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TechnipFMC Q3 profit falls YOY

TechnipFMC plc said its normalized net income for the third quarter was 40 cents per share, compared with the S&P Capital IQ consensus estimate of 46 cents per share.

EPS declined 80.9% year over year from $2.12.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $189.5 million, a decrease of 29.4% from $268.4 million in the year-earlier period.

The normalized profit margin declined to 4.6% from 11.3% in the year-earlier period.

Total revenue rose 74.3% year over year to $4.14 billion from $2.38 billion, and total operating expenses increased 81.5% on an annual basis to $3.80 billion from $2.10 billion.

Reported net income fell 59.7% from the prior-year period to $122.1 million, or 26 cents per share, from $302.8 million, or $2.39 per share.