Tecnicas Reunidas Q2 top line results beat consensus; show robust pipeline

Tecnicas Reunidas, leading the bid for Aramco Gas ProjectsTécnicas Reunidas' refinery in Saudi Arabia
Tecnicas Reunidas reported second quarter 2016 EBIT of €50 million vs consensus of €41 million (+20%), driven by higher revenues.
Citi analysts flagged that the operating margin of 4% was in-line with the company’s guidance, with the execution progressing as planned on all key projects.
The stabilisation of margins will allow investors to re-focus on Tecnicas Reunidas’  industry leading sales visibility (70% coverage in 2018), Citi added.
The company’s pipeline is also robust and it is positive it will reach its €3 billion intake guidance in 2016, Citi said.