- 9M 2022 Adj. revenues of €4.9bn and Adj. recurring EBIT margin of 6.9%; Adj. diluted EPS +42% Y/Y
- Return to full company guidance for 2022: Adj. revenues of €6.2 - 6.5bn and Adj. recurring EBIT margin of 6.7% - 6.9%
- Significant TPS order intake drives step-change in segment backlog: +60% Y/Y
- Macro energy environment driving an improved commercial outlook notably in LNG and decarbonization
According to the company’s website press release on October 20, 2022, Technip Energies (Paris:TE) (ISIN:NL0014559478) (the “Company”), a leading Engineering & Technology company for the energy transition, today announces its unaudited financial results for the first nine months of 2022.
Arnaud Pieton, Chief Executive Officer of Technip Energies, commented:
“The world requires an energy system that balances affordability, availability, and sustainability. Recent events have underlined the urgent need for increased investment and accelerated project development, with a particular emphasis on natural gas, LNG, and low-to-zero carbon solutions.”
“For our company, this market reality is first evidenced by strong TPS order intake driving a 60% step change in segment backlog year-over-year, with notable awards in renewable fuels and ethylene markets - this reinforces the revenue growth trajectory of our highest margin segment. Furthermore, the commercial pipeline for Project Delivery is also growing with substantial early engagement in energy transition and traditional prospects. As such, we expect a significant improvement in order intake trends over the next 12-18 months. This also confirms that the combination of longer cycle Project Delivery with value accretive TPS provides an ideal blend for T.EN to be successful across energy cycles.”
“In the third quarter, our teams continued to demonstrate robust business execution and our revenues excluding Arctic LNG 2 increased as planned. The strength in margins, which are in line with our medium-term trajectory, demonstrates the quality of our underlying portfolio, an improving mix, and world-class project delivery.”
“Our orderly exit from Arctic LNG 2 is progressing and all operational personnel have been demobilized from the project. We have signed an Exit Framework Agreement with our customer, which we are currently implementing, and anticipate completing this process within the first half of 2023. The improved visibility on Arctic LNG 2 combined with nine months of achieved financials has enabled us to return to full company guidance for 2022.”
“T.EN’s business strategy is fully aligned with an improving energy market outlook. Supported by our strong balance sheet and commitment to further investment in our technology portfolio, we are well positioned to enable solutions for affordable, available, and sustainable energy. We remain resolutely focused on generating value for our shareholders through effective capital allocation and sustained excellence in execution.”
2022 full company guidance – adjusted IFRS
Full company guidance is consistent with prior financial framework for FY 2022. The prior framework excluded the contribution from Arctic LNG 2 and consisted of adjusted revenues of €5.0 - 5.5 billion, adjusted recurring EBIT margin of at least 6.8%, and adjusted effective tax rate of 28% - 32%. The full company guidance stated below now includes the expected contribution from Arctic LNG 2.
About Technip Energies
Technip Energies is a leading Engineering & Technology company for the energy transition, with leadership positions in LNG, hydrogen and ethylene as well as growing market positions in blue and green hydrogen, sustainable chemistry and CO2 management. The Company benefits from its robust project delivery model supported by an extensive technology, products and services offering.
Operating in 34 countries, our 15,000 people are fully committed to bringing our clients’ innovative projects to life, breaking boundaries to accelerate the energy transition for a better tomorrow.
Technip Energies is listed on Euronext Paris with American depositary receipts (“ADRs”) traded over-the-counter in the United States.
