TechnipFMC Earnings: Year-To-Date Order Intake Already Exceeds $8 Billion of Orders Secured in Fiscal 2022

TechnipFMC continued to deliver solid performance in the third quarter and remains on track to achieve its 2023 targets outlined at the beginning of the year. Revenue increased 4% quarter over quarter and 19% year over year. The firmwide adjusted EBITDA margin expanded by 110 basis points sequentially, reaching 11.5% for the quarter. Elevated offshore oil and gas activity shows no signs of slowing down anytime soon, indicated by a robust global project pipeline extending through at least 2025. Management indicated the firm is on track to deliver full-year results at the high end of guidance, which falls in line with our expectations. We maintain our no-moat rating and $18 fair value estimate following the results.