Thu, Jul 25, 8:03 PM (44 days ago)
TechnipFMC's Q2 2024 financial report indicates a robust performance, with a 17.9% increase in revenue to $2,325.6 million, driven primarily by the Subsea segment's 24.1% growth. The Subsea backlog rose to $12,925.9 million, reflecting strong inbound orders. Gross profit improved significantly to $500.9 million, up from $330.4 million in Q2 2023, attributed to higher volumes and favorable activity mix. The Surface Technologies segment saw a 10.5% revenue decline due to the sale of its Measurement Solutions business and reduced North American activity. However, operating profit for Surface Technologies increased by 19.1%, reflecting improved operational performance. The company reported a net income of $186.5 million, a substantial turnaround from a $96.3 million loss in Q2 2023. TechnipFMC's financial position remains strong, with $708.2 million in cash and cash equivalents and a net debt position of $260.2 million. The company also declared a quarterly dividend and continued its share repurchase program, reflecting confidence in its financial health and future prospects.