TechnipFMC: adjusted net income down 76%
(CercleFinance.com) - On Thursday TechnipFMC announced Q2 adjusted EPS of 0.
09 dollar, down 77% y-o-y (0.39 dollar in Q2 2019).
Meanwhile, adjusted EBITDA fell from 450 million dollars a year ago to 241.1 million dollars, for an adjusted EBITDA margin of 7.6% (vs. 13.1% a year earlier). In addition, adjusted net income fell from 175.6 million dollars to 42.2 million dollars (-76%).
"We also made solid progress in three core areas - strengthening our balance sheet, progressing our backlog scheduling and accelerating our business transformation - all to ensure the success of TechnipFMC both through the current cycle and over the longer term. We took a series of proactive steps to ensure that we can maintain access to more than sufficient liquidity in these challenging times. We experienced no cancellations of our backlog, highlighting the resiliency of the nearly $21 billion of backlog we have today. And we have engaged in constructive dialogue with our customers that has resulted in an even more collaborative approach, creating new opportunities for TechnipFMC," said Doug Pferdehirt, TechnipFMC's Chairman and CEO.
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