Tecnicas Reunidas climbs after Q3 margin improves, new Middle East projects
** Spain's Tecnicas Reunidas TRE.MC rises around 2% after its order backlog beat expectations and it reported an increase in Q3 margin
** Order backlog reached 12.39 bln euros at end-Sept., above analysts expectations of 11.0 bln euros,due to newly awarded projects in the power sector within the Middle East
** Q3 EBIT margin was 4.2% vs 4.0% in Q2, a level not reached since 2015, with Renta 4 noting that 4% had been considered a ceiling difficult to surpass
** They point out also that these results give the market more confidence that the company can reach its 5% EBIT margin target set in the strategic plan by 2026
** If gains hold, the stock will see its best day since early October 4; including today's rise it is up 32% YTD
Reporting by Maria Luiza Amaral
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