Strong 9M performance and substantial EPS growth; upgrading full year guidance
Strong revenue growth of 13% Y/Y; upgrade 2024 revenue guidance to €6.5 - 6.8bn from €6.1 - 6.6bn
Recurring EBIT margin stable at 7.2%; diluted EPS up 35% Y/Y
Successful completion of €100m share buyback program
Well positioned for notable prospects that enable diversification by geography and in new markets
Technip Energies (the “Company”), a leading Engineering & Technology company for the energy transition, announces its unaudited financial results for the first nine months of 2024.
Arnaud Pieton, Chief Executive Officer of Technip Energies, commented:
“I am delighted to report a highly robust performance by Technip Energies (T.EN) in the first nine months of 2024, evidenced by year-over-year revenue growth of 13%, sustained profitability, and substantial growth in net income. These results demonstrate the strength of our business model and execution, and the impressive dedication of our teams across the globe. As a result, we are raising full year revenue guidance.”
“Our order intake year-to-date is in line with revenue, and we are very confident that orders will exceed revenue on a full-year basis. Our confidence is bolstered by our recent selection for the delivery of large modules for a major offshore project in the Americas. We have also recently secured an important award for Rely, our joint venture for green hydrogen and Power-to-X, to provide services for one of the world's largest green ammonia plants for AM Green in India, and, we celebrated a technology first with an award for our proprietary low-emission cracking ethylene furnace for CPChem in the US.”
“In addition, we secured our position on notable projects that will reinforce and diversify our backlog in 2025 and beyond. This includes our selection by Lake Charles LNG for a major export terminal in the US, as well a front-end engineering design (FEED) award on Rovuma LNG in Mozambique - both projects underscore our continued leadership in modularized LNG trains.”
“Our strategic focus provides for sustained growth and success in promising new industries including blue molecules and carbon capture. In the third quarter, bp awarded T.EN a FEED for its H2Teesside project, which is expected to be one of the UK’s largest blue hydrogen production facilities. This reinforces our position in the UK’s first decarbonized industrial cluster, where we have also been selected for the NZT Power carbon-capture project, pending final investment decision. These awards are establishing T.EN’s early leadership in growth markets.”
“With the completion of our share buyback program and planned cancellation of treasury shares, T.EN will have returned more than €170 million in cash to shareholders during 2024 through dividends and buybacks - roughly equivalent to 4.5% of our market capitalization - a clear and tangible sign of our commitment to shareholder returns.”
“Finally, we are looking forward to engaging with our investor community at our Capital Markets Day on November 21, 2024 and sharing more about our vision for T.EN’s bright future.”
Capital Markets Day - November 21, 2024, London
Technip Energies will update on its strategy and business outlook during a Capital Markets Event in London on November 21, 2024.
Conference call information
Technip Energies will host its 9M 2024 results conference call and webcast on Thursday, October 31, 2024 at 13:00 CET. Dial-in details:
France: +33 1 70 91 87 04
United Kingdom: +44 1 212818004
United States: +1 718 7058796
Conference Code: 880901
The event will be webcast simultaneously and can be accessed at: T.EN 9M 2024 Webcast
