Oilfield services company TechnipFMC saw its third quarter 2019 profit drop despite increase in revenues due to charges and credits compared to the same period last year.
According to TechnipFMC’s quarterly report published on Wednesday, the company’s revenue in the third quarter 2019 was $3.3 billion and net income was $21.8 million. These results included after-tax charges and credits totaling $32.6 million of expense. Adjusted net income was $54.4 million.
In the third quarter of 2018, TechnipFMC’s revenues totaled $3.1 billion and its profit totaled $136.9 million.
The company’s backlog at the end of the quarter amounted to $24.1 billion, an increase from the backlog of $15.2 billion in the same period of 2018.
Doug Pferdehirt, Chairman and CEO of TechnipFMC, stated: “In the third quarter, we announced a transformational move to create two diversified, pure-play market leaders. The separation will enable both companies to benefit from dedicated focus of management, resources and capital while highlighting the unique value proposition and differentiated investment appeal of each company. We believe strongly that providing independence for these two world-class, high-performing businesses will unlock further opportunities and create value for all stakeholders.”
The board of directors of TechnipFMC in August unanimously approved the company’s plan to separate into two independent, publicly-traded companies.
The company will separate into RemainCo, a fully-integrated technology and services provider, continuing to drive energy development; and SpinCo, an engineering and construction (E&C) player, poised to capitalize on the global energy transition.
The separation is on track for completion in the first half of 2020.
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