TechnipFMC plc (NYSE:FTI) Q2 2023 Results Conference Call July 27, 2023 8:30 AM ET

Company Participants

Matt Seinsheimer - Senior Vice President, Investor Relations and Corporate Development

Douglas Pferdehirt - Chairman and Chief Executive Officer

Alf Melin - Executive Vice President and Chief Financial Officer

Conference Call Participants

David Anderson - Barclays

Arun Jayaram - JPMorgan Chase & Co

Luke Lemoine - Piper Sandler

Kurt Hallead - The Benchmark Company

Marc Bianchi - TD Cowen

Operator

Thank you for holding, and welcome everyone to the TechnipFMC Second Quarter 2023 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question and answer session. [Operator Instructions] Thank you.

I will now turn the call over to Matt Seinsheimer, Senior Vice President, Investor Relations and Corporate Development. Mr. Seinsheimer, please go ahead.

Matt Seinsheimer

Thank you, Jack. Good morning and good afternoon, and welcome to TechnipFMC’s second quarter 2023 earnings conference call. Our news release and financial statements issued earlier today can be found on our website.

I would like to caution you with respect to any forward looking statements made during this call. Although these forward looking statements are based on our current expectations, beliefs and assumptions regarding future developments and business conditions, they are subject to certain risks and uncertainties that could cause actual results to differ materially from those expressed in or implied by these statements.

Non-material factors that could cause our actual results to differ from our projected results are described in our most recent 10-K, most recent 10-Q and other periodic filings with the U.S. Securities and Exchange Commission.

We wish to caution you not to place undue reliance on any forward looking statements which speak only as of the date hereof. We undertake no obligation to publicly update or revise any of our forward looking statements after the date they are made, whether as a result of new information, future events or otherwise.

I will now turn the call over to Doug Pferdehirt, TechnipFMC’s Chair and Chief Executive Officer.

Douglas Pferdehirt

Thank you, Matt. Good morning and good afternoon and thank you for participating in today’s earnings call. Our second quarter results reflect both strong operational performance and the achievement of several financial commitments.

Subsea inbound orders were 4.1 billion in the period representing a book-to-bill of 2.5. We delivered strong sequential improvement in adjusted EBITDA margin for both Subsea and Surface technologies, including a 420 basis point increase in Subsea to 14.4%, the highest quarterly margin since 2018.