TechniFMC plc (NYSE: FTI) announced total revenue of $1,668.8 million in Q2 F21. The loss from continuing business operations came to about $174.7 million, or a per diluted share of $0.39. Credits and after-tax charges came to about $148.7 million, or a per diluted share of $0.33. The recorded results also included a $146.8 million loss from the equity investment the company made in Technip Energies. This was mainly linked to market value change during the quarter.
Adjusted loss from continuing business operations was about $26 million, or a per diluted share of $0.06. Adjusted EBITDA, without credits and pre-tax charges, was around $144.3 million; 8.6% adjusted EBITDA margin. A $10.7 million foreign exchange loss was also included in the adjusted EBITDA. TechnipFMC’s Chief Executive Officer and Chairman, Doug Pferdehirt, said that the Q2 F21 results were another of the company’s strong quarters. Total revenue increased to $1.7 billion, with Surface and Subsea Technologies segments recording an 11% adjusted EBITDA margin.
What the CEO says
Doug added that they demonstrated their ability to continue winning in Subsea, with total inbound of $1.3 billion in the quarter. The strength of orders so far has indicated the continued market progress they outlined the previous year. The CEO further stated that, since the previous year, they had announced a total of 10 awards, of which about 50% will come to pass as integrated projects. This included the 2 new iEPCI client additions in the quarter.
Doug went on to say that in Surface Technologies, they witnessed a 32% increase in inbound orders in Q1. He said that their international business operations drove this. The growth of this international business was pushed forward by China, the North Sea, and the Middle East. American orders also increased, which reflected continued momentum in both drilling and completion activity. The CEO continued to say that they had increased the company’s full-year expectations for operating segments and continued enhancements of their broader market outlook operations.