TechnipFMC stock gains 2% on upbeat outlook, strong Q3 print

NEWCASTLE & HOUSTON - TechnipFMC plc (NYSE:FTI ) shares jumped 2.4% Thursday after the oil services company reported third quarter earnings that beat analyst expectations and provided an upbeat outlook.

The company posted adjusted earnings per share of $0.64, significantly above the $0.39 consensus estimate. Revenue came in at $2.35 billion, slightly ahead of the $2.34 billion analysts were expecting and up 14.2% YoY.

"The TechnipFMC team continues to demonstrate solid execution, which is reflected in our strong quarterly results," said Doug Pferdehirt, Chair and CEO of TechnipFMC.

Subsea segment revenue grew 18.7% YoY to $2.03 billion, while Surface Technologies revenue declined 8.1% to $320.3 million.

Total company inbound orders were $2.78 billion in Q3, driving backlog to a record $14.7 billion. Subsea backlog reached $13.7 billion, also a new high.

For the full year 2024, TechnipFMC lowered its net interest expense guidance to $65-70 million from $70-80 million previously. It also reduced its expected tax provision to $170-180 million from $280-290 million.

The company increased its 2025 Subsea revenue outlook to $8.3-8.7 billion, up from about $8 billion previously. It also raised its 2025 Subsea adjusted EBITDA margin forecast to 18.5-20% from around 18% before.

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Source: Investing.com