TechnipFMC (FTI) Misses Q1 EPS by 23c, Revenue Misses
TechnipFMC (NYSE: FTI) reported Q1 EPS of $0.06, $0.23 worse than the analyst estimate of $0.29. Revenue for the quarter came in at $2.91 billion versus the consensus estimate of $3.14 billion.
2019 Financial Guidance1
Updates to the Company’s full-year guidance for 2019 are included in the revised table below and detailed on the following page:
| 2019 Guidance *Updated April 25, 2019 | ||||
| � | ||||
| Subsea | � | Onshore/Offshore | � | Surface Technologies |
| Revenue in a range of $5.4 – 5.7 billion | Revenue in a range of $6.0 – 6.3 billion* | Revenue in a range of $1.6 – 1.7 billion* | ||
| � | ||||
| EBITDA margin at least 11% (excluding amortization related impact of purchase price accounting, and other charges and credits) | EBITDA margin at least 14%* (excluding amortization related impact of purchase price accounting, and other charges and credits) | EBITDA margin at least 12%* (excluding amortization related impact of purchase price accounting, and other charges and credits) | ||
| � | � | � | � | � |
| TechnipFMC | ||||
| Corporate expense, net $160 – 170 million for the full year (excluding the impact of foreign currency fluctuations) | ||||
| � | ||||
| Net interest expense $40 – 60 million for the full year (excluding the impact of revaluation of partners’ redeemable financial liability) | ||||
| � | ||||
| Tax rate 28 – 32% for the full year (excluding the impact of discrete items) | ||||
| � | ||||
| Capital expenditures approximately $350 million for the full year | ||||
| � | ||||
| Cash flow from operating activities positive for the full year | ||||
| � | ||||
| Merger integration and restructuring costs approximately $50 million for the full year | ||||
| � | ||||
| Cost synergies $450 million total savings ($220m exit run-rate 12/31/17, $400m exit run-rate 12/31/18, $450m exit run-rate 12/31/19) | ||||
For earnings history and earnings-related data on TechnipFMC (FTI) click here.