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Technip Energies Financial Results for the First Nine Months of 2024

TECHNIP ENERGIES 9M 2024 FINANCIAL RESULTS Strong 9M performance and substantial EPS growth; upgrading full year guidance    Strong revenue growth of 13% Y/Y; upgrade 2024 revenue guidance to €6.5 - 6.8bn from €6.1 - 6.6bn Recurring EBIT margin stable at 7.2%; diluted EPS up 35% Y/YSuccessful completion of €100m share buyback programWell positioned for notable prospects that enable diversification by geography and in new markets     Paris, Thursday,...
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TECHNIP ENERGIES 9M 2024 FINANCIAL RESULTS

Strong 9M performance and substantial EPS growth; upgrading full year guidance

Paris, Thursday, October 31, 2024. Technip Energies (the “ Company ”), a leading Engineering & Technology company for the energy transition, today announces its unaudited financial results for the first nine months of 2024.

Arnaud Pieton, Chief Executive Officer of Technip Energies, commented:

“I am delighted to report a highly robust performance by Technip Energies (T.EN) in the first nine months of 2024, evidenced by year-over-year revenue growth of 13%, sustained profitability, and substantial growth in net income. These results demonstrate the strength of our business model and execution, and the impressive dedication of our teams across the globe. As a result, we are raising full year revenue guidance .”

“Our order intake year-to-date is in line with revenue, and we are very confident that orders will exceed revenue on a full-year basis. Our confidence is bolstered by our recent selection for the delivery of large modules for a major offshore project in the Americas. We have also recently secured an important award for Rely, our joint venture for green hydrogen and Power-to-X, to provide services for one of the world's largest green ammonia plants for AM Green in India, and, we celebrated a technology first with an award for our proprietary low-emission cracking ethylene furnace for CPChem in the US.”

“In addition, we secured our position on notable projects that will reinforce and diversify our backlog in 2025 and beyond. This includes our selection by Lake Charles LNG for a major export terminal in the US, as well a front-end engineering design (FEED) award on Rovuma LNG in Mozambique - both projects underscore our continued leadership in modularized LNG trains.”

“Our strategic focus provides for sustained growth and success in promising new industries including blue molecules and carbon capture. In the third quarter, bp awarded T.EN a FEED for its H2Teesside project, which is expected to be one of the UK's largest blue hydrogen production facilities. This reinforces our position in the UK's first decarbonized industrial cluster, where we have also been selected for the NZT Power carbon-capture project, pending final investment decision. These awards are establishing T.EN's early leadership in growth markets.”

“With the completion of our share buyback program and planned cancellation of treasury shares, T.EN will have returned more than €170 million in cash to shareholders during 2024 through dividends and buybacks - roughly equivalent to 4.5% of our market capitalization - a clear and tangible sign of our commitment to shareholder returns.”

“Finally, we are looking forward to engaging with our investor community at our Capital Markets Day on November 21, 2024 and sharing more about our vision for T.EN's bright future.”

Key financials – adjusted IFRS

                                                                         

Key financials – IFRS

                                                                         

Updating 2024 full company guidance – adjusted IFRS

Capital Markets Day - November 21, 2024, London

Technip Energies will update on its strategy and business outlook during a Capital Markets Event in London on November 21, 2024.

Conference call information

Technip Energies will host its 9M 2024 results conference call and webcast on Thursday, October 31, 2024 at 13:00 CET. Dial-in details:

France: +33 1 70 91 87 04

United Kingdom: +44 1 212818004

United States: +1 718 7058796

Conference Code: 880901

The event will be webcast simultaneously and can be accessed at: T.EN 9M 2024 Webcast

Contacts

Investor Relations

Phillip Lindsay

Vice President, Investor Relations

Tel: +44 20 7585 5051

Email: Phillip Lindsay


Media Relations

Jason Hyonne

Manager, Press Relations & Social Media

Tel: +33 1 47 78 22 89

Email: Jason Hyonne

                                                                         

