TechnipFMC: reduces net loss in first quarter

(CercleFinance.com) - TechnipFMC last night reported a lower net loss for the first quarter, in particular thanks to the strength of its subsea installations business.


The Franco-American engineering group, which specialises in the energy sector, said it recorded cash flow from operating activities of 182 million dollars in the quarter.

Its free cash flow reached 137 million dollars.

In a statement, the company said that order intake in its subsea business more than doubled quarter-on-quarter to 1.5 billion dollars.

Sales in the latter segment rose to nearly 1.4 billion dollars over the first quarter, from 1.25 billion dollars a year earlier.

As a result, the group's adjusted loss was reduced to 14.5 million dollars in the January-March period, compared with a 60 million dollars loss in the same period last year.

Adjusted EBITDA - which excludes pre-tax charges and credits - more than doubled to 165.2 million dollars from 79.7 million dollars a year earlier.

For 2021, TechnipFMC now says it expects free cash flow of 120 to 220 million dollars, compared to a previous target of 50 to 150 million dollars.

All these announcements were welcomed by investors in Paris, with the stock up around 1.4% in early trading on Wednesday.


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