TechnipFMC's second quarter revenue of $2.8B and adjusted EPS of $0.91 beat estimates, driven by strong Subsea performance.

TechnipFMC reported second quarter revenue of $2.76 billion, up 9% year-over-year, and adjusted EPS of $0.91, beating consensus estimates of $2.48 billion and $0.80, respectively. The results were driven by strong performance and execution in the company's Subsea segment.

Key Highlights

• Subsea inbound orders were strong at $2.51 billion for the quarter, contributing to a total company backlog of $16.4 billion.
• The company generated significant free cash flow of $488 million and returned $440 million to shareholders, equivalent to 90% of free cash flow.
• Subsea adjusted EBITDA margin expanded to 23.2%, an increase of 140 basis points year-over-year, driven by strong project execution and higher activity.