TechnipFMC Posts Adj. Loss In Q1

(RTTNews) - TechnipFMC plc (FTI) reported a first quarter adjusted loss per share of $0.11 compared to profit of $0.06, prior year. On average, 18 analysts polled by Thomson Reuters expected the company to report profit per share of $0.22, for the quarter. Analysts' estimates typically exclude special items.

First quarter revenue was $3.13 billion, an increase of 7.5% from prior year. Analysts expected revenue of $3.37 billion for the quarter. Subsea revenue was $1.25 billion, up 5.7 percent from prior year.

TechnipFMC has now identified actions that will result in savings of more than $220 million. Total annualized savings are now estimated to exceed $350 million. The company has announced revisions to compensation through the end of the year.