JPMorgan said in a note that the strong performance from TPS
was mitigated by the maturing activity of its PD division which
"would benefit from backlog growth".
PD's adjusted revenue for the period fell 26% year-on-year
to 955 million euros due to a lower contribution from LNG
projects in Russia.
Technip's total adjusted revenues fell 13% year-on-year to
1.41 billion euros, slightly missing a company-compiled
consensus by 5%, due to lower activity in PD.
Technip also announced the launch of a joint venture with
Belgian group John Cockerill to offer green hydrogen solutions
which it said would "play a key role in decarbonizing
hard-to-abate and hard-to-electrify industries".
Rely, which will be 60% owned by Technip Energies and 40% by
John Cockerill, aims for revenues of more than 1 billion euros
by 2030.
($1 = 0.9024 euros)
(Reporting by Diana Mandiá and Dina Kartit; Editing by Jan
Harvey, Varun H K and Alexander Smith)
(Recasts, adds stock price fall, JPMorgan comments)
By Diana Mandia and Dina Kartit
May 4 (Reuters) - Technip Energies' shares fell
by as much as 7.5% on Thursday after the French oil and gas
services group reported mixed quarterly results.
The stock ranked among the worst performers on France's
blue-chip SBF 120 Index after Technip said its
adjusted recurring earnings before interest and taxes (EBIT)
were 107.3 million euros ($119 million) in the quarter.
This was slightly above analysts' forecast of 101.4 million
euros and was driven by the Technology, Products & Services
(TPS) segment and an order intake which benefited from contracts
for ethylene, carbon capture and sustainable fuels.
Technip, which specialises in engineering and technology for
the energy industry, said it expects a significant improvement
in order intake in 2023 and 2024 for its Project Delivery (PD)
segment, supported by a robust LNG and customer spending cycle.
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