Analyst Note| Preston Caldwell |
TechnipFMC reported modestly improved results in the fourth quarter. For the purposes of this note, we analyze the company's results on a pre-spin-off basis. As a reminder, TechnipFMC's former segment Technip Energies was spun off in February 2021. The new TechnipFMC still holds about a 50% stake in Technip Energies shares. We will maintain our fair value estimate and moat rating while we incorporate the results into our model.