- Company reported net income of
$190.8 million and adjusted EBITDA of $684.4 million
- Company announced a $500 million
share repurchase program and planning for a quarterly dividend
following third quarter 2017 results
Regulatory News:
TechnipFMC plc (Paris:FTI) (NYSE:FTI) (ISIN:GB00BDSFG982) (NYSE
and Euronext: FTI) today reported first quarter 2017 revenue of
$3.4 billion.
Diluted earnings per share were $0.41, which includes total
Company pre-tax charges and credits of $193.5 million, or $0.30 per
diluted share as detailed in the attached financial schedules.
Adjusted1 diluted earnings per share were $0.71.
Total Company net income was $190.8 million, including corporate
income due to foreign exchange gains; adjusted EBITDA was $684.4
million.
The Company also announced that its Board of Directors approved
a capital allocation plan that includes the authorization of a
share repurchase program of up to $500 million of the Company’s
stock to be completed by the end of 2018 and planning for a
quarterly dividend following third quarter 2017 results. The
implementation of this capital allocation program is subject to
U.K. required approval of distributable reserves, which is expected
to be completed in the third quarter of 2017.
“Our merger is completed. We are now leveraging the unparalleled
breadth of capabilities of TechnipFMC – from our industry-leading
front-end engineering, our culture of innovation that is bringing
to market next-generation solutions, to our reputation of superior
project management,” said Doug Pferdehirt, CEO of TechnipFMC.
“These capabilities, coupled with our unique commercial alignment
to deliver efficiencies across the value chain, allow us to drive
the change required for real, sustainable improvement to project
economics – improvements which enable our customers to sanction
more projects with greater confidence in cost and time to
production.”
1 Adjusted results exclude the impact of charges and credits.
See reconciliation of U.S. GAAP to non-GAAP financial measures in
the attached tables.
“Although the global energy market remains challenged, we
benefit from the recovery of the short-cycle North America market
as well as strong execution on our backlog of longer cycle
projects.”
“In subsea, market acceptance of our combined offering has been
demonstrated by an acceleration of front-end studies. These studies
are being converted to iEPCI™ awards including the Shell Kaikias
project. Other recent project awards, including our award of
ExxonMobil Liza, further illustrate returning confidence in the
subsea market.”
Pferdehirt added, “Execution remains fundamental to our
performance, and our strong project management capability has been
demonstrated, for example, in our LNG project portfolio which
delivered Petronas Satu, the first-ever floating LNG (FLNG) to be
operational, and continues to make progress on both the Shell
Prelude FLNG and Yamal LNG projects.”
Pferdehirt concluded, “As our first quarter results have shown,
it is the remarkable women and men of TechnipFMC – now working
together – who provide the unparalleled ability and determination
to drive real change required in our industry.”
Order Intake and Backlog
During the first quarter of 2017, the Company’s order intake was
$1.6 billion. The breakdown by business segment was as follows:
- Subsea order intake of $666
million;
- Onshore/Offshore order intake of $682
million; and
- Surface Technologies order intake of
$241.5 million.
At the end of the first quarter 2017, the Company’s backlog was
$16.1 billion, composed of the following:
- Subsea backlog of $6.6 billion;
- Onshore/Offshore backlog of $9.1
billion; and
- Surface Technologies backlog of $0.4
billion.
Operational and Financial Highlights – First Quarter
20172
Subsea
Subsea reported first quarter revenues of $1.4 billion. Major
projects include Total Kaombo and Moho Nord, and ENI Jangkrik.
Revenues were down 42 percent, primarily due to a reduction in
project activity within Europe and Africa, partially offset by
increased project activity in Asia Pacific. Prior-year declines in
inbound orders continue to impact near-term revenues.
Vessel utilization rate for the first quarter of 2017 was 68
percent, down from the 78 percent rate in the fourth quarter of
2016.
Subsea reported operating profit of $54.2 million; adjusted
EBITDA was $238.6 million with margins of 17.3 percent. Adjusted
EBITDA margins increased from the prior year pro forma results,
despite the 42 percent revenue decline. Operating performance
reflected the results of strong project execution, cost reductions,
and restructuring.
