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TechnipFMC PLC FTI

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TechnipFMC Reports Solid Q1 Results As Subsea Market Improves

Preston Caldwell Equity Analyst

Analyst Note

| Preston Caldwell |

TechnipFMC reported first quarter revenue up 2% sequentially, adjusted for the February 2021 spinoff of Technip Energies. The revenue was driven by a 4% increase in the subsea segment, owing to improvement in subsea activity and strong operational performance. This was offset by a 6% sequential revenue decline in the surface segment, owing to seasonal spending declines in international markets along with TechnipFMC's decision to exit from certain weak-performing North America product lines. Adjusted operating margins improved by about 100 basis points (excluding corporate costs, for which we don't yet have a pro forma estimate for the prior quarter). Our fair value estimate and no-moat rating are unchanged following the results.

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Company Profile

Business Description

TechnipFMC is the largest provider of integrated deep-water offshore oil and gas development solutions, offering the full spectrum of subsea equipment and subsea engineering and construction services. The company also provides various surface equipment used with onshore oil and gas wells. TechnipFMC originated with the 2017 merger of predecessor companies Technip and FMC.

Contact
One St. Paul’s Churchyard
London, EC4M 8AP, United Kingdom
T +44 2034293950
Sector Energy
Industry Oil & Gas Equipment & Services
Most Recent Earnings Mar 31, 2021
Fiscal Year End Dec 31, 2019
Stock Type
Employees 37,966

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