TechnipFMC Inc. (NASDAQ: (FTI) stock gained by 3.98% at last close, whereas the FTI stock price declines by 5.56% in the after-hours trading session. TechnipFMC plc is a worldwide oil and gas business with headquarters in the United Kingdom. It provides comprehensive project life cycle services to the energy industry. Engineering News-Record named it 23rd among the world’s Top 225 International Design Firms in 2017.
FTI stock’ Financial Highlights
TechnipFMC announced its financial outcomes for the third quarter of 2021. The summary is given below.
- FTI has reported its total revenue for the third quarter of 2021 as $1579.4million.
- The loss has been calculated as $40.6 million or $0.09 per diluted share, for the ongoing operations.
- The company reported its adjusted loss from the ongoing operations as $25 million. This also included a loss on the initial extinguishment debt of $16 million.
- Without including pre-tax charges and credits, the adjusted EBTIDA was $140.6 million. however, the adjusted EBTIDA margin was 8.9%.
The CEO of FTI, Doug Pferdehirt commented,
The financial outcomes for Q3 show that their operational efficiency has been strong, bolstering their confidence in meeting their full-year financial targets. The company also managed to achieve headway towards its goal of strengthening its balance sheet and selling its Technip Energy stake. Doug also mentioned that they have now sold just over 75% of their initial investment in Technip Energies, with a part of the proceeds used to decrease the outstanding debt by $185 million in the quarter.
Inbound orders totaled $1.1 billion in Subsea, increasing the year-to-date total to $3.9 billion. Direct awards, subsea services, partners around the world, and numerous long-term vessel charters all contributed to the robustness of their incoming. They expect a pace of growth through 2022, as seen by the fourth consecutive quarter of rising project value on their Subsea Opportunity list.
