Technip Energies, a French engineering and technology company, has reported a decline in third-quarter net profit due to lower sales in its project-delivery division. However, the company remains optimistic and has confirmed its full-year guidance.
In the third quarter, Technip Energies recorded a net profit of 83.4 million euros compared to 84.9 million euros in the same period last year. Revenue declined from 1.57 billion euros to 1.54 billion euros. While its technology, products, and services segment experienced growth, it was offset by a fall in project delivery.
On an adjusted basis, the company’s recurring earnings before interest and taxes dropped 16% to 110.9 million euros on revenue that fell 1.7% to 1.57 billion euros. The adjusted recurring EBIT margin decreased from 8.2% to 7.1% compared to the previous year.
Despite the challenges faced during the third quarter, Technip Energies remains confident in its performance for the full year. The company expects adjusted sales ranging from 5.70 billion euros to 6.20 billion euros. Furthermore, it anticipates an adjusted recurring earnings before interest and taxes margin between 7% and 7.5%. This projection is based on the forecasted sales growth for its technology, products, and services segment.