpro Subsea business secured a field decommissioning order for its Flow Access Module in the North Sea. In January 2025, the Group announced a material restructuring and cost reduction programme across its EMEA operating segment to save at least $10 million per annum. Hunting is in the process of closing its operating sites in the Netherlands and Norway and transferring assets to Indonesia, Saudi Arabia, the UAE and the UK, while retaining a sales presence in Norway. A restructuring charge of c.$9 million will be recorded as a one-off adjusting item in the Group's 2025 half year results. Product groups In the period, the Group's OCTG product group traded ahead of management's expectations, as stronger margins were delivered through the final four shipments of OCTG and premium connections to Kuwait Oil Company ('KOC'). These are in addition to strong bookings received within Hunting's North America OCTG business, as demand for high-torque, longer lateral well completions was reported. Despite the softening in the North American onshore market, the Perforating Systems product group returned to profitability in the period as the impact of the recent restructuring and the focus on improving production variances, including a higher level of cost overhead absorption for certain product lines being delivered, led to the improved performance. Hunting's Subsea product group's performance is expected to be second-half weighted, with a number of planned deliveries in H2 2025, alongside the contribution from FES. The Advanced Manufacturing product group reported performance marginally behind plan as slower MWD/LWD component sales were partially offset by more robust non-oil and gas sales. Overall, the outlook for all product groups remains solid with opportunities for growth in all of Hunting's key operating regions, despite the market volatility seen in the first half of the year. Operating segments In respect of the Group's reported operating segments, results have overall been in line with expectations, with North America and Asia Pacific ahead of expectations and EMEA and Subsea Technologies marginally behind plan. The restructuring of the EMEA operating segment will be completed by the end of Q3 2025, with a neutral EBITDA being projected for the operating segment for the full year. Sales order book and tender pipeline Although there was significant market volatility during the quarter, the Group reports a period-end sales order book of c.$450 million, which is ahead of the Q1 2025 position of $439 million, as new OCTG, Subsea and Advanced Manufacturing orders were secured. With the acquisition of FES, coupled with potential orders for OCTG across the Group's international footprint, the Group's tender pipeline remains extremely strong at c.$1.1 billion. 2025 full year guidance Based on these trading results, the Directors remain comfortable with full year EBITDA guidance of c.$135-$145 million, in line with market expectations. Year-end total cash and bank / (borrowings) position is expected to be c.$65-$75 million, before the proposed Share Buyback and any other possible M&A. Proposed Share Buyback Programme (the 'Share Buyback') 1 The Directors regularly review the Group's cash performance and ongoing capital requirements within the capital allocation framework. The Board concluded that it is currently appropriate to undertake a capital return of up to $40 million (excluding stamp duty and expenses) through a Share Buyback. Hunting will retain sufficient financial flexibility to continue investing in its strategy to deliver sustainable growth and attractive returns. The Directors reserve the right to pause or stop the Share Buyback if a compelling acquisition opportunity or strategic capital investment is approved by the Directors and is considered to be in the best interests of shareholders. Any shares purchased by the Company pursuant to the Share Buyback programme will be cancelled and the Company's share capital will be reduced accordingly. Hunting proposes to commence the Share Buyback on Thursday 28 August 2025 when it publishes its 2025 half year results and exits its current close period. The Directors anticipate that the Share Buyback, if implemented in full, will take up to 12 months to complete. A further announcement concerning the Share Buyback programme will be made upon its commencement. Dividend The Directors continue to believe that a clear annual dividend policy is a key element of the Hunting investment case. At the September 2023 Capital Markets Day ('CMD'), Hunting announced its long-term dividend policy, whereby total dividend distributions would increase at a minimum rate of 10% annually to 2030. Reflecting the Company's strong cash generation since the CMD and pivot to longer cycle sales, the Directors have decided to raise the targeted annual increase in dividends to 13% following the capital allocation policy review. Other Capital Allocation Considerations The Directors re-affirm the Board's capital allocation policy whereby the Company will continue to invest in the Group's core operations with organic capital investment remaining broadly in line with the Group's depreciation to the end of the decade. Further, the Directors continue to pursue bolt-on acquisitions in areas including subsea technologies, intelligent well completions and non-oil and gas, all of which form the basis of the Hunting 2030 Strategy. Investor Meet Company Webcast Hunting's management will provide a live presentation via the Investor Meet Company platform today commencing at 2:00p.m. (UK) / 8:00a.m. (CST). The presentation is open to all existing and potential shareholders. Questions can be submitted via the Investor Meet Company webcast during the live presentation. Investors can sign up to Investor Meet Company free and add to meet Hunting PLC at: Investors who already follow Hunting on the Investor Meet Company platform will automatically be invited. 2025 Half Year Results Hunting PLC will announce its 2025 half year results on Thursday 28 August 2025. About Hunting PLC Hunting is a global, precision engineering group that provides precision-manufactured equipment and premium services, which add value for our customers. Established in 1874, it is a listed public company, quoted on the London Stock Exchange in the Equity Shares in Commercial Companies ('ESCC') category. The Company maintains a corporate office in Houston and is headquartered in London. As well as the United Kingdom, the Company has operations in China, India, Indonesia, Mexico, Netherlands, Norway, Saudi Arabia, Singapore, United Arab Emirates and the United States of America. The Group reports in US dollars across five operating segments: Hunting Titan; North America; Subsea Technologies; Europe, Middle East and Africa ('EMEA'); and Asia Pacific. The Group also reports revenue and EBITDA financial metrics based on five product groups: OCTG; Perforating Systems; Subsea; Advanced Manufacturing; and Other Manufacturing. Hunting PLC's Legal Entity Identifier is 2138008S5FL78ITZRN66. Inside information The information contained within this announcement is considered by Hunting to constitute inside information as stipulated under the Market Abuse Regulation (EU) No.596/2014 (as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018). On the publication of this announcement via a Regulatory Information Service, such information is now considered to be in the public domain. This announcement contains inside information. The person responsible for this announcement at Hunting is Ben Willey, Company Secretary. Note A resolution, which gives the Directors authority to execute a share buyback, was approved at the Company's Annual General Meeting ('AGM') in April 2025. Further information in relation to the resolution can be found with the 2025 Notice of AGM at
