Here's Why TechnipFMC Stock Fell 12% Today
Shares of TechnipFMC (NYSE: FTI) are down 12% at 12:55 p.m. EDT on Oct. 24 following the release of the company's third-quarter financial results late yesterday. The company reported revenue of $3.34 billion and earnings of $0.05 per share on a GAAP (generally accepted accounting principles) basis, and $0.12 per share adjusting for certain nonrecurring charges and credits.
Revenue was up 6.1% from last year, while profits fell 84% and adjusted earnings fell 61%. Adjusted earnings also came in well below estimates from Wall Street analysts, who were looking for $0.49 per share from the energy sector services provider.
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Source Fool.com
