TechnipFMC Sees Profit Fall Despite Revenue Increase

TechnipFMC has reported third-quarter 2019 profit of $22 million or 5 cents per diluted share.

The services major has seen an 84 percent decrease compared to net profit of $137 million same time last year. The results were affected by after-tax charges and credits totaling $32.6 million of expense, or $0.07 per diluted share.

Other charges included foreign exchange losses of $0.09 per diluted share and increased liability payable to joint venture partners of $0.22 per diluted share.

Adjusted earnings per share for the quarter was 12 cents, down 61 percent versus Q3 2018.

Revenues for the quarter were up 6 percent at $3.33 billion, form $3.14 billion in the prior-year comparable period.

TechnipFMC has secured quarterly order intake of $2.6 billion, down from $3.6 billion (subsea division generated $1.5 billion).

Subsea reported second quarter revenue of $1.3 billion, up 11 percent compared to the corresponding period in 2018. Full-year revenue guidance for subsea division has changed and it’s expected to be in a range of $5.6 – 5.8 billion.

Vessel utilization rate for the second quarter was 70 percent, up from 69 percent in the first quarter, and also 69 percent in the prior-year quarter.

At the end of the second quarter 2019, TechnipFMC backlog was $24.1 billion ($15.1 billion in Q3 2018), including subsea backlog of $8.7 billion.

Subsea World News Staff

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