2 Because this is the first quarter of operation following our
merger, we have prepared pro forma financial statements for 2016 as
if the merger had been completed on January 1, 2016. All prior year
quarter comparisons are to these pro forma results. In addition,
because our merger did not close until January 16, 2017, we have a
sixteen day “stub period” for FMC Technologies, Inc. that has been
excluded from this quarter.
Onshore/Offshore
Onshore/Offshore reported first quarter revenues of $1.8
billion. Major projects include Yamal LNG, Shell Prelude FLNG, and
SIBUR Zapsib 2.
Revenues declined 19 percent from the prior-year quarter on a
pro forma basis, which includes the full consolidation of Yamal
LNG. Revenues were lower as a result of reduced project activity,
notably in the Middle East and Americas.
Onshore/Offshore reported operating profit of $139.9 million;
adjusted EBITDA was $152.2 million with margins of 8.6 percent.
Adjusted EBITDA and margins improved year-over-year, compared
with the pro forma results, despite the revenue decline as project
profitability improved with the achievement of key construction
milestones.
Surface Technologies
Surface Technologies reported first quarter revenue of $248.4
million. Revenues were down 29 percent from the prior-year quarter,
due in part to the exclusion of the first sixteen days of the
current year quarter. In addition, the favorable impact from the
continuing recovery in North America was partially offset by
competitive pricing in international markets and lower product
sales.
Surface Technologies reported an operating loss of $18.6
million; adjusted EBITDA was $36 million with margins of 14.5
percent.
Adjusted EBITDA and margins significantly improved
year-over-year, despite the revenue decline primarily due to the
benefit of product mix related to fluid control sales and a more
favorable cost structure.
Corporate Items
Corporate income in the first quarter was $204.2 million, which
included charges and credits of $51.1 million. The income in the
quarter was primarily due to foreign exchange gains of $306.9
million.
Net interest expense was $81.7 million in the quarter, including
$67.7 million from the remeasurement of a liability payable to
joint venture partners.
Total depreciation and amortization for the first quarter was
$154.1 million, including depreciation and amortization related to
purchase price accounting for the merger of $42.9 million.
Capital expenditures were $51.2 million.
The Company recorded a tax provision of $103.7 million. The
reported tax rate was 34.8 percent. Excluding the effects of the
liability remeasurement within net interest expense, for which
there is no tax benefit, the effective tax rate was 28.4 percent
for the first quarter.
Summary
TechnipFMC reported first quarter diluted earnings per share of
$0.41, which included corporate income due to foreign exchange
gains. Excluding charges and credits, adjusted diluted earnings per
share were $0.71.
Total Company operating profit was $379.7 million; adjusted
EBITDA was $684.4 million.
Quarterly segment performance is summarized below when compared
to 2016 on a pro forma basis:
- Subsea reported operating profit of
$54.2 million. Adjusted EBITDA was $238.6 million. Subsea improved
adjusted EBITDA margins to 17.3 percent, despite a 42 percent
revenue decline from the prior-year quarter.
- Onshore/Offshore reported operating
profit of $139.9 million. Adjusted EBITDA was $152.2 million with
margins of 8.6 percent. Adjusted EBITDA and margins increased
year-over-year, despite a 19 percent revenue decline.
- Surface Technologies reported an
operating loss of $18.6 million. Adjusted EBITDA was $36 million
with margins of 14.5 percent. Adjusted EBITDA and margins increased
year-over-year, despite a 29 percent revenue decline.
Full-year 2017 guidance will be discussed on the Company’s first
quarter earnings conference call.
The teleconference is scheduled at 1 p.m. London time (8 a.m.
New York time) on Thursday, April 27, 2017 and will be accompanied
by a supporting presentation that will be made available at
http://investors.technipfmc.com prior to the start of the
teleconference.
###
About TechnipFMC
TechnipFMC is a global leader in subsea, onshore/offshore, and
surface projects. With our proprietary technologies and production
systems, integrated expertise, and comprehensive solutions, we are
transforming our clients’ project economics.
