Why TechnipFMC Stock Tumbled 15% in October
Shares of TechnipFMC (NYSE: FTI) stumbled 15.1% in October, according to data provided by S&P Global Market Intelligence. While the service company to the energy industry won several new contracts last month, its third-quarter results fell well short of expectations.
TechnipFMC started October off on a positive note by winning work on several energy-related projects around the world. TechnipFMC and its partners won a contract to build the onshore facilities for a major LNG project in Mozambique. It also won "significant" contracts to construct a new gas pipeline in Vietnam as well as to work on an offshore development in Australia. Finally, a major oil company awarded it with a contract to support one of its projects in the Gulf of Mexico.
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Source Fool.com
