TechnipFMC Earnings Drop, Orders Jump
TechnipFMC has reported first-quarter 2019 profit of $20.9 million or 5 cents per diluted share.
The services major has seen a 78 percent decrease compared to net profit of $95.1 million same time last year.
Adjusted earnings per share for the quarter were 6 cents, excluding charges and credits.
Revenues for the quarter were down close to 7 percent at $2.91 billion, form $3.12 billion in the prior-year comparable period.
However, TechnipFMC quarterly order intake rose to $6.2 billion from $3.5 billion (subsea division generated $2.7 billion) and represent the company’s highest since the fourth quarter of 2014.
Subsea reported second quarter revenue of $1.2 billion, relatively flat compared to the corresponding period in 2018. Full-year revenue guidance for subsea division has not been changed and it’s expected to be in a range of $5.4 – 5.7 billion.
At the end of the first quarter 2019, TechnipFMC backlog was $17.7 billion ($14 billion in Q1 2018), including subsea backlog of $7.5 billion.
Subsea World News Staff