Technip Energies drops after Q2 core profit miss, unit outlook cut
BUZZ-Technip Energies drops after Q2 core profit miss, unit outlook cut ** Shares in Technip Energies TE.PA drop 15.3% to their lowest in more than a year, after the French engineering and technology company posted its Q2 core profit well below expectations and cut its Project Delivery unit margin outlook
** Jefferies says Middle East disruption caused a huge earnings miss, reducing Project Delivery margins and implied a 19% cut to consensus EBITDA
** Q2 Adjusted recurring earnings before interest, taxes, depreciation and amortisation fell 60% to 63.5 million euros ($72.3 million) from 156.9 million euros a year earlier, far below the 152 million euros expected
** The company cut its 2026 EBITDA margin forecast for its Project Delivery division to above 5% from 6.5%-7.5%
** Shares are on track for a worst day since October 2023
(Reporting by Jesus Calero)
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