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TechnipFMC swings to profit

TechnipFMC PLC said its first-quarter net income rose to $95.1 million, from a net loss of $18.7 million in the same quarter last year.

The oilfield services provider's diluted EPS rose to 20 cents from a loss of 4 cents in the year-ago period.

Revenue for the first quarter declined to $3.13 billion, from $3.39 billion a year ago. Costs and expenses fell to $2.89 billion from $3.34 billion.

The company's subsea and onshore/offshore segments posted revenue of $1.18 billion and $1.57 billion in the first quarter, respectively, down from $1.38 billion and $1.76 billion.

Adjusted EBITDA came in at $386.6 million, declining from $420.4 million in the year-prior period.

Net interest expense was $87.4 million, up from $82.1 million a year ago.

"Our solid first quarter results reflect continued strength in operational execution as well as the benefits of merger synergies," said Doug Pferdehirt, CEO of TechnipFMC. "Despite lower revenue, total Company adjusted EBITDA margin was unchanged year-over-year. Market conditions for key businesses also continue to improve."