TechnipFMC Posts $418.4M Third-Quarter Net Income
FTI sits 77% above its 52-week low of $40.52.
Summary
TechnipFMC reported third-quarter net income of $418.4 million, a headline number that lands against a strong prior quarter of $0.90 EPS on $2.76 billion in revenue. Third-quarter revenue rose year-over-year on Subsea project activity. The company has been stacking up subsea awards — a Petrobras flexible pipe contract in early October, a PETRONAS iEPCI deal in September, and a BP 20,000 psi subsea tree MOU just last week — so the print gives the first hard read on whether that backlog is converting into profit. No EPS or guidance figures accompanied the net income line in this release, so the quality of the beat versus the $0.90 Q2 base is not yet clear.
At the time of this announcement, FTI was trading at $71.88 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $28B. The 52-week trading range was $40.52 to $80.70. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: Dow Jones Newswires.