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TechnipFMC adjusted Q3 results fall 61% YOY, miss estimates

TechnipFMC PLC on Oct. 23 reported a third-quarter adjusted net income of $54.4 million, or 12 cents per share, down 61.1% from the adjusted net income of $139.8 million, or 31 cents per share, posted for the third quarter of 2018.

The S&P Global Market Intelligence consensus normalized earnings estimate for the third quarter was a net income of 50 cents per share.

TechnipFMC's GAAP net income was pegged at $21.8 million, down 84.1% from the $136.9 million recorded during the same quarter in 2018.

The company's third-quarter revenues totaled $3.34 billion, up 6.1% from the $3.14 billion seen a year ago.

Inbound orders fell with $2.61 billion reported for the quarter compared to the $3.65 billion noted during the third quarter of 2018.

On the other hand, TechnipFMC's backlog came in at $24.12 billion, up 58.9% from the $15.18 billion posted a year ago.