Apr 29
Technip finally sees "signs of recovery"
With sales were down 16% to 1.32 billion euros, an EBIT of 139.2 million (-9.6%) and a net profit of 95.9 million euros ( -3.2%), the first quarter of Technip is declining, but these figures are higher than analysts' expectations.
Despite competition "intense in all regions," Thierry Pilenko, CEO of the company has entered the CAC40 almost a year ago, noted "signs of recovery."
The evidence, the backlog has reached the end of March 2010, 8.13 billion euros, compared to 8.02 billion euros at end December 2009 and 6.93 billion euros at end-March 2009."Estimates of the group, envrion 47% of the backlog should take the next nine months of 2010."
In addition, the giant engineering and construction sector of the black gold is pleased to have recorded a total of 1.34 billion euros in new orders in the first quarter of 2010, against 1.15 billion euros a year ago.
Annual target unchanged
Thus, the direction of the oil services specialist confirmed Thursday morning his goals for the current year.Annual revenues are expected in a band between 5.9 and 6.1 billion euros (between -5.5% and -9.5% in one year) and operating margin is still seen stable.
Remember however that annual sales had been revised downward in February, while Technip had published annual results in freefall – net income fell 62% year on year – and the speech concerning the outlook remains worrying .
A contract "major" in Brazil
Yesterday, Wednesday, Technip said it had won a contract by Petrobras for the flexible pipe system driver Tupi field. He refers to the agreement a "major", with "key challenges" at the technical level.This field is situated at 2,200 meters depth of water in reservoirs pr?salif?res Santos Basin, about 300 km off the Brazilian coast.
The transaction amount was not specified. But with this new contract, Technip strengthens its leading position in Brazil, especially in the promising market tanks pr?salif?res.
In Stock
In just two sessions, the Technip shares have lost nearly 8%. Wednesday night, they quoted at under 60 euros to 58.27 euros exactly.
On Thursday morning, the shares resumed colors: they rise from 1.22% to 59.08 euros by 9:30. This is the second best performance of the benchmark index of the Paris market.
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