TechnipFMC PLCTechnipFMC missed revenue expectations by 1% and its stock dropped 15.4%.
Oilfield services stocks reported a strong first quarter, with aggregate revenues beating analyst consensus estimates by 3.8%, though share prices have since fallen an average of 10.3%. TechnipFMC posted revenue of $2.49 billion, up 11.6% year on year but missing expectations by 1%, and its stock dropped 15.4% to $65.12. Select Water Solutions was the best performer, with revenue of $366 million exceeding estimates by 6.8%, while Borr Drilling was the weakest, missing revenue estimates by 2.1% and seeing its stock plunge 31.4% to $4.24. Other notable results included Atlas Energy Solutions beating revenue estimates by 3.5% and TETRA Technologies beating by 3.4%.
TechnipFMC PLCTechnipFMC missed revenue expectations by 1% and its stock dropped 15.4%.
Select Energy Services IncSelect Water Solutions was the best performer, beating revenue estimates by 6.8%.
Atlas Energy Solutions Inc.Atlas Energy Solutions beat revenue estimates by 3.5%.
Tetra Technologies IncTETRA Technologies beat revenue estimates by 3.4%.
Borr Drilling Ltd