TechnipFMC ( NYSE: FTI ) -3.5% in Thursday's trading after missing Q3 adjusted earnings estimates and reporting inbound orders fell 16% Y/Y to $1.85B.
Q3 net loss widened to $10.3M, or $0.02/share, from a $32.2M loss, or $0.07/share, in the same period last year, while revenues rose 9% to $1.73B from $1.58B a year ago, which the company said was "a solid achievement given the currency headwind experienced during the period."
TechnipFMC ( FTI ) it achieved Q3 inbound orders of $1.4B for the subsea sector and another $449M for surface technologies, and said it is on track this year to win nearly $7B in new orders from the subsea sector alone, up as much as 40% Y/Y.
The contractor said it has secured subsea orders exceeding $5.2B in the first nine months of this year, more than the entire 2021.
"Extending the outlook into 2023, we believe orders over the next five quarters will be at least $9B," CEO Doug Pferdehirt said.
"The next leg of growth in oil and gas will be fueled by offshore and the Middle East," the CEO said. "The bold steps we took more than five years ago to create TechnipFMC have resulted in a pureplay technology company that is uniquely levered to both of these markets."
TechnipFMC's ( FTI ) stock price return shows at 65% YTD gain and a 40% increase during the past year .
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TechnipFMC falters after Q3 earnings miss, drop in inbound orders