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TechnipFMC profit beats consensus by 46.6% in Q1

TechnipFMC plc said its normalized net income for the first quarter was 48 cents per share, compared with the S&P Capital IQ consensus estimate of 32 cents per share.

EPS fell 53.2% year over year from $1.02.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $223.0 million, an increase of 76.3% from $126.5 million in the year-earlier period.

The normalized profit margin fell to 1.8% from 5.3% in the year-earlier period.

Total revenue rose 40.8% year over year to $3.39 billion from $2.41 billion, and total operating expenses increased 50.9% year over year to $3.28 billion from $2.17 billion.

Reported net income rose 58.8% on an annual basis to $192.2 million, or 41 cents per share, from $121.1 million, or 97 cents per share.