We are uniquely positioned to deliver greater efficiency across
project lifecycles from concept to project delivery and beyond.
Through innovative technologies and improved efficiencies, our
offering unlocks new possibilities for our clients in developing
their oil and gas resources.
Each of our more than 40,000 employees is driven by a steady
commitment to clients and a culture of purposeful innovation,
challenging industry conventions, and rethinking how the best
results are achieved.
To learn more about us and how we are enhancing the performance
of the world’s energy industry, go to TechnipFMC.com and follow us
on Twitter @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. Words such as “believe,”
“expect,” “anticipate,” “plan,” “intend,” “foresee,” “should,”
“would,” “could,” “may,” “estimate,” “outlook” and similar
expressions are intended to identify forward-looking statements,
which are generally not historical in nature. Such forward-looking
statements involve significant risks, uncertainties and assumptions
that could cause actual results to differ materially from our
historical experience and our present expectations or projections,
including the following known material factors:
- reductions in client spending or a
slowdown in client payments;
- unanticipated changes relating to
competitive factors in our industry;
- demand for our products and services,
which is affected by changes in the price of, and demand for, crude
oil and natural gas in domestic and international markets;
- potential liabilities arising out of
the installation or use of our products;
- cost overruns that may affect profit
realized on our fixed price contracts;
- disruptions in the timely delivery of
our backlog and its effect on our future sales, profitability, and
our relationships with our customers;
- rising costs and availability of raw
materials;
- ability to hire and retain key
personnel;
- piracy risks for our maritime employees
and assets;
- ability to attract new clients and
retain existing clients in the manner anticipated;
- compliance with and changes in
legislation or governmental regulations affecting us;
- international, national or local
economic, social or political conditions that could adversely
affect us or our clients;
- risks associated with The Depositary
Trust Company and Euroclear for clearance services for shares
traded on the NYSE and Euronext Paris, respectively;
- results on the United Kingdom’s
referendum on withdrawal from the European union;
- risks associated with being an English
public limited company, including the need for court approval of
“distributable profits” and stockholder approval of certain capital
structure decisions;
- compliance with covenants under our
debt instruments and conditions in the credit markets;
- risks associated with assumptions we
make in connection with our critical accounting estimates and legal
proceedings;
- the risk that we may not be able to pay
dividends or repurchase shares in accordance with our announced
capital allocation plan, or at all;
- the risks of currency fluctuations and
foreign exchange controls associated with our international
operations;
- risks that the legacy businesses of FMC
Technologies, Inc. and Technip S.A. will not be integrated
successfully or that the combined company will not realize
estimated cost savings, value of certain tax assets, synergies and
growth or that such benefits may take longer to realize than
expected;
- unanticipated costs of
integration;
- reliance on and integration of
information technology systems;
- risks associated with tax liabilities,
or changes in U.S. federal or international tax laws or
interpretations to which they are subject; and
- such other risk factors set forth in
our filings with the United States Securities and Exchange
Commission and in our filings with the Autorité des marchés
financiers or the U.K. Financial Conduct Authority.
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.
The event will be available at
http://investors.technipfmc.com. 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 at
http://investors.technipfmc.com.
TECHNIPFMC plc AND
CONSOLIDATED SUBSIDIARIESGAAP
FINANCIAL STATEMENTS
The U.S. GAAP financial statements for TechnipFMC plc and
consolidated subsidiaries are provided on the following pages. The
financial results reflect the following information:
- On January 16, 2017, TechnipFMC was
created by the business combination of Technip S.A. (Technip) and
FMC Technologies, Inc. (FMC Technologies).
- In December of 2016, Technip increased
its ownership in the Yamal LNG Joint Ventureand became the
controlling shareholder. Under US GAAP, this resulted in full
consolidation of the Joint Venture on the date of the
transaction.
Therefore, the results for the three months ended March 31,
2017:
1. Include Technip for the full period;
2. Include the results of FMC Technologies
for the period January 17 to March 31, 2017;revenues of $112.9
million during the period from January 1 to January 16, 2017 were
excluded, of which approximately 70 percent came from the Subsea
segment; and
3. Fully consolidate the Yamal LNG Joint
Venture for the full period, within the Onshore/Offshore
segment.
