TechnipFMC's 1Q Results Weak, but Strong Orders and Updated Guidance Point to Brighter Outlook
TechnipFMC posted fairly weak first-quarter results, with revenue down 12% sequentially and 7% year over year and adjusted operating margin falling to 6.3% from 8.9% in the year-ago quarter. Sequentially, the drop was driven mostly by the onshore/offshore and surface segments, whereas the year-over-year fall was broad-based. However, the company posted very strong orders and management issued positive revisions to its 2019 guidance, pointing to a brighter near-term outlook. Our fair value estima...TechnipFMC is global leader in oil and gas projects, technologies, systems, and services. Co. offers subsea, surface, onshore, and offshore solutions for oil and gas projects. Co. serves customers worldwide. With Co.'s technologies and production systems, integrated expertise, and comprehensive solutions, Co. is transforming Co.'s clients' project economics. Co. is uniquely positioned to deliver greater efficiency across project lifecycles from concept to project delivery and beyond. Through innovative technologies and improved efficiencies, Co.'s offering unlocks new possibilities for Co.'s clients in developing their oil and gas resources.
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