TechnipFMC PLC has reported $285.5 million in adjusted net income for the second quarter, up 99.8 percent from the prior three-month period and 51.1 percent against Q2 2024.
The adjusted diluted earnings per share of 68 cents beat the Zacks Consensus Estimate of $0.57. TechnipFMC kept its dividend at $0.05 per share for Q2 2025.
Before adjustment for nonrecurring items, net profit was $269.5 million, up 89.8 percent sequentially and 44.5 percent year-on-year. Earnings per share landed at $0.64.
Revenue totaled $2.53 billion, up 13.5 percent quarter-on-quarter and nine percent year-on-year.
Backlog grew to $16.6 billion, with the subsea segment accounting for $15.8 billion.
“We achieved $2.6 billion of Subsea inbound in the quarter, representing a diverse set of awards”, chair and chief executive Doug Pferdehirt said. “We continue to benefit from a combination of iEPCI™ [integrated engineering, procurement, construction and installation], Subsea Services, and direct awards. Subsea Services inbound was particularly robust, representing one of the highest quarterly levels ever achieved”.
“The uniqueness and diversity of our order book give us continued confidence that we will reach our three-year goal of $30 billion of Subsea inbound by the end of this year”, Pferdehirt added.
The subsea segment accounted for $2.22 billion of Q2 2025 revenue, up 14.5 percent quarter-on-quarter and 10.3 percent year-on-year. “The sequential revenue improvement was largely driven by increased iEPCI™ project activity in the North Sea and higher installation activity and flexible pipe supply in Brazil, offset in part by project completions in Asia Pacific”, TechnipFMC said. “Services revenue also increased primarily due to seasonal improvements”.
Subsea operating profit rose 53.4 percent quarter-on-quarter and 36.9 percent year-on-year to $380.3 million. “Operating results increased sequentially due to strong execution, improved earnings mix from backlog, and higher project and services activity”, TechnipFMC said. “Operating profit margin increased 440 basis points to 17.2 percent”.
Meanwhile the surface technologies segment contributed $318.4 million to revenue, up 7.1 percent quarter-on-quarter and 0.6 percent year-on-year. “The sequential increase in revenue was driven by higher project and services activity in the Middle East, modestly offset by lower activity in North America”, TechnipFMC said.
Surface technologies operating profit fell 22.5 percent quarter-on-quarter and 23.5 percent year-on-year to $23.4 million. “The sequential decrease in operating profit was largely due to $17.5 million of higher restructuring, impairment, and other charges in the period resulting from business transformation initiatives”, TechnipFMC said. “Operating profit in the Middle East improved sequentially due to higher project and services activity. Operating profit margin decreased 290 basis points to 7.3 percent”.
Adjusted earnings before interest, taxes, depreciation and amortization totaled $520.8 million, up 51.5 percent and 44.1 percent.
Operations generated $344.2 million in cash flow, while free cash flow was $260.6 million.
TechnipFMC paid shareholders $270.7 million through $250.1 million in buybacks involving 8.3 million shares and $20.6 million in dividends.
Short-term and long-term debt totaled $696.3 million at the end of Q2 2025, down $208.6 million from the figure at the end of Q1 2025 after the repayment of 5.75 percent Private Placement Notes due 2025. Cash and cash equivalents stood at $950 million.
“Offshore activity remains robust. Front-end engineering activity is strong, and our Subsea Opportunities List remains healthy, with named projects progressing across multiple basins over the next 24 months”, Pferdehirt said.
“Our visibility into the market also benefits from the high level of direct awards to our company. We continue to see strength in offshore markets, supported by client discussions for projects that are likely to be sanctioned through the end of the decade”.
To contact the author, email jov.onsat@rigzone.com
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