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Investing.com -- Technip shares dropped 6% after the company reported third-quarter results that fell short of analyst expectations.
The company posted a clean EBIT of EUR125 million for the third quarter, below the EUR135 million estimated by KECH and the consensus forecast of EUR137 million.
Quarterly revenues came in 4% below analyst estimates and consensus projections. The Technology, Products & Services (TPS) segment recorded revenues of EUR440 million, representing a 16% year-over-year decline. Meanwhile, the Projects Delivery (PD) division saw revenues of EUR1.33 billion, a 4% increase compared to the same period last year.
While margins across divisions aligned with estimates, corporate costs were slightly higher than anticipated.
Order intake for the third quarter was lower than expected at EUR0.7 billion, compared to KECH’s estimate of EUR0.85 billion.
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