Why Shares of TechnipFMC Jumped 20% in July
After plunging 18.3% in June, shares of oil-field services stock TechnipFMC (NYSE: FTI) bounced back in July and rose 20.2%, according to data from S&P Global Market Intelligence.
In addition to its strong second-quarter 2022 earnings report, investors celebrated the company's auspicious forecast for the remainder of 2022, as well as its plan to return capital to shareholders.
Booking $1.72 billion on the top line, TechnipFMC beat analysts' $1.4 billion revenue estimate for Q2 2022. The company's sales for the quarter represented a 2.9% gain over the same period last year. Toward the bottom of the income statement, though, is probably where investors were more likely inspired. The company reported adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) of $186.5 million, representing a 29.2% increase over the $144.3 million in adjusted EBITDA that it reported in Q2 2021.
Source Fool.com