The results for the three months ended March 31, 2016 only
include the results of Technip, inclusive of the equity in
affiliate income from the Yamal LNG Joint Venture.
TECHNIPFMC PLC
AND CONSOLIDATED SUBSIDIARIESCONDENSED CONSOLIDATED
STATEMENTS OF INCOME(In millions except per share
amounts)
(unaudited) Three Months Ended March
31 2017 2016 Revenue $ 3,388.0 $ 2,405.7
Costs and expenses 3,345.1 2,209.3 42.9 196.4 Other income
(expense), net 336.8 11.7 Income before net interest expense
and income taxes 379.7 208.1 Net interest expense (81.7) (13.3)
Income before income taxes 298.0 194.8 Provision for income
taxes 103.7 47.5 Net income 194.3 147.3 Net (income) loss
attributable to noncontrolling interests (3.5) 0.1 Net
income attributable to TechnipFMC plc $ 190.8 $ 147.4
Earnings per share attributable to TechnipFMC plc: Basic $ 0.41 $
1.25 Diluted $ 0.41 $ 1.21 Weighted average shares
outstanding: Basic 466.6 118.2 Diluted 468.9 124.4
TECHNIPFMC PLC
AND CONSOLIDATED SUBSIDIARIESBUSINESS SEGMENT
DATA(In millions)
(unaudited) Three Months Ended March 31
2017 2016 Revenue Subsea $
1,376.7 $ 1,517.2 Onshore/Offshore 1,764.0 888.5 Surface
Technologies 248.4 - Other revenue and intercompany eliminations
(1.1) - $ 3,388.0 $ 2,405.7
Income before income
taxes Segment operating profit
(loss) Subsea $ 54.2 $ 196.4 Onshore/Offshore 139.9 58.5
Surface Technologies (18.6) - Total segment operating profit 175.5
254.9
Corporate items Corporate income
(expense) (1) 204.2 (46.8) Interest expense (81.7) (13.3) Total
corporate items 122.5 (60.1) Net Income before income taxes
(2) $ 298.0 $ 194.8
(1) Corporate income (expense) primarily
includes corporate staff expenses, stock-basedcompensation
expenses, other employee benefits, certain foreign exchange gains
and losses, andmerger-related transaction expenses.
(2) Includes amounts attributable to noncontrolling interests.
TECHNIPFMC PLC
AND CONSOLIDATED SUBSIDIARIESBUSINESS SEGMENT
DATA(Unaudited and in millions)
Three Months Ended March
31 2017 2016 Inbound Orders
Subsea $ 666.0 $ 490.4 Onshore/Offshore 682.0 530.7
Surface Technologies 241.5 -
Total inbound orders $ 1,589.5 $ 1,021.1
March 31 2017 2016 Order
Backlog Subsea $ 6,558.2 $ 6,978.8
Onshore/Offshore 9,066.0 9,401.7 Surface Technologies 432.0 - Total
order backlog $ 16,056.2 $ 16,380.5
TECHNIPFMC PLC
AND CONSOLIDATED SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE
SHEETS(In millions)
(unaudited) March 31, December 31,
2017 2016 Cash and cash equivalents $ 7,041.7
$ 6,269.3 Trade receivables, net 2,433.3 2,024.5 Costs in excess of
billings 1,036.8 485.8 Inventories, net 983.5 334.7 Other current
assets 2,239.5 1,822.9 Total current assets 13,734.8 10,937.2
Property, plant and equipment, net 3,975.5 2,620.1 Goodwill
9,023.6 3,718.3 Intangible assets, net 1,580.0 255.4 Other assets
1,256.6 1,168.1 Total assets $ 29,570.5 $ 18,699.1
Short-term debt and current portion of long-term debt $ 499.0 $
683.6 Accounts payable, trade 4,131.5 3,837.7 Advance payments
314.9 411.1 Billings in excess of costs 3,478.7 3,364.5 Other
current liabilities 3,072.9 2,633.5 Total current liabilities
11,497.0 10,930.4 Long-term debt, less current portion
3,082.8 1,869.3 Other liabilities 1,431.5 820.0 TechnipFMC plc
stockholders' equity 13,552.8 5,091.1 Noncontrolling interests 6.4
(11.7) Total liabilities and equity $ 29,570.5 $ 18,699.1
