TechnipFMC Reveals Mistake in Q1 Figures

TechnipFMC has informed that is financial statements for the three months ended March 31, 2017 should no longer be relied upon because of material errors in such financial statements. 

The quarterly adjustment was released just two days before TechnipFMC should report figures for the second quarter 2017.

The company’s shares price, which are listed on both NYSE and Euronext Paris, fell on Tuesday but managed to make a comeback on the Paris stock market near the previous close on Monday.

TechnipFMC explained that errors existed within certain rates used in the calculations of the foreign currency effects on certain of its engineering and construction projects in TechnipFMC’s unaudited condensed consolidated balance sheets and condensed consolidated statements of income for the quarter ended March 31, 2017.

As a result, the net income attributable to TechnipFMC in the quarter ending March 31, 2017 was overstated by $209.5 million ($0.45 per share).

To remind, TechnipFMC reported first-quarter 2017 net income of $190.8 million and diluted earnings per share of $0.41.

Revenues for the quarter were $3.4 billion. Order intake was $1.6 billion, of which subsea division order intake was $666 million.

At the end of the first quarter 2017, the company’s backlog was $16.1 billion, including subsea backlog of $6.6 billion.

Subsea World News Staff