BAKU, Azerbaijan, March 1. TechnipFMC’s Surface Technologies division reported fourth-quarter revenue of $319.4 million, a slight decline of 0.3% compared to the third quarter, Trend reports.
The decline was primarily due to lower activity in North America, which was offset by increased project activity in international markets, especially in the Middle East.
Operating profit for the quarter was $36.5 million, reflecting an 8.3% increase from the previous quarter. The increase was driven by higher international project activity and a $1.9 million decrease in restructuring, impairment, and other charges. However, the results were partially impacted by a $3.9 million loss on the disposal of the Measurement Solutions business, stemming from final adjustments made after the transaction closed. Operating profit margin improved by 90 basis points to 11.4%.
Adjusted EBITDA was $53.5 million, up 9% from the third quarter. This increase was also attributed to higher international project activity, though it was somewhat offset by lower volumes in North America. Adjusted EBITDA margin rose by 150 basis points to 16.8%.
Inbound orders for the quarter were $225 million, a 30% decline from the previous quarter. The backlog at the end of the period stood at $858.2 million.
