TechnipFMC reports Q2 adjusted EPS 43c, consensus 31c

Reports Q2 revenue $2.33B, consensus $2.24B. CEO Doug Pferdehirt stated, “Our quarterly results reflect strong operational performance throughout the company…Through our success in Guyana, we have established a strong reputation for meeting the accelerated schedule requirements of an emerging basin. Importantly, it is our strategic commitment to the region and its people, collaboration with our global and local partners, and innovative mindset that have created a winning playbook for the development of our business in Guyana. This formula will also be utilized in new frontiers, including Suriname and Namibia. At quarter end, total company backlog was $13.9B, a record level for TechnipFMC, with orders exceeding revenue in 10 of the last 11 quarters. We are well positioned for Subsea orders to approach $10B for the year, also giving us continued confidence in achieving $30B in orders over the three-year period ending 2025. We expect this activity will drive further growth in backlog…The strong financial performance in the period clearly demonstrates the solid momentum we are experiencing in our execution. Our success reflects the bold steps we took to create a new business model that reshaped the subsea industry and to deliver innovative technologies that further improve project economics. These actions continue to provide sustainable differentiation for TechnipFMC, driving results higher than what could be achieved through a market recovery alone.”