Technip guides subsea revenues lower, eyes low margins to start 2014

Technip (TNHPF, TKPPY) slumps more than 7% in London trading after announcing a profit warning based on downgraded forecasts for its subsea division.

Technip now expects subsea revenues of €4.1B for 2013 vs. earlier guidance of €4.3B-€4.6B; next year, subsea operating margins will be "exceptionally low" in Q1 at ~5%, while margins for the remaining three quarters of 2014 should improve, allowing for a forecast operating margin of at least 12% for FY 2014.

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