TechnipFMC plc (NYSE:FTI) Q3 2022 Earnings Conference Call October 27, 2022 8:00 AM ET

Company Participants

Matt Seinsheimer - SVP, IR and Corporate Development

Doug Pferdehirt - Chairman and CEO

Alf Melin - EVP and CFO

Conference Call Participants

David Anderson - Barclays

Arun Jayaram - JPMorgan

Chase Mulvehill - Bank of America

Guillaume Delaby - Societe Generale

Mark Bianchi - Cowen

Operator

Thank you for holding, and welcome everyone to the TechnipFMC Third Quarter Earnings Conference Call. [Operator Instructions] Thank you.

I would now like to turn the call over to Matt Seinsheimer, Senior Vice President of 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 third quarter 2022 earnings conference call. Our news release and financial statements issued yesterday can be found on our website.

I'd 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. Known 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 information, future events or otherwise.

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

Doug Pferdehirt

Thank you, Matt. Good morning and good afternoon. Thank you for participating in our third quarter earnings call.

Total company revenue in the period was $1.7 billion. Revenue was in line with the second quarter and our outlook, a solid achievement given the foreign exchange headwind experienced during the period. Total company adjusted EBITDA was $200 million with a margin of 11.5%, which excludes a foreign exchange loss. Both Subsea and Surface Technologies achieved sequential improvement in adjusted EBITDA margin in the quarter.

Total company inbound orders were $1.9 billion. Subsea inbound was $1.4 billion with year-to-date orders now totaling $5.2 billion exceeding the level achieved in all of last year. Project awards inbound in the period included Total Energy's Lapa Northeast development offshore Brazil, where we will install umbilicals and flexible pipe in a new configuration to further secure the production of the field. This award highlights the diversity of work scope and customer opportunity in the region.