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Investing.com -- Technip (EPA:FTI) Energies BV (EPA:TE) proposed a 49% increase in its dividend on Thursday as it reported stronger-than-expected fourth-quarter sales, sending its shares 9% higher in Paris trading.
The French infrastructure and technology company plans to propose a cash dividend of €0.85 per share for 2024 at its shareholder meeting on May 6, up from €0.57 per share last year.
Technip, which specializes in engineering and technology for the energy sector, posted adjusted fourth-quarter revenue of €1.88 billion ($1.97 billion), surpassing the €1.76 billion average estimate from a company-compiled consensus.
Its adjusted backlog grew 24% to €19.56 billion last year, providing about three years of revenue visibility. The company highlighted strong opportunities in decarbonization and circular economy markets, noting they are expanding faster than traditional segments.
"These are the fastest-growing markets we’ve positioned ourselves in. They are growing at 20 to 25% a year, and that gives us strong growth potential," CEO Arnaud Pieton told reporters on a call.
Major contract wins in the fourth quarter helped boost order intake. The company secured a €1 billion contract for TotalEnergies’ (EPA:TTEF) Suriname FPSO project and a €2 billion to €3 billion deal for the Net Zero Teesside (NZT) Power project in the UK, the world’s first gas-fired power plant with carbon capture.
Technip reaffirmed its 2025 financial targets, first outlined in November during its capital markets day.