TechnipFMC plc (NYSE:FTI) Q2 2024 Results Earnings Conference Call July 25, 2024 8:30 AM ET

Company Participants

Matt Seinsheimer - Senior Vice President, Investor Relations and Corporate Development
Doug Pferdehirt - Chairman and Chief Executive Officer
Alf Melin - Executive Vice President and Chief Financial Officer

Conference Call Participants

David Anderson - Barclays Capital
Arun Jayaram - J.P. Morgan
Luke Lemoine - Piper Sandler
James West - Evercore ISI
Sherif Elmaghrabi - BTIG
Kurt Hallead - Benchmark Company

Operator

Thank you for standing by and welcome to the TechnipFMC Second Quarter 2024 Earnings Conference Call. [Operator Instructions]. Thank you.

I'd now like to turn the call over to Matt Seinsheimer, Senior Vice President of Investor Relations and Corporate Development. Please go ahead.

Matt Seinsheimer

Thank you, Rachelle. Good morning and good afternoon. And welcome to TechnipFMC's second quarter 2024 earnings conference call. Our news release and financial statements issued earlier today 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 risk 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 US 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.

Doug Pferdehirt

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

Our quarterly results reflect strong operational performance throughout the company. Subsea inbound orders were a robust $2.8 billion with a book-to-bill of 1.4. Adjusted EBITDA improved sequentially for both Subsea and Surface Technologies.

Results were particularly strong in Subsea, where adjusted EBITDA margin improved 370 points sequentially to 17.7%, which is a level of performance we expect to continue in the third quarter. With these results, Subsea is now trending above the high end of our prior full-year guidance range, and Alf will provide further details on guidance in his prepared remarks.