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TechnipFMC Q2 profit climbs 39.8% YOY

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TechnipFMC Q2 profit climbs 39.8% YOY

TechnipFMC plc said its normalized net income for the second quarter amounted to 35 cents per share, compared with the S&P Capital IQ consensus estimate of 37 cents per share.

EPS declined 62.6% year over year from 95 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $166.0 million, a gain of 39.8% from $118.8 million in the prior-year period.

The normalized profit margin declined to 4.3% from 5.0% in the year-earlier period.

Total revenue rose 62.2% on an annual basis to $3.85 billion from $2.37 billion, and total operating expenses rose 66.0% year over year to $3.48 billion from $2.10 billion.

Reported net income grew 57.2% on an annual basis to $163.9 million, or 35 cents per share, from $104.3 million, or 83 cents per share.