Thu, Oct 24, 8:03 PM (70 days ago)
In the third quarter of 2024, TechnipFMC plc (FTI) reported significant growth, with total revenue increasing to $2,348.4 million, a 14.2% rise from the previous year, driven primarily by a 49.6% backlog increase in Subsea services. Net income surged to $274.6 million, compared to $90.0 million in Q3 2023, reflecting improved profit margins and operational efficiencies. The Subsea segment achieved a remarkable operating profit margin of 14.2%, up from 10.4% in the prior year. The company generated $382.1 million from operating activities, showcasing enhanced cash flow management. Despite a decrease in Surface Technologies revenue, the overall order backlog reached a record $14.7 billion, indicating strong future demand. TechnipFMC also achieved a gain of $75.2 million from the disposal of its Measurement Solutions business, positively impacting profitability. The firm maintained a robust liquidity position, with cash and equivalents totaling $837.5 million, and announced a quarterly dividend of $0.05 per share. With ongoing investments in new energy solutions and a focus on subsea technologies, TechnipFMC is well-positioned for sustained growth amidst evolving market dynamics.