TechnipFMC (FTI) Misses Q1 EPS by 33c

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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