TECHNIPFMC PLC
AND CONSOLIDATED SUBSIDIARIESCONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS(In millions)
(unaudited) Three Months Ended
March 31 2017 2016 Cash provided (required) by
operating activities: Net income $ 194.3 $ 147.3 Depreciation and
amortization 154.1 74.6 Asset impairment charges 0.4 - Trade
accounts receivable, net and costs in excess of billings 267.7 8.8
Inventories, net 126.6 42.0 Accounts payable, trade (168.8) (84.0)
Advance payments and billings in excess of costs (220.6) (91.6)
Other (202.7) 63.3 Net cash provided by operating activities 151.0
160.4 Cash provided (required) by investing activities:
Capital expenditures (51.2) (25.5) Cash acquired in merger of
Technip and FMC Technologies 1,479.2 - Other investing 14.9 0.5 Net
cash provided (required) by investing activities 1,442.9 (25.0)
Cash provided (required) by financing activities: Net
increase (decrease) in debt (820.1) (249.8) Other financing (45.4)
(19.4) Net cash required by financing activities (865.5) (269.2)
Effect of changes in foreign exchange rates on cash and cash
equivalents 44.0 (97.7) Increase in cash and cash
equivalents 772.4 (231.5) Cash and cash equivalents,
beginning of period 6,269.3 3,178.0 Cash and cash
equivalents, end of period $ 7,041.7 $ 2,946.5
TECHNIPFMC plc AND
CONSOLIDATED SUBSIDIARIESNON-GAAP FINANCIAL MEASURES
The Reconciliation of U.S. GAAP to non-GAAP financial measures
for TechnipFMC plc and consolidated subsidiaries are provided on
the following page. The financial results reflect the following
information:
- On January 16, 2017, TechnipFMC was
created by the business combination of Technip S.A. (Technip) and
FMC Technologies, Inc. (FMC Technologies).
- In December of 2016, Technip increased
its ownership in the Yamal LNG Joint Venture and became the
controlling shareholder. Under US GAAP, this would have resulted in
full consolidation of the Joint Venture on the date of the
transaction.
The Non-GAAP results for the three months ended March 31,
2017:
1. Include the results of Technip for the
full period;
2. Include the results of FMC Technologies
for the period January 17 to March 31, 2017;revenues of $112.9
million during the period from January 1 to January 16, 2017were
excluded, of which approximately 70 percent from Subsea and the
remainder from Surface Technologies; and
3. Fully consolidate the Yamal LNG Joint
Venture for the full period, within the Onshore/Offshore
segment.
The Non-GAAP pro forma results for the three months ended March
31, 2016:
1. Include the results of both Technip and
FMC Technologies for the full period;
2. Combine FMC Technologies’ former Surface
Technologies and Energy Infrastructure segments to form the pro
forma Surface Technologies segment;
3. Purchase price accounting adjustments
applied on an equal basis to first quarter 2017 results to provide
comparability; and
4. Fully consolidate the Yamal LNG Joint
Venture for the full period, within the Onshore/Offshore
segment.
TECHNIPFMC PLC AND
CONSOLIDATED SUBSIDIARIESRECONCILIATION OF GAAP TO NON-GAAP
FINANCIAL MEASURES(In millions, unaudited)
Charges and Credits
In addition to financial results determined in accordance with
U.S. generally accepted accounting principles (GAAP), the First
Quarter 2017 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 basis against 2016 pro forma results and measures.
