TechnipFMC Earnings: 2023 Order Intake Set to Surpass 2022 Mark Amid High Contracting Activity

TechnipFMC posted a very strong second-quarter performance. Revenue increased 15% year over year and quarter over quarter, and the firmwide adjusted EBITDA margin achieved sequential expansion above 100 basis points to nearly 10.5%. High demand for subsea products and services was the driving force behind this quarter's results as offshore oil and gas activity accelerates around the world. We maintain our $18 per share fair value estimate and no-moat rating following results.