Technip Energies (TE) Q3 2024 earnings summary

Executive summary

• Achieved 13% year-over-year revenue growth for the first nine months of 2024, reaching €5.0 billion, with diluted EPS up 35% to €1.55, driven by strong project delivery and TPS momentum.

• Upgraded full-year 2024 revenue guidance to €6.5–6.8 billion, reflecting robust topline momentum and sustained margins, with double-digit growth expected to continue into 2025.

• Completed €100 million share buyback and paid over €170 million to shareholders in 2024 via dividends and buybacks, equivalent to 4.5% of market cap.

• Secured major project awards in LNG, blue/green hydrogen, and green ammonia, enhancing backlog and diversification, with significant wins in Americas, India, and UK.

• Backlog increased to €15.9 billion, providing multi-year visibility and supporting future growth.

Financial highlights

• Revenues reached €5.0 billion (up 13% year-over-year), with TPS delivering its highest-ever quarterly revenue in Q3.

• Recurring EBIT rose 12% year-over-year to €357 million; net profit up 35% to €280 million.

• Free cash flow (excluding working capital) was €360 million; closing gross cash at €3.5 billion.

• Adjusted order intake was €4.8 billion, with book-to-bill ratio at 1.0 for 9M 2024.

• Effective tax rate increased to 30.3% due to earnings mix; tax rate guidance raised to 29%-33% for 2024.

Outlook and guidance

• 2024 revenue guidance raised to €6.5–6.8 billion (from €6.1–6.6 billion); recurring EBIT margin expected at 7.0–7.5%.

• Orders expected to exceed revenues for the second consecutive year, with strong Q4 award outlook and robust backlog supporting growth into 2025.

• Double-digit EPS growth expected for full year, excluding share buyback impact.