TechnipFMC reports Q1 adjusted EPS 0c, consensus 2c

Reports Q1 revenue $1.72B, consensus $1.67B. CEO Doug Pferdehirt stated, "We had solid operational performance in the quarter, as both Subsea and Surface Technologies successfully delivered on the commitments we made in February. Total Company revenue was $1.7B, with adjusted EBITDA of $155M when excluding foreign exchange. We had a strong start to the year with total company inbound orders of $2.9B, driving sequential growth in backlog to $10.6B…Given the high quality of the opportunities we are pursuing today and the strength of the broader market, we are confident that Q1 is not the quarterly peak for iEPCI inbound in 2023. We are experiencing a record level of integrated FEED activity…We continue to expect iEPCI to post record inbound in 2023 and to be a strong contributor to the more than $8b of Subsea orders we expect for the full year. We are confident in our ability to execute in this period of growth as iEPCI, Subsea 2.0 and our vessel ecosystem together enable a differentiated approach to subsea projects. These transformational elements have reshaped our company, driving simplification and industrialization that reduce project complexity and risk. Our improved commercial success is a direct result of our customers’ confidence in our ability to successfully deliver their projects. Our journey is not predicated on the market recovery. It reflects the fundamental changes we have made to our business that are already providing tangible benefits today through unique market visibility, improved commercial success and enhanced operational insight. I am confident these changes will continue to drive improved results for our company in the future."