TechnipFMC Announces Quarterly Dividend and Additional $1 Billion Share Repurchase Authorization
October 23 2024 - 3:15PM
Business Wire
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 to www.TechnipFMC.com
and follow us on X @TechnipFMC.
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