FMC Q1 revenue drops

FMC Technologies, manufacturer and designer of LNG loading systems, reported first quarter 2015 revenue of $1.7 billion, down 7 percent from the prior-year quarter.

The company said its revenue dropped because stronger Subsea Technologies performance was offset by the continued strength of the U.S. dollar and the decline in the North American land market.

Total inbound orders were $969.0 million and included $552.0 million in Subsea Technologies orders. Backlog for the company was $5.5 billion, including Subsea Technologies backlog of $4.8 billion.

“We delivered solid first quarter earnings, largely the result of the continued strength of our Subsea Technologies performance,” said John Gremp, Chairman, President, and CEO of FMC Technologies. “We are leveraging our backlog and execution momentum, while taking actions in all of our businesses to strengthen our operating structure. With our strong customer relationships, we expect to inbound at least $3 billion of subsea awards in 2015.”

Image: FMC