(AOF) – Technip Energies is among the biggest risers in the SBF 120 index (+5.16% to 21.16 euros) after presenting third quarter results that were better than expected. The engineering group posted, over this quarter, a recurring EBIT down 15.7% to 111 million euros. Invest Securities highlights that the group’s results exceeded expectations, with the consensus for recurring EBIT standing at €104 million. The adjusted recurring EBIT margin came to 7.1% (down -1.2 points) versus 6.8% expected.
The net result stood at 82 million euros (-10.3%) compared to 77 million euros expected.
In the third quarter, Technip Energies’ adjusted revenue fell 1.7% to 1.6 billion euros versus a consensus of 1.5 billion euros.
Additionally, the company’s adjusted recurring EBIT for the first nine months of fiscal 2023 decreased by 5% year-on-year to €318.6 million. The adjusted recurring EBIT margin over this period reached 7.2%. Its adjusted EBITDA amounted to 390.6 million euros, down 6%. Over 9 months, its net profit increased by 3% to 235.5 million euros compared to 228.3 million euros a year ago.
Adjusted order intake for the first nine months of the 2023 financial year amounts to 9.508 billion euros, representing an order book renewal ratio of 2.2 (compared to 2.726 billion euros). Adjusted order intake for the third quarter of 2023 amounts to 548 million euros.
The engineering and technology company for the energy transition reported adjusted revenue over 9 months down 9% to 4.4 billion euros.
Concerning its “Project Delivery” activity, its adjusted turnover for the first nine months of the 2023 financial year decreased by 24% to 2.97 billion euros. The continued acceleration of activity on Qatar NFE and significant volumes of downstream projects, including ethylene, were more than offset by the significant decline in revenue from LNG projects in Russia after the finalization of the Yamal LNG guarantee phase in 2022 and the exit from the Arctic LNG 2 project.
The energy group lost its position on October 19 after the publication of an article in Le Monde evoking its participation in this Russian gas megaproject despite international sanctions. Technip Energies reaffirmed today that it had “acted, at all times, in strict compliance with the applicable sanctions”, describing the article as “misleading”.
Following the publication of its 9-month results, Technip Energies confirmed its forecasts for the year 2023, noted last July. The group anticipates an adjusted recurring operating margin of between 7 and 7.5% and a turnover of between 5.7 and 6.2 billion euros.
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