TechnipFMC (FTI) Misses Q1 EPS by 33c
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TechnipFMC (NYSE: FTI) reported Q1 EPS of ($0.11), $0.33 worse than the analyst estimate of $0.22. Revenue for the quarter came in at $3.13 billion versus the consensus estimate of $3.37 billion.
2020 Financial Guidance1
The Company’s full-year guidance for 2020 can be found in the table below.
All segment guidance assumes no further material degradation from COVID-19 impacts.
2020 Guidance *Updated April 22, 2020
Subsea
In lieu of specific revenue and EBITDA margin guidance, we provide the following:
● $3.1 billion of backlog to be converted into revenue for remainder of the year
● Inbound orders to be down as much as 50% versus 2019
● Subsea Services revenue to be approximately $1 billion for the full year
● Installation campaigns extend to 2021; limited flexibility to mitigate near-term costs
Technip Energies
Revenue in a range of $6.3 - 6.8 billion
EBITDA margin at least 10% (excluding charges and credits)
Surface Technologies
In lieu of specific revenue and EBITDA margin guidance, we provide the following:
● International market to represent ~60% of revenue mix
● Vertical integration and technology differentiation benefits internationally
● Aggressive actions to North America cost base; expect to be modestly profitable
(excluding charges and credits)
TechnipFMC
Corporate expense, net $165 - 175 million for the full year (excluding the impact of foreign currency fluctuations)
Net interest expense $80 - 90 million for the full year (excluding the impact of revaluation of partners’ mandatorily redeemable financial liability)
Capital expenditures approximately $300 million for the full year
For earnings history and earnings-related data on TechnipFMC (FTI) click here.
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