TechnipFMC Q3 loss narrows

UK-based TechnipFMC has reported third-quarter 2020 loss of $3.9 million or 1 cent per diluted share against $119 million loss same time last year.

Adjusted diluted earnings per share, excluding charges and credits, was 16 cents, with analysts projecting some 22 cents.

Revenues for the quarter were flat at $3.34 billion.

TechnipFMC has secured quarterly order intake of $2.23 billion, down 14 per cent from $2.61 billion in Q3 2019.

Subsea division generated $1.6 billion and operating profit of $20 million.

Subsea reported third quarter revenue of $1.5 billion, up close to 12 per cent compared to the corresponding period in 2019.

Revenue growth in project activity was most significant in the United States, Norway and Africa.

No updates were made to the previous guidance that was issued on July 29, 2020.

2020 revenue guidance for subsea division is in a range of $5.3 – 5.6 billion. EBITDA margin is at 8.5 per cent.

At the end of Q3 2020, TechnipFMC backlog was $19.64 billion ($24.1 billion in Q3 2019), including subsea backlog of $7.22 billion.

The company ended the period with cash and cash equivalents of $4.24 billion; net cash was $384 million.

For the nine months of 2020 TechnipFMC booked loss of $3.25 billion, against loss of $1 million in 2019.

Revenue in the first three quarters was at $9.62 billion, versus $9.68 billion in 2019.