TechnipFMC Earnings: Strong Backlog Growth Gives Us Confidence to Raise FVE by 6%; Shares Pricey

TechnipFMC blew past our revenue expectations, but adjusted EBITDA (excluding currency impacts) was in line. Revenue increased over 4% sequentially to $2.65 billion, though EBITDA margin declined 90 basis points to 19.6%. Still, backlog grew a resounding 14% year on year and 1% sequentially.