TechnipFMC plc reported significant financial growth for the third quarter and the first nine months of 2024, driven primarily by its Subsea segment. For the three months ended September 30, 2024, total revenue reached $2,348.4 million, a 14.2% increase from $2,056.9 million in the same period of 2023. Service revenue alone surged to $1,491.7 million, up from $1,180.7 million year-over-year. The Subsea segment generated $2,028.1 million in revenue, reflecting an 18.7% increase, attributed to a 49.6% higher backlog and increased activities in regions such as the UK, Australia, and Angola.
Net income for the third quarter of 2024 was $278.4 million, a substantial rise from $93.7 million in Q3 2023, marking a 197.1% increase. Earnings per share also saw significant growth, with basic earnings per share rising to $0.64 from $0.21 in the prior year. For the nine months ended September 30, 2024, net income totaled $625.6 million, compared to just $5.2 million in the same period of 2023, while total revenue increased to $6,716.0 million from $5,746.5 million.
The company’s total costs and expenses for Q3 2024 were $2,061.2 million, up from $1,896.1 million in Q3 2023. Despite this increase, gross profit improved significantly to $493.8 million from $366.9 million, driven by a favorable activity mix in the Subsea segment. The operating profit for Subsea also rose to $288.8 million, up from $177.7 million in the previous year.
Strategically, TechnipFMC completed the sale of its Measurement Solutions business for $205 million in cash, with a recognized gain of $75.2 million. This divestiture contributed to the company’s improved financial position, alongside a reduction in long-term debt from $913.5 million at the end of 2023 to $656.3 million by September 30, 2024.
Cash and cash equivalents decreased to $837.5 million from $951.7 million at the end of 2023, while trade receivables increased to $1,278.1 million. The company’s total assets rose slightly to $9,720.8 million, and total stockholders’ equity increased to $3,259.2 million.
TechnipFMC's order backlog as of September 30, 2024, reached $14.7 billion, with Subsea backlog at a record $13.7 billion, indicating strong future revenue potential. The company remains focused on energy transition initiatives and has secured over $1 billion in inbound orders for its New Energy business, positioning itself for continued growth in the evolving energy landscape.
About TechnipFMC plc
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