TechnipFMC reports Q1 adjusted EPS 22c, consensus 16c

Reports Q1 revenue $2.04B, consensus $1.98B. CEO Doug Pferdehirt stated, “I am very pleased with the strong performance in the quarter, which further highlights our continuing success in delivering on our commitments. Total company revenue was $2B with adjusted EBITDA of $257M when excluding foreign exchange impacts. We had a solid start to the year with total company inbound of $2.8B, driving sequential growth in backlog to $13.5B…As demonstrated by our financial performance in the quarter, operational execution across the portfolio continues at a high level, driven in part by our heightened focus on project selectivity and the favorable impact it is having on the quality of orders in our backlog. Our strong execution and robust backlog give us confidence that we can capitalize on the strong market and achieve our financial targets. We completed the sale of our Measurement Solutions business in March. In keeping with our commitment to shareholder distributions, a significant portion of the proceeds was allocated to repurchasing $150M of shares in Q1. With this acceleration in share repurchases, we now expect total shareholder distributions in 2024 to grow at least 70% when compared to 2023.”