FMC Technologies, Inc. today reported third quarter 2012 revenue of $1.4 billion, up 10 percent from the prior-year quarter. Diluted earnings per share were $0.41 compared to $0.50 in the prior-year quarter as improved Subsea Technologies’ results were more than offset by higher non-operating expenses, a weaker North American Surface Technologies market, and less favorable results in our Energy Infrastructure segment.
Total inbound orders were $1.4 billion and included $885.5 million in Subsea Technologies’ orders. Backlog for the Company was $5.3 billion, including Subsea Technologies’ backlog of $4.4 billion.
“ Subsea Technologies’ margins increased again this quarter to 12.4 percent, ” said John Gremp, Chairman and CEO of FMC Technologies. “ Execution has improved and we expect continued solid performance in the coming quarters. We remain positive on the overall subsea market outlook, and expect Subsea Technologies’ revenue to approach $4 billion in 2012. However, North American activity weighs on our Surface Technologies’ outlook. We are revising our full year diluted earnings per share range to $1.85 to $1.95 .”
[mappress]
Press Release, October 24, 2012