- Solid first quarter; consistent with full year 2023 objectives
- Adjusted revenue of €1,407 million, Adjusted recurring EBIT margin of 7.6%
- 10% year-over-year growth in Adjusted net profit of €80 million
- Preparing future core with the creation of Rely – a new integrated company to accelerate green H2 industrialization
According to the company’s website press release on May 4, 2023, Technip Energies (Paris:TE) (ISIN:NL0014559478) (the “Company”), a leading Engineering & Technology company for the energy transition announces its unaudited financial results for the first quarter 2023.
Arnaud Pieton, Chief Executive Officer of Technip Energies, commented:
“Our first quarter performance provides a strong platform to deliver our full-year guidance. Operationally, our teams continued to deliver sustained strength in Project Delivery execution on lower revenues, as expected, while momentum improved in Technology, Products & Services. We achieved strong profitability in both segments, while underlying free cash flow generation, excluding working capital, remains consistently robust.”
“Commercial momentum in our highest margin TPS segment was sustained through the first quarter with order intake significantly exceeding revenues, benefiting from important awards in ethylene, carbon capture and sustainable fuels. As a result, TPS backlog has increased to new highs, reinforcing a strong growth outlook for the segment.”
“For Project Delivery, we remain disciplined in our commercial strategy, focusing on early engagement within core markets where T.EN is differentiated. Supported by a robust LNG and customer spending cycle, we anticipate a significant improvement in order intake during 2023 and 2024.”
“While LNG will remain a critical transition fuel, achieving the world’s net zero targets requires significant investment to develop and scale clean energy and decarbonization solutions. Emerging stimulus packages from global policy makers will serve to break initial cost barriers, and, although full alignment across the ecosystem is taking time, global ambitions demand that affordable solutions and sustainable products for industries and consumers alike must be developed.”
“Technip Energies is committed to meeting this challenge, and, together with John Cockerill, we are delighted to announce the creation of Rely – a new integrated technology and solutions company for green hydrogen and power-to-X markets. With strong foundations from day 1 in terms of personnel, technology and global reach, Rely will bring together a unique combination of expertise to deliver industrial scale solutions and projects – from inception to operations & maintenance. Furthermore, Rely’s dedicated innovation platform will develop new solutions, proprietary products, and technologies to drive continuous improvement in project economics, bridging from green electrons to the molecules.”
“The creation of Rely is one key component of what we intend to deliver as we execute our strategy and strengthen our positioning in future core markets.”
Conference call information
Technip Energies will host its Q1 2023 results conference call and webcast on Thursday, May 04, 2023 at 13:00 CET. Dial-in details:
France:
+33 170918704
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 Q1 2023 Webcast
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 35 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.
Operational and financial review
Order intake, backlog and backlog scheduling
Adjusted order intake for Q1 2023 amounted to €713 million, equivalent to a book-to-bill of 0.5. Orders in the first quarter included a significant contract for the electric-driven Xi’An LNG project in China, a significant ethylene proprietary equipment contract for QatarEnergy and CPChem’s Ras Laffan petrochemicals complex in Qatar, a FEED for Calpine’s carbon capture project in Texas, US, a FEED for the world’s largest low-carbon hydrogen project at ExxonMobil’s Baytown facility in Texas, US, a FEED by Arcadia eFuels for the world’s first commercial eFuels facility for sustainable aviation fuel production in Denmark, a FEED for LanzaTech’s DRAGON sustainable aviation fuel project in the UK as well as other studies, services contracts and smaller projects.
Investor Relations
Phillip Lindsay
Vice President, Investor Relations
Tel: +44 20 7585 5051
Phillip.lindsay@technipenergies.com
Media Relations
Stella Fumey
Director Press Relations & Digital Communications
Tel: +33 1 85 67 40 95
