TechnipFMC PLC (FTI) stock prices were up by 3.98% as of the market closing on October 21st, 2021. This brought the price per share up to USD$8.09. Subsequent premarket fluctuations saw the stock dip by 5.69%, bringing it up to USD$8.09.
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Quarterly Developments
The third quarter of fiscal 2021 saw FTI stock reflect the continued strength of its operational performance, bolstering confidence in the achievement of full year guidance. The company has also made progress in regard to commitments made to consolidate its balance sheet, as well as exiting the ownership stake in Technip Energies. Most recently, the company completed a sale which marked the sale of just over 75% of its original stake in Technip Energies. The freed up capital was allocated towards the reduction of the company’s outstanding debt by USD$185 million in the third quarter of fiscal 2021.
Inbound Order Breakdown
Inbound orders in Subsea were reported at USD$1.1 billion, which brought the year to date segment total up to USD$3.9 billion. The strength of this inbound was largely attributable to direct awards, subsea services, alliance partners, and various long-term vessel charters. The company continues to forecast order growth over the course of the 2022 year. This grown is supported by the fourth consecutive quarter of increased project value in the company’s Subsea Opportunity list. Surface Technologies reported inbound orders amounting to USD$250 million for the quarter. Substantial growth in international order activity is forecasted for the fourth quarter of fiscal 2021. This growth will be primarily driven by several multi-year awards.
Collaboration with Talos
FTI stock also announced a long term strategic partnership with Talos energy. This collaboration is designed to develop and deliver solutions for carbon capture and storage, or CCS. The partnership is a crucial step for both companies, facilitating the integration of Talos’s offshore operational strength and sub-surface expertise with its established track record in subsea engineering, system integration and automation and control. Furthermore, the company is confident that composite technologies from Magma will prove to be a critical enabler to the carbon transportation system.
Future Outlook for FTI Stock
The company is keen to leverage the combines resources at its disposal in a bid to usher in unprecedented growth. FTI stock is taking steps to ensure it maintains the trajectory of success it has enjoyed over recent quarters. Current and potential investors are hopeful that management will be able to leverage the resources at their disposal. This is hoped to facilitate significant and sustained increases in shareholder value over the long term.
