Technip SA (TEC.PA, TKPPY.PK), a French operator of gas and oil engineering, technologies and projects, on Thursday reported higher profit for its first quarter, benefited by strong revenue growth. The company also backed its fiscal 2012 forecast.
For its first quarter, net income increased 7.6 percent to 112.2 million euros from 104.3 million euros last year. Earnings per share increased 3.2 percent to 0.94 euros from 0.92 euros last year.
Revenue for the quarter climbed 22.9 percent to 1.77 billion euros from 1.44 billion euros a year ago.
Meanwhile, EBITDA margin declined 87 basis points to 11.6 percent.
The company's order intake for the quarter was 3.31 billion euros, significantly higher than prior year's 1.29 billion euros.
Thierry Pilenko, Chairman and CEO, commented, "Our first quarter performance was very much in line with our expectations, which enables us to reiterate our 2012 financial objectives. We saw evidence of the trends highlighted in our February statement, with momentum across nearly all our markets, driven by our customers' desire to bring new reserves into production and supported by Technip's strong positions in key regions, technologies and market segments."
Further, the company continues to expect total revenue between 7.65 billion euros and 8 billion euros for fiscal 2012.
Subsea revenue is projected between 3.35 billion euros and 3.50 billion euros, and onshore/Offshore revenue between 4.3 billion euros and 4.5 billion euros.
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by RTT Staff Writer
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