TechnipFTI Earnings: Elevated Contracting Activity Secures Stable Revenue Streams Through 2025

TechnipFMC's first-quarter revenues increased 10% year over year and 1% sequentially, as standard seasonal activity declines offset an otherwise strengthening global offshore market. Brazil and the Gulf of Mexico are currently the most active regions, but opportunities abound all over the world as the offshore industry commences its long-awaited upcycle. The firmwide adjusted EBITDA margin was 9%, up 200 basis points quarter over quarter. We'll incorporate the firm's full operating and financial results shortly, but for now, we maintain our no-moat rating and $18 fair value estimate.