Net income, excluding charges and credits, as well as measures
derived from it (including Diluted EPS, excluding charges and
credits; Income before net interest expense and taxes, excluding
charges and credits ("Adjusted Operating profit"); Depreciation and
amortization, excluding charges and credits; Earnings before net
interest expense, income taxes, depreciation and amortization,
excluding charges and credits ("Adjusted EBITDA"); and net cash)
are non-GAAP financial measures. Management believes that the
exclusion of charges and credits from these financial measures
enables investors and management to more effectively evaluate
TechnipFMC's operations and consolidated results of operations
period-over-period, and to identify operating trends that could
otherwise be masked or misleading to both investors and management
by the excluded items. 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.
Three Months Ended
March 31, 2017
Net incomeattributable
toTechnipFMC plc
Net (income) lossattributable
tononcontrollinginterests
Provision forincome
taxes
Net interestexpense
Income beforenet
interestexpense andincome
taxes(Operatingprofit)
Depreciationandamortization
Earnings beforenet
interestexpense, incometaxes,depreciation
andamortization(EBITDA)
TechnipFMC plc, as reported $ 190.8 $ (3.5) $ 103.7 $ (81.7) $
379.7 $ 154.1 $ 533.8 Charges and (credits): Impairment and
other charges - - 0.4 - 0.4 - 0.4 Restructuring and other severance
charges 6.8 - 2.5 - 9.3 - 9.3
Business combination transaction and
integration costs
38.8 - 15.9 - 54.7 - 54.7 Purchase price accounting adjustments
94.5 - 34.9 0.3 129.1 (42.9) 86.2
Adjusted financial measures $ 330.9 $ (3.5) $
157.4 $ (81.4) $ 573.2 $ 111.2 $ 684.4
Pro
Forma Three Months Ended
March 31, 2016
Net incomeattributable
toTechnipFMC plc
Net (income) lossattributable
tononcontrollinginterests
Provision forincome
taxes
Net interestexpense
Income beforenet interest
expense andincome
taxes(Operatingprofit)
Depreciationandamortization
Earnings beforenet
interestexpense, incometaxes, depreciation
andamortization(EBITDA)
TechnipFMC plc, as reported $ 123.3 $ 0.1 $ 26.7 $ (13.6) $ 163.5 $
160.5 $ 324.0 Charges and (credits): Impairment and other
charges 53.8 - - - 53.8 - 53.8 Restructuring and other severance
charges 22.2 - - - 22.2 - 22.2 Purchase price accounting
adjustments 94.5 - 34.9 0.3 129.1 (42.9) 86.2
Adjusted financial measures $ 293.8 $
0.1 $ 61.6 $ (13.3) $ 368.6 $ 117.6 $ 486.2
TECHNIPFMC PLC
AND CONSOLIDATED SUBSIDIARIES
RECONCILIATION OF
GAAP TO NON-GAAP FINANCIAL MEASURES
(In millions except per share amounts,
unaudited)
(unaudited) Three Months Ended March
31 2017 2016 (after-tax) Net income
attributable to TechnipFMC plc, as reported $ 191 $ 147
Charges and (credits): Impairment and other charges
(1) - 13 Restructuring and other severance charges (2) 7 12
Business combination transaction and integration costs (3) 39 -
Purchase price accounting adjustments (4) 95 - Adjusted net
income attributable to TechnipFMC plc $ 331 $ 172 Diluted
EPS attributable to TechnipFMC plc, as reported $ 0.41 $ 1.21
Adjusted diluted EPS attributable to TechnipFMC plc $ 0.71 $
1.41 (1) Tax effect of nil and $6 million during the three
months ended March 31, 2017 and 2016, respectively. (2) Tax effect
of $3 million and $5 million during the three months ended March
31, 2017 and 2016, respectively. (3) Tax effect of $16 million and
nil during the three months ended March 31, 2017 and 2016,
respectively. (4) Tax effect of $35 million and nil during the
three months ended March 31, 2017 and 2016, respectively.
