TechnipFMC plc (FTI - Free Report) reported stellar results in the second quarter of 2019, surpassing both earnings and sales estimates. The oilfield services provider reported adjusted earnings of 39 cents a share, topping the Zacks Consensus Estimate of 35 cents. The outperformance was attributed to better-than expected contribution from all the three segments of the firm. Precisely, adjusted EBITDA from the Onshore/Offshore unit totaled $282 million, significantly beating the Zacks Consensus Estimate of $215 million. Moreover, adjusted EBITDA from Subsea and Surface Technologies came in at $186.2 million and $46.7 million, beating the Zacks Consensus Estimate of $161 million and $46.51 million, respectively.
The bottom line was also higher than the year-ago earnings of 28 cents a share on the back of robust contribution from the Onshore/Offshore segment. Notably, adjusted EBITDA from the Onshore/Offshore unit in the reported quarter increased 65% from the year-ago figure.
Second-quarter revenues came in at $3,434.2 million, beating the Zacks Consensus Estimate of $3,257 million and increasing 16% from the prior-year figure of $2,961 million.
On a further encouraging note, the company booked record inbound orders of $11.2 billion, skyrocketing 164.2% year over year. Markedly, the firm’s backlog skyrocketed 73.4% y/y to $25.8 billion.