Operational and financial review

Order intake, backlog and backlog scheduling

Adjusted order intake for 9M 2024 amounted to €4,814 million, equivalent to a book-to-bill of 1.0. Adjusted order intake in the third quarter included a services contract award to Rely, T.EN's green hydrogen joint venture, from AM Green for India's largest green ammonia complex, a Front-End Engineering and Design (FEED) contract by ExxonMobil for the Rovuma LNG project in Mozambique, a FEED contract by bp for the low-carbon hydrogen H2Teesside project in the UK, as well as other services contracts and smaller projects. Also in the third quarter, T.EN was selected for a major Engineering, Procurement, Fabrication and Construction (EPFC) project by Lake Charles LNG in the US (award pending customer final investment decision) and announced the award of an Engineering and Procurement contract by CPChem for the supply of a proprietary low emission cracking furnace for an existing olefins unit in the US.

H1 2024 commercial highlights are included here: T.EN H1 2024 financial results .

* A “major” award for Technip Energies is a contract award representing above €1 billion of revenue.

                                                                         

Adjusted backlog increased by 1% to €15.9 billion compared to December 31, 2023, equivalent to 2.6x FY 2023 revenue.

                                                                         

The table below provides estimated backlog scheduling as of September 30, 2024.


                                                                         

Company financial performance

Adjusted statement of income

                                                                         

Business highlights

Project Delivery – adjusted IFRS

                                                                         

9M 2024 Adjusted revenue increased by 17% year-over-year to €3,495.5 million due to a growing contribution from Qatar NFS and Qatar NFE, as well as higher activity in offshore, partially offset by reduced activity in downstream projects in completion phases.

9M 2024 Adjusted recurring EBITDA increased by 11% to €291.7 million and 9M 2024 Adjusted recurring EBIT increased by 11% year-over-year to €258.3 million.

9M 2024 Adjusted recurring EBITDA / EBIT margin decreased year-over-year by 50 bps / 40 bps to 8.3% / 7.4%, reflecting a re-balancing of the portfolio and growing contributions from earlier phase projects where less margin is recognized. Project execution remains strong across the portfolio.

Q3 2024 Key operational milestones
(Please refer to Q1 2024 and H1 2024 press releases for first half milestones)

Qatar Energy North Field Expansion (Qatar)

Long Son Petrochemicals olefins plant (Vietnam)

Borouge IV Ethylene project (UAE)

Bapco Refinery expansion (Bahrain)

Assiut Hydrocracking Complex (Egypt)

Petronas Kasawari Offshore (Malaysia)

Q3 2024 Key commercial and strategic highlights
(Please refer to Q1 2024 and H1 2024 press releases for first half highlights)

Technip Energies and KBR selected for a major LNG project by Lake Charles LNG (USA)

Technip Energies and JGC Corporation awarded FEED contract by ExxonMobil for the Rovuma LNG project in Mozambique

Technology, Products & Services (TPS) – adjusted IFRS

                                                                         

9M 2024 Adjusted revenue increased year-over-year by 3% to €1,475.3 million, resulting from growth in renewable fuels work and decarbonization services, as well as PMC activities, and other studies and services work across energy and energy derivatives markets. Proprietary equipment volumes, notably for ethylene projects, were broadly sustained at a high level.

9M 2024 Adjusted recurring EBITDA increased year-over-year by 5% to 188.2 million and Adjusted recurring EBIT increased year-over-year by 1% to €139.2 million.

9M 2024 Adjusted recurring EBITDA margin increased by 20 bps to 12.8% benefiting from a favorable mix. Conversely, Adjusted recurring EBIT margin decreased year-over-year by 30 bps to 9.4% due to increased depreciation and amortization expense associated with higher capital investment and growth in services, including the impact of IFRS 16, as well as the impact of higher sales and tendering costs, strategic development costs, and higher spend on research & development.

