TechnipFMC: a dynamic Q2; group raises forecasts
(CercleFinance.com) - Oil services group TechnipFMC reported a sharp increase in its order intake and sales , in the second quarter.
As a result, the group has raised some of its annual forecasts for its two main divisions - Subsea and Onshore/Offshore.
Q2 sales rose by 16% to 3.4 billion dollars, after declining by almost 7% in Q1. Adjusted EBITDA rose by nearly 20% to 450 million dollars, and the group's Q2 2019 margin rose by 40 basis points to 13.1% for adjusted earnings of 175.6 million dollars (+33.2%), or 0.39 dollar per share.
Order intake increased by 2.x to 11.2 billion dollars, bringing its total order book to 25.8 billion dollars (+73.4%).
As a result, the FY 2019 Subsea sale forecast has been raised from 5.4 billion to 5.7 billion dollars to 5.6 billion to 5.8 billion dollars, for an expected adjusted EBITDA margin of at least 11.5%. vs. at least 11% previously. In the Onshore/Offshore division, sales are still expected at between 6 billion to 6.3 billion dollars, although its adjusted EBITDA margin has been raised from an estimated 14% to at least 16%. Meanwhile, the group has maintained its forecasts for Surface Technologies.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
As a result, the group has raised some of its annual forecasts for its two main divisions - Subsea and Onshore/Offshore.
Q2 sales rose by 16% to 3.4 billion dollars, after declining by almost 7% in Q1. Adjusted EBITDA rose by nearly 20% to 450 million dollars, and the group's Q2 2019 margin rose by 40 basis points to 13.1% for adjusted earnings of 175.6 million dollars (+33.2%), or 0.39 dollar per share.
Order intake increased by 2.x to 11.2 billion dollars, bringing its total order book to 25.8 billion dollars (+73.4%).
As a result, the FY 2019 Subsea sale forecast has been raised from 5.4 billion to 5.7 billion dollars to 5.6 billion to 5.8 billion dollars, for an expected adjusted EBITDA margin of at least 11.5%. vs. at least 11% previously. In the Onshore/Offshore division, sales are still expected at between 6 billion to 6.3 billion dollars, although its adjusted EBITDA margin has been raised from an estimated 14% to at least 16%. Meanwhile, the group has maintained its forecasts for Surface Technologies.
Copyright (c) 2019 CercleFinance.com. All rights reserved.