Technip Energies lifts revenue guidance, boosted by major orders
Revenue up 13% in first nine months of 2024
Raises 2024 revenue forecast to 6.5-6.8 bln euros
Q3 adj. EBIT up 16.7%, revenue up 15% y/y, both above consensus
Shares rise 5.4% by 0906 GMT
Adds shares in paragraph 4, tax rate guidance paragraph 8, analyst comment paragraph 12
By Anna Peverieri
Oct 31 (Reuters) -French energy infrastructure company Technip Energies TE.PA on Thursday lifted its annual revenue guidance as it reported 13% revenue growth so far this year, buoyed by project delivery, sustained profitability and substantial growth in net income.
It now sees 2024 revenue of between 6.5 billion and 6.8 billion euros ($7.1 billion and $7.4 billion). Earlier in the year, it had forecast its revenue to grow to 6.1-6.6 billion euros.
The group, which specialises in engineering and technology for the energy industry, confirmed its outlook for a recurring operating profit (EBIT) margin of between 7% and 7.5%.
Its shares rose more than 5% in morning trade, on track for their biggest daily increase since July if the gains hold.
Asked about the French corporate income tax rise proposed by the French parliament, Chief Financial Officer Bruno Vibert said that few of the company's projects were in France.
Technip has signed several major contracts this year, including the Rovuma LNG project in Mozambique and the construction of the Lake Charles liquefied natural gas plant in the U.S., which should boost its sales in the coming quarters.
"The French surtax will have an impact that won't be too material," Vibert said in a call with journalists, adding that the revised guidance accounted for that potential impact.
Technip raised its full-year effective tax rate guidance to 29-33% from 26-30% previously.
Its adjusted order backlog fell 11% to 15.85 billion euros in the first nine months of the year, while the third-quarter order intake was 1.70 billion euros, well ahead of analysts' average estimate of 785 million euros.
"We secured our position on notable projects that will reinforce and diversify our backlog in 2025 and beyond," CEO Arnaud Pieton said in the statement.
The group posted third-quarter adjusted EBIT of 129.4 million euros and adjusted revenue of 1.81 billion euros, both above market expectations.
J.P.Morgan said in a note to clients that Technip's improved net cash of 2.7 billion euros suggested there was room for upgrades in full-year core earnings (EBITDA) estimates.
($1 = 0.9212 euros)
Reporting by Anna Peverieri in Gdansk; Editing by Lisa Shumaker and Milla Nissi
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