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TechnipFMC Q2 profit falls YOY

TechnipFMC plc said its normalized net income for the second quarter came to 32 euro cents per share, a decrease of 79.3% from €1.55 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was €37.1 million, a decline of 80.6% from €191.6 million in the year-earlier period.

The normalized profit margin dropped to 1.4% from 5.3% in the year-earlier period.

Total revenue declined 23.7% on an annual basis to €2.73 billion from €3.58 billion, and total operating expenses declined 18.9% from the prior-year period to €2.65 billion from €3.26 billion.

Reported net income came to a loss of €342.1 million, or a loss of €2.94 per share, compared with income of €230.0 million, or €1.74 per share, in the prior-year period.