TechnipFMC: share bashed after results disappoint
(CercleFinance.com) - The sharpest riser by far in the CAC 40 on Thursday, the TechnipFMC share plummets over 13% in mid-morning trading on Thursday in Paris, the day after the publication of poor Q3 results.
Note that the oil services group's Q3 sales rose by 6.1% to 3.3 billion dollars, with its order backlog reaching 8.7 billion dollars, up 36.5% y-o-y.
Despite this, adjusted net income collapsed 61.1% in Q3 to 54.4 million dollars (0.12 dollar per share), well below market expectations: 228 million dollars according to Jefferies, which highlights the disappointing performance of the group's Subsea and Surface Technologies. These businesses will remain in the group's consolidation scope after the split which is scheduled for next year.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
Note that the oil services group's Q3 sales rose by 6.1% to 3.3 billion dollars, with its order backlog reaching 8.7 billion dollars, up 36.5% y-o-y.
Despite this, adjusted net income collapsed 61.1% in Q3 to 54.4 million dollars (0.12 dollar per share), well below market expectations: 228 million dollars according to Jefferies, which highlights the disappointing performance of the group's Subsea and Surface Technologies. These businesses will remain in the group's consolidation scope after the split which is scheduled for next year.
Copyright (c) 2019 CercleFinance.com. All rights reserved.