TechnipFMC plc (FTI) Q2 Earnings Lag Estimates, Sales Beat
TechnipFMC plc (NYSE: FTI ) reported second-quarter 2022 adjusted earnings of 2 cents per share, lagging the Zacks Consensus Estimate of 4 cents per share. This underperformance was due to higher product costs and lease expenses, which pushed up the company''s total expenses. Adjusted EBITDA from the Subsea unit for the reported quarter totaled $176 million, beating the Zacks Consensus Estimate of $163 million, while the Surface Technologies unit''s profit came in at $32.4 million, outperforming the Zacks Consensus Estimate of $28.85 million. For the quarter ended Jun 30, this seabed-to-surface oilfield equipment and services provider''s revenues of $1.72 billion outperformed the Zacks Consensus Estimate by 1.30% and also increased from the year-ago quarter''s $1.67 billion. This could be attributed to the better-than-anticipated revenue performance of the Surface Technologies unit. Giving some respite to investors, FTI''s second-quarter inbound orders increased 41.2% from the year-ago period''s level to $2.2 billion, reflecting strong revenue visibility.
TechnipFMC plc (FTI) Q2 Earnings Lag Estimates, Sales Beat
TechnipFMC plc (NYSE: FTI ) reported second-quarter 2022 adjusted earnings of 2 cents per share, lagging the Zacks Consensus Estimate of 4 cents per share. This underperformance was due to higher product costs and lease expenses, which pushed up the company''s total expenses. Adjusted EBITDA from the Subsea unit for the reported quarter totaled $176 million, beating the Zacks Consensus Estimate of $163 million, while the Surface Technologies unit''s profit came in at $32.4 million, outperforming the Zacks Consensus Estimate of $28.85 million. For the quarter ended Jun 30, this seabed-to-surface oilfield equipment and services provider''s revenues of $1.72 billion outperformed the Zacks Consensus Estimate by 1.30% and also increased from the year-ago quarter''s $1.67 billion. This could be attributed to the better-than-anticipated revenue performance of the Surface Technologies unit. Giving some respite to investors, FTI''s second-quarter inbound orders increased 41.2% from the year-ago period''s level to $2.2 billion, reflecting strong revenue visibility.