TechnipFMC Announces Quarterly Dividend and Additional $1 Billion Share Repurchase Authorization
NEWCASTLE & HOUSTON--(BUSINESS WIRE)--Oct 23, 2024--
TechnipFMC plc (NYSE: FTI) today announced that its Board of Directors has authorized and declared a quarterly cash dividend of $0.05 per share, payable on December 4, 2024 to shareholders of record as of the close of business on the New York Stock Exchange on November 19, 2024, which is also the ex-dividend date.
The Board has also authorized additional share repurchases of up to $1 billion. Together with the existing program, the Company is now authorized to repurchase shares of up to $1.2 billion, representing more than 10 percent of the Company’s outstanding shares at today’s closing price.
Since the initial share repurchase authorization in July 2022, the Company has returned more than $740 million to shareholders through stock repurchases and dividends.
Doug Pferdehirt, TechnipFMC’s Chair and CEO, stated, “We remain confident in the outlook for our Company and now expect to nearly double shareholder distributions in 2024. Today’s dividend declaration and significant increase to our share repurchase authorization further demonstrate our commitment to maximize shareholder value through the return of capital to our shareholders.”
The Company expects to repurchase shares from time to time through open market purchases, privately negotiated transactions, Rule 10b5-1 plans, and any other means in accordance with applicable securities laws. The share repurchase program does not obligate the Company to repurchase shares and may be suspended or discontinued at any time at the Company’s discretion.
Important Information for Investors and Securityholders
Forward-Looking Statement
This release contains "forward-looking statements" as defined in Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended. The words “expect,” “believe,” “estimated,” and other similar expressions are intended to identify forward-looking statements, which are generally not historical in nature. Such forward-looking statements involve significant risks, uncertainties and assumptions that could cause actual results to differ materially from our historical experience and our present expectations or projections. For information regarding known material factors that could cause actual results to differ from projected results, including our assumptions and projections regarding the announced share repurchase program, please see our risk factors set forth in our filings with the United States Securities and Exchange Commission, which include our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. We caution you not to place undue reliance on any forward-looking statements, which speak only as of the date hereof. We undertake no obligation to publicly update or revise any of our forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise, except to the extent required by law.
About TechnipFMC
TechnipFMC is a leading technology provider to the traditional and new energy industries, delivering fully integrated projects, products, and services.
With our proprietary technologies and comprehensive solutions, we are transforming our clients’ project economics, helping them unlock new possibilities to develop energy resources while reducing carbon intensity and supporting their energy transition ambitions.
Organized in two business segments — Subsea and Surface Technologies — we will continue to advance the industry with our pioneering integrated ecosystems (such as iEPCI™, iFEED™ and iComplete™), technology leadership and digital innovation.
Each of our approximately 21,000 employees is driven by a commitment to our clients’ success, and a culture of strong execution, purposeful innovation, and challenging industry conventions.
TechnipFMC uses its website as a channel of distribution of material company information. To learn more about how we are driving change in the industry, go towww.TechnipFMC.comand follow us on X @TechnipFMC.
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SOURCE: TechnipFMC plc
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