Q3 2024 Key operational milestones
(Please refer to Q1 2024 and H1 2024 press releases for first half milestones)

Reju (Germany)

ExxonMobil - LaBarge CCS (USA)

Neste Renewable Products Refinery Expansion - Capacity Growth Project, Rotterdam (Netherlands)

Arcadia eFUELS Endor (Denmark)

Q3 2024 Key commercial and strategic highlights
(Please refer to Q1 2024 and H1 2024 press releases for first half highlights)

Technip Energies awarded a proprietary equipment contract by Chevron Phillips Chemical for the first complete implementation of the low-CO cracking furnace technology (USA)

Technip Energies to design groundbreaking low-carbon hydrogen facility for bp (United Kingdom)

Rely awarded a contract by AM Green to engineer and deliver India's Largest Green Ammonia complex in Kakinada (India)

Corporate and other items

Corporate costs, excluding non-recurring items, were €40.8 million for the first nine months of 2024.

Non-recurring expense amounted to €16.4 million and includes costs incurred relating the set up of new business ventures.

Net financial income of €88.9 million benefited from interest income generated from cash and cash equivalents, partially offset by interest expenses associated with the senior unsecured notes and the mark-to-market valuation impact of investments in traded securities.

Effective tax rate on an adjusted IFRS basis was 30.3% for the first nine months of 2024. This is slightly above the prior 2024 guidance range of 26% - 30%. This is due to the mix effect of reduced earnings from lower tax rate jurisdictions and more earnings in higher tax rate jurisdictions. As a result of this, and the potential impact of the French surtax, FY 2024 tax rate guidance has increased to 29% - 33% (previously 26% - 30%).

Depreciation and amortization expense was €82.6 million, of which €52.7 million is related to IFRS 16.

Adjusted net cash at September 30, 2024 was €2.7 billion, which compares to €2.8 billion at December 31, 2023.

Adjusted free cash flow was €191.6 million for the first nine months of 2024. Adjusted free cash flow, excluding the working capital and provisions variance of €168.7 million, was €360.3 million benefiting from strong operational performance and consistently high conversion from Adjusted recurring EBIT at 101%. Free cash flow is stated after capital expenditures of €55.8 million. Adjusted operating cash flow was €247.4 million.

Share buyback

Completion of the share buyback program. On September 30, 2024, the Company announced the completion of it €100 million share buyback program. Between March 5, 2024 and September 27, 2024 a total number of 4,580,640 shares (representing 2.52% of the share capital of the Company) were bought back.

The shares acquired under the share buyback program will be used to 1) reduce the Company's share capital by cancelling treasury shares and 2) to meet the Company's obligations under equity incentive plans.

Liquidity

Adjusted liquidity of €4.2 billion at September 30, 2024 comprised of €3.5 billion of cash and €750 million of liquidity provided by the Company's undrawn revolving credit facility, offset by €80 million of outstanding commercial paper. The Company's revolving credit facility is available for general use and serves as a backstop for the Company's commercial paper program.

Forward-looking statements

This Press Release contains forward-looking statements that reflect Technip Energies' (the “ Company ”) intentions, beliefs or current expectations and projections about the Company's future results of operations, anticipated revenues, earnings, cashflows, financial condition, liquidity, performance, prospects, anticipated growth, strategies and opportunities and the markets in which the Company operates. Forward-looking statements are often identified by the words “believe”, “expect”, “anticipate”, “plan”, “intend”, “foresee”, “should”, “would”, “could”, “may”, “estimate”, “outlook”, and similar expressions, including the negative thereof. The absence of these words, however, does not mean that the statements are not forward-looking. These forward-looking statements are based on the Company's current expectations, beliefs and assumptions concerning future developments and business conditions and their potential effect on the Company. While the Company believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting the Company will be those that the Company anticipates.

All of the Company's forward-looking statements involve risks and uncertainties, some of which are significant or beyond the Company's control, and assumptions that could cause actual results to differ materially from the Company's historical experience and the Company's present expectations or projections. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those set forth in the forward-looking statements.

For information regarding known material factors that could cause actual results to differ from projected results, please see the Company's risk factors set forth in the Company's 2023 Annual Financial Report filed on March 8, 2024, and in the Company's 2024 Half-Year Report filed on August 1, 2024, with the Dutch Autoriteit Financiële Markten (AFM) and the French Autorité des Marchés Financiers (AMF) which include a discussion of factors that could affect the Company's future performance and the markets in which the Company operates.

