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Press Release

Ä¢¹½tv Announces Second Quarter 2018 Results

July 25, 2018

  • Net income of $105.7 million and adjusted EBITDA of $377.2 million
  • Inbound orders of $4.2 billion; orders exceeded revenue in all segments
    • Subsea: orders $1.5 billion, book-to-bill 1.2x, backlog $6.2 billion
    • Onshore/Offshore: orders $2.3 billion, book-to-bill 1.7x, backlog $8.3 billion
  • Onshore/Offshore guidance for 2018 increased

LONDON & PARIS & HOUSTON--(BUSINESS WIRE)--Jul. 25, 2018-- Regulatory News:

Ä¢¹½tv plc (NYSE:FTI) (Paris:FTI) today reported second quarter 2018 results.

Total Company net income was $105.7 million, or $0.23 per diluted share. These results included after-tax charges and credits of $26.1 million, or $0.05 per diluted share as detailed in the financial schedules. Adjusted diluted earnings per share were $0.28.

The following pre-tax items impacted the quarter and were not included in the Company’s guidance:

  • $24.3 million, or $0.04 per diluted share, of foreign exchange losses included in corporate expense; and
  • $49.1 million, or $0.11 per diluted share, of increased liability payable to joint venture partners included in interest expense.

Total Company revenue was $2,960.9 million. Adjusted EBITDA, which excludes charges and credits, was $377.2 million. Adjusted EBITDA margin was 12.7 percent.

Summary Financial Statements

Reconciliation of U.S. GAAP to non-GAAP financial measures are detailed below and in the financial schedules.

(In millions, except per share amounts) Ìý Three Months Ended

June 30, 2018

Ìý Three Months Ended

June 30, 2017

Ìý Change Ìý
Revenue Ìý $2,960.9 Ìý $3,845.0 Ìý (23.0%) Ìý
Net income Ìý $105.7 Ìý $164.9 Ìý (35.9%) Ìý
Diluted EPS Ìý $0.23 Ìý $0.35 Ìý (34.3%) Ìý
Ìý Ìý Ìý Ìý Ìý Ìý Ìý Ìý
Adjusted EBITDA Ìý $377.2 Ìý $501.3 Ìý (24.8%) Ìý
Adjusted EBITDA margin Ìý 12.7% Ìý 13.0% Ìý (30 bps) Ìý
Net income, excluding charges and credits Ìý $131.8 Ìý $211.9 Ìý (37.8%) Ìý
Diluted EPS, excluding charges and credits Ìý $0.28 Ìý $0.45 Ìý (37.8%) Ìý
Ìý Ìý Ìý Ìý Ìý Ìý Ìý Ìý
Inbound orders Ìý $4,231.7 Ìý $3,153.0 Ìý 34.2% Ìý
Backlog Ìý $14,871.8 Ìý $15,182.9 Ìý (2.0%) Ìý
Ìý Ìý Ìý Ìý Ìý Ìý Ìý Ìý
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