TechnipFMC Reports Q2 EPS at $0.35

TechnipFMC Umbilicals

TechnipFMC has reported second-quarter 2017 net income of $146.9 million and diluted earnings per share of $0.35.

Excluding charges and credits, adjusted diluted earnings per share were $0.45.

Total company operating profit was $439.6 million, with adjusted EBITDA at $501.3 million.

Revenues for the quarter were $3.84 billion, down form close to $5 billion on a pro forma basis same time last year. Order intake was $3.2 billion, of which subsea division order intake was $1.8 million.

Subsea generated second-quarter revenues of $1.73 billion, a decline from $2.4 billion in Q2 2016 on pro forma basis.

Subsea delivered operating profit of $236 million. Adjusted EBITDA was $376.7 million. Subsea improved adjusted EBITDA margins to 21.8 percent, despite a 28 percent revenue decline and 7 percent of adjusted EBITDA from the prior-year quarter.

At the end of the second quarter 2017, the company’s backlog was $15.18 billion, including subsea backlog of $6.18 billion.

“We just passed our six-month anniversary as a new company, and our merger integration efforts are delivering results. We remain confident in our ability to reach our synergy targets. In addition, we are accelerating the development of unique technologies, as well as, identifying additional integrated offerings across our broad portfolio,” said Doug Pferdehirt, CEO of TechnipFMC.

The company confirmed it plans a quarterly dividend following third quarter 2017 results.

Subsea World News Staff

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