TechnipFMC plc (FTI) has reported a 29.44 percent rise in profit for the quarter ended Mar. 31, 2017. The company has earned $190.80 million, or $0.41 a share in the quarter, compared with $147.40 million, or $1.21 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $331 million, or $0.71 a share compared with $172 million or $1.41 a share, a year ago.
Revenue during the quarter surged 40.83 percent to $3,388 million from $2,405.70 million in the previous year period. Total expenses were 98.73 percent of quarterly revenues, up from 91.84 percent for the same period last year. That has resulted in a contraction of 690 basis points in operating margin to 1.27 percent.
Operating income for the quarter was $42.90 million, compared with $196.40 million in the previous year period.
"Our merger is completed. We are now leveraging the unparalleled breadth of capabilities of TechnipFMC - from our industry-leading front-end engineering, our culture of innovation that is bringing to market next-generation solutions, to our reputation of superior project management," said Doug Pferdehirt, CEO of TechnipFMC. "These capabilities, coupled with our unique commercial alignment to deliver efficiencies across the value chain, allow us to drive the change required for real, sustainable improvement to project economics - improvements which enable our customers to sanction more projects with greater confidence in cost and time to production."
Operating cash flow declines TechnipFMC plc has generated cash of $151 million from operating activities during the quarter, down 5.86 percent or $ 9.40 million, when compared with the last year period.
Cash flow from investing activities was $1,442.90 million for the quarter as against cash outgo of $25 million in the last year period.
The company has spent $865.50 million cash to carry out financing activities during the quarter as against cash outgo of $269.20 million in the last year period.
Cash and cash equivalents stood at $7,041.70 million as on Mar. 31, 2017, up 138.99 percent or $4,095.20 million from $2,946.50 million on Mar. 31, 2016.
Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