Forward-looking statements involve inherent risks and uncertainties and speak only as of the date they are made. The Company undertakes no duty to and will not necessarily update any of the forward-looking statements in light of new information or future events, except to the extent required by applicable law.

APPENDIX

APPENDIX 1.0: ADJUSTED STATEMENT OF INCOME - FIRST NINE MONTHS 2024

                                                                         

APPENDIX 1.1: ADJUSTED STATEMENT OF INCOME - THIRD QUARTER 2024

                                                                         

APPENDIX 1.2: STATEMENT OF INCOME - RECONCILIATION BETWEEN IFRS AND ADJUSTED - FIRST NINE MONTHS 2024

                                                                         

APPENDIX 1.3: STATEMENT OF INCOME - RECONCILIATION BETWEEN IFRS AND ADJUSTED - FIRST NINE MONTHS 2023

                                                                         

APPENDIX 1.4: STATEMENT OF INCOME - RECONCILIATION BETWEEN IFRS AND ADJUSTED - THIRD QUARTER 2024

                                                                         

APPENDIX 1.5: STATEMENT OF INCOME - RECONCILIATION BETWEEN IFRS AND ADJUSTED - THIRD QUARTER 2023

                                                                         

APPENDIX 2.0: ADJUSTED STATEMENT OF FINANCIAL POSITION

                                                                         

APPENDIX 2.1: STATEMENT OF FINANCIAL POSITION - RECONCILIATION BETWEEN IFRS AND ADJUSTED - FIRST NINE MONTHS 2024

                                                                         

APPENDIX 2.2: STATEMENT OF FINANCIAL POSITION - RECONCILIATION BETWEEN IFRS AND ADJUSTED - FIRST NINE MONTHS 2023

                                                                         

APPENDIX 3.0: ADJUSTED STATEMENT OF CASH FLOWS

                                                                         

APPENDIX 3.1: STATEMENT OF CASH FLOWS - RECONCILIATION BETWEEN IFRS AND ADJUSTED - FIRST NINE MONTHS 2024

                                                                         

APPENDIX 3.2: STATEMENT OF CASH FLOWS - RECONCILIATION BETWEEN IFRS AND ADJUSTED - FIRST NINE MONTHS 2023

                                                                         

APPENDIX 4.0: ADJUSTED ALTERNATIVE PERFORMANCE MEASURES - FIRST NINE MONTHS 2024

                                                                         

APPENDIX 4.1: ADJUSTED ALTERNATIVE PERFORMANCE MEASURES - THIRD QUARTER 2024

                                                                         

APPENDIX 5.0: ADJUSTED RECURRING EBIT AND EBITDA RECONCILIATION - FIRST NINE MONTHS 2024

                                                                         

APPENDIX 5.1: ADJUSTED RECURRING EBIT AND EBITDA RECONCILIATION - THIRD QUARTER 2024

                                                                         

APPENDIX 6.0: BACKLOG - RECONCILIATION BETWEEN IFRS AND ADJUSTED

                                                                         

APPENDIX 7.0: ORDER INTAKE - RECONCILIATION BETWEEN IFRS AND ADJUSTED

                                                                         

APPENDIX 8.0: Definition of Alternative Performance Measures (APMs)

Certain parts of this Press Release contain the following non-IFRS financial measures: Adjusted Revenue, Adjusted Recurring EBIT, Adjusted Recurring EBITDA, Adjusted net (debt) cash, Adjusted Backlog, and Adjusted Order Intake, which are not recognized as measures of financial performance or liquidity under IFRS and which the Company considers to be APMs. APMs should not be considered an alternative to, or more meaningful than, the equivalent measures as determined in accordance with IFRS or as an indicator of the Company's operating performance or liquidity.

Each of the APMs is defined below:


Contacts

Investor Relations

Phillip Lindsay

Vice President, Investor Relations

Tel: +44 20 7585 5051

Email: Phillip Lindsay

Media Relations

Jason Hyonne

Manager, Press Relations & Social Media

Tel: +33 1 47 78 22 89

Email: Jason Hyonne

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