TechnipFMC Sees Profit Rise Despite Lower Revenues
TechnipFMC has recorded higher profit in the third quarter of 2018, despite lower revenues.
During the third quarter of 2018, the company reported net profit of $136.9 million, or $0.30 per diluted share, compared to $121.0 million in the same period of 2017.
Total revenue was $3.1 billion compared to $4.1 billion in Q3 2017, a decrease of 24.1%, the company informed.
The company recorded inbound orders of $3.6 billion, with subsea orders exceeding revenue for the fourth consecutive quarter.
Doug Pferdehirt, CEO of TechnipFMC, said, “Total company orders once again exceeded revenues, supporting a return to year-over-year growth in backlog. Total company backlog of $15.2 billion increased 9 percent when compared to the prior-year quarter, with growth occurring in all business segments.
“In Subsea, the recovery that began nearly two years ago continues. Our Subsea book-to-bill has exceeded 1.0 in five of the last six quarters. Final Investment Decisions (FIDs) for large projects continue to increase, supported by considerable improvement in project economics and operator cash flows. The continued increase in FEED activity further supports our favorable outlook. With the industry’s most comprehensive offering and the ability to leverage next generation technologies such as Subsea 2.0, TechnipFMC is capitalizing on the market evolution towards integrated subsea developments.
“The outlook for our three growth pillars – subsea, unconventionals, and LNG – remains favorable,” Pferdehirt concluded.