TechnipFMC PLC

FTI: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$97.00	Twbnq	Vvwctpfn

TechnipFMC Earnings: Backlog Mix Drives Strong Performance in Subsea Segment

Katherine Olexa

Aug 8, 2024

No-moat TechnipFMC posted revenue and EPS that topped PitchBook estimates by 4% and 39%, respectively. This performance was driven by the Subsea segment, which benefited from a backlog order mix that was more profitable, generating higher margins. The result is that both topline revenue and EBITDA margin for the segment have been guided up for the full year, to $7.7 billion from $7.4 billion and 17% from 16%, respectively. After incorporating these results, we are leaving our fair value estimate unchanged at $21.

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