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TechnipFMC's quarterly net loss widens on tax charges


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TechnipFMC's quarterly net loss widens on tax charges

Oilfield services provider TechnipFMC plc reported that its net loss widened to $153.9 million, or 33 cents per diluted share, in the fourth quarter of 2017, from $133.8 million, or $1.13 per share, in the year-ago period.

The company booked $244.8 million in after-tax charges and credits, which comprised noncash charges of $138.2 million due to the tax changes in the U.S. and France.

Revenue in the three months that ended Dec. 31, 2017, came in at $3.68 billion, compared with $2.05 billion in the year-ago period.

The company's subsea and onshore/offshore segments posted revenue of $1.29 billion and $2.02 billion in the fourth quarter, respectively, up from $1.23 billion and $821.9 million in the year-ago quarter.

For the 12 months ending Dec. 31, 2017, net income came in at $113.3 million, or 24 cents per share, compared with $393.3 million, or $3.16 per share, a year earlier.

Full-year revenue for the subsea and onshore/offshore segments came in at $5.88 billion and $7.90 billion, respectively.

For fiscal 2018, the company expects onshore/offshore revenue to range from $5.3 billion to $5.7 billion, and subsea revenue to come in at $5.0 billion to $5.3 billion.