TechnipFMC reported strong financial results for the fourth quarter and full year 2024, with significant growth in revenue, net income, and order backlog. The company continued to expand its subsea business, increase free cash flow, and enhance shareholder returns.

Key financial highlights:

Fourth quarter 2024:
- Revenue increased 13.9% year-over-year to $2.37 billion
- Net income grew to $224.7 million, up 324% from the prior year
- Adjusted EBITDA increased 60.5% to $351 million, with a margin of 14.8%
- Subsea inbound orders totaled $2.7 billion, contributing to a total backlog of $14.4 billion
- Free cash flow reached $453 million

Full year 2024:
- Revenue increased 16.1% to $9.08 billion
- Net income surged to $842.9 million, compared to $56.2 million in 2023
- Adjusted EBITDA rose 64.8% to $1.35 billion, with a margin of 14.9%
- Free cash flow increased 45% to $679 million
- Total inbound orders for the year reached $11.6 billion, with subsea orders exceeding $10.4 billion

Operational achievements:
- Continued growth in iEPCI™, Subsea 2.0®, and Subsea Services, with record inbound orders
- Awarded a major iEPCI™ contract from TotalEnergies for the GranMorgu project, the first offshore oil and gas development in Suriname
- Secured a substantial contract from Shell for the Bonga North project in Nigeria, providing Subsea 2.0® production systems
- Formed a collaboration with Prysmian to accelerate floating offshore wind development

Financial position and shareholder returns:
- Returned $486 million to shareholders in 2024, nearly doubling distributions from the prior year
- Increased shareholder distributions target for 2025 to at least 70% of free cash flow
- Repurchased 2.4 million shares for $70 million in the fourth quarter
- Upgraded to investment-grade credit rating by Moody’s in January 2025

2025 financial outlook:
- Subsea revenue expected between $8.4 - $8.8 billion, with adjusted EBITDA margins of 19 - 20%
- Surface Technologies revenue projected at $1.2 - $1.35 billion, with adjusted EBITDA margins of 15 - 16%
- Total free cash flow anticipated between $850 million and $1 billion
- Continued focus on expanding backlog and securing over $10 billion in subsea orders

TechnipFMC remains optimistic about long-term growth, citing strong market demand, robust subsea project pipelines, and a strategic focus on high-margin integrated solutions.