TECHNIPFMC PLC
AND CONSOLIDATED SUBSIDIARIESRECONCILIATION OF GAAP TO
NON-GAAP FINANCIAL MEASURES(In millions,
unaudited)
Three Months
Ended March 31, 2017 Subsea
Onshore/Offshore Surface Technologies Corporate
and Other Total Revenue $ 1,376.7 $ 1,764.0 $ 248.4 $
(1.1) $ 3,388.0 Operating profit, as reported (pre-tax) $
54.2 $ 139.9 $ (18.6) $ 204.2 $ 379.7 Charges and (credits):
- Impairment and other charges 0.2 - 0.2 - 0.4 Restructuring and
other severance charges 6.5 (0.3) 1.2 1.9 9.3 Business combination
transaction and integration costs 1.5 - 0.8 52.3 54.7 Purchase
price accounting adjustments - non-amortization related 55.0 34.2
(3.0) 86.2 Purchase price accounting adjustments - amortization
related 34.0 - 9.0 (0.1) 42.9 Subtotal 97.2 (0.3) 45.4 51.1 193.5
Adjusted Operating profit 151.4
139.6 26.8 255.3 573.2 Adjusted Depreciation and
amortization 87.2 12.6 9.2 2.2 111.2
Adjusted EBITDA(1) $ 238.6 $ 152.2 $ 36.0 $ 257.5 $ 684.4
Operating profit margin, as reported 3.9% 7.9% -7.5% 11.2%
Adjusted Operating profit margin 11.0% 7.9% 10.8% 16.9%
Adjusted EBITDA margin(1) 17.3% 8.6% 14.5% 20.2%
Pro Forma Three Months Ended March 31, 2016
Subsea Onshore/Offshore Surface Technologies
Corporate and Other Total Revenue, as pro forma $
2,378.0 $ 2,181.9 $ 349.6 $ (4.9) $ 4,904.6 Operating profit
(pre-tax), as pro forma $ 216.9 $ 58.4 $ (75.1) $ (36.7) $ 163.5
Charges and (credits): Impairment and other charges 0.1 19.4
34.2 - 53.8 Restructuring and other severance charges 0.3 16.0 5.8
- 22.2 Purchase price accounting adjustments - non-amortization
related 55.0 - 34.2 (3.0) 86.2 Purchase price accounting
adjustments - amortization related 34.0 - 9.00 (0.1) 42.9 Subtotal
89.5 35.4 83.3 (3.1) 205.1
Adjusted operating profit 306.4 93.8 8.2 (39.8) 368.6
Adjusted Depreciation and Amortization 89.7 9.1 20.8 (2.0) 117.6
Adjusted EBITDA(1) $ 396.1 $
102.9 $ 29.0 $ (41.8) $ 486.2 Operating profit margin, as
pro forma 9.1% 2.7% -21.5% 3.3% Adjusted Operating profit
margin 12.9% 4.3% 2.3% 7.5% Adjusted EBITDA margin(1) 16.7%
4.7% 8.3% 9.9% (1) Includes amounts attributable to
noncontrolling interests
TECHNIPFMC PLC AND CONSOLIDATED
SUBSIDIARIESRECONCILIATION OF GAAP TO NON-GAAP
FINANCIAL MEASURES(In millions, unaudited)
March 31, December 31, 2017 2016
Cash and cash equivalents $ 7,041.7 $ 6,269.3 Short-term
debt and current portion of long-term debt (499.0) (683.6)
Long-term debt, less current portion (3,082.8) (1,869.3) Net cash $
3,459.9 $ 3,716.4 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
TechnipFMC's capital structure and financial leverage. Management
believes net cash (debt) is a meaningful financial measure that may
also assist investors in understanding TechnipFMC's financial
condition and underlying trends in its capital structure.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170426006892/en/
TechnipFMCInvestor relationsMatt Seinsheimer, 1 281 260
3665Vice President Investor RelationsEmail: Matt SeinsheimerorJames
Davis, +1 281 260 3665Senior Manager Investor RelationsEmail: James
DavisorMedia relationsChristophe Belorgeot, +33 1 47 78 39
92Vice President Corporate CommunicationsEmail: Christophe
BelorgeotorLisa Adams, +1 281 405 4659Senior Manager Digital
CommunicationsEmail: Lisa Adams
TechnipFMC (NYSE:FTI)
Historical Stock Chart
From Aug 2024 to Sep 2024
TechnipFMC (NYSE:FTI)
Historical Stock Chart
From Sep 2023 to Sep 2024