TechnipFMC (FTI) Q1 FY2024 earnings: revenue $2.0 billion, up 18.9% on the year

TechnipFMC plc (FTI) reported revenue of $2.0 billion for Q1 FY2024, the quarter ended 31 March 2024, up 18.9% on the same quarter a year earlier. Net income was $157 million, up 39175.0% on the year, and diluted earnings per share $0.35. The figures are the company's own, from the 10-Q it filed with the SEC on 26 April 2024.

Revenue$2.0 billionup 18.9%

Net income$157 millionup 39175.0%

Diluted EPS$0.35

QuarterQ1 FY2024ended 31 March 2024

The quarter, against the one before and a year earlier

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Revenue	2,042	2,078	n/a	n/a
Cost of revenue	1,706	1,855	n/a	n/a
Gross profit	336	222	n/a	n/a
Gross margin	16.4%	10.7%	n/a
Research and development	17.6	19.3	n/a	n/a
Selling, general and administrative	160	188	n/a	n/a
Operating income	260	179	n/a	n/a
Operating margin	12.7%	8.6%	n/a
Interest expense	26.4	30.1	n/a	n/a
Pre-tax income	211	101	n/a	n/a
Income tax	49.7	54.5	n/a	n/a
Effective tax rate	23.6%	53.9%	n/a
Net income	157	53.0	n/a	n/a
Net margin	7.7%	2.6%	n/a
Diluted EPS	$0.35	$0.12	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Operating cash flow	-127	701	n/a	n/a
Capital expenditure	52.0	71.5	n/a	n/a
Free cash flow	-179	630	n/a	n/a
Free cash flow margin	-8.8%	30.3%	n/a
Cash from investing	136	-62.1	n/a	n/a
Cash from financing	-256	-380	n/a	n/a
Depreciation and amortisation	99.5	94.5	n/a	n/a
Dividends paid	21.7	21.7	n/a	n/a
Diluted shares, weighted	446m	449m	n/a	n/a
Shares outstanding at period end	431m	433m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Shareholders' equity	3,006	3,137	n/a	n/a
Non-controlling interest	39.3	35.4	n/a	n/a
Debt	1,024	1,067	n/a	n/a
Operating lease liabilities	655	667	n/a	n/a
Finance lease liabilities	43.8	88.4	n/a	n/a
Other liabilities	4,321	4,662	n/a	n/a
Total liabilities and equity	9,089	9,657	n/a	n/a
Fixed assets	2,213	2,271	n/a	n/a
Intangible assets	580	602	n/a	n/a
Cash and equivalents	n/a	952	n/a	n/a
Inventory	1,162	1,100	n/a	n/a
Other assets	5,133	4,732	n/a	n/a
Total assets	9,089	9,657	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	2,057	2,078	2,042	2,326	2,348	2,367	2,234	2,535	2,647	2,517	2,493	2,763
Cost of revenue	1,633	1,855	1,706	1,832	1,815	2,008	1,776	1,948	1,997	1,855	1,860	2,078
Gross profit	424	222	336	493	533	359	457	586	650	662	632	685
Gross margin	21%	11%	16%	21%	23%	15%	20%	23%	25%	26%	25%	25%
R&D	17.5	19.3	17.6	15.2	15.4	25.2	19.1	14.1	22.5	27.4	17.8	25.7
SG&A	184	188	160	175	187	145	184	173	173	175	216	169
Operating income	211	179	260	308	322	266	278	404	438	316	386	526
Operating margin	10%	9%	13%	13%	14%	11%	12%	16%	17%	13%	15%	19%
Interest expense	30.7	30.1	26.4	27.1	22.2	21.7	22.6	22.2	18.9	17.7	17.1	10.7
Pre-tax income	113	101	211	246	272	212	230	375	387	278	356	476
Tax rate	17%	54%	24%	24%	-2%	-8%	38%	28%	20%	12%	27%	24%
Net income	90.0	53.0	157	186	275	225	142	270	310	243	260	363
Net margin	4%	3%	8%	8%	12%	9%	6%	11%	12%	10%	10%	13%
Diluted EPS	$0.20	$0.12	$0.35	$0.42	$0.63	$0.52	$0.33	$0.64	$0.75	$0.59	$0.64	$0.90
Operating cash flow	222	701	-127	231	278	579	442	344	525	454	332	548
Capital expenditure	43.6	71.5	52.0	50.8	52.6	126	61.8	83.6	77.3	94.5	55.6	60.1
Free cash flow	178	630	-179	180	225	453	380	261	448	359	277	488
Dividends paid	21.8	21.7	21.7	21.5	21.5	21.2	21.0	20.6	20.5	20.2	19.9	19.8
Shares outstanding	436m	433m	431m	428m	425m	423m	419m	411m	404m	401m	399m	393m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 31 March 2024, filed 26 April 2024, accession 0001681459-24-000099: the filing on EDGAR. All of TechnipFMC plc's filings: EDGAR company page.

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