FMC Technologies Profit Jumps 46 Percent
FMC Technologies has reported third quarter 2014 revenue of $2.0 billion, up 15 percent from the prior-year quarter ($1.7 billion). Diluted earnings per share were $0.72, which includes a $17 million, or $0.07 per diluted share charge, net of tax, related to an intercompany foreign currency transaction. This is compared to diluted earnings per share of $0.49 in the prior-year quarter.
Total inbound orders were $1.7 billion and included $1.1 billion in Subsea Technologies orders. Subsea Technologies backlog was $5.9 billion.
“Quarterly subsea margins are at the highest level we have delivered in over four years,” said John Gremp, Chairman, President and CEO of FMC Technologies. “Our focus on execution, the strength of our backlog, and the growth of our subsea service revenue has positioned us to continue delivering mid-teen level margins.”
“In Surface Technologies, we delivered record earnings on the growth of our North American fluid control business, as well as continued strong performance in our international surface wellhead business.”
Subsea Technologies third quarter revenue was $1.3 billion, up 16 percent from the prior-year quarter.
Operating profit increased 69 percent from the prior-year quarter to $204 million, primarily as a result of better execution on higher volumes in all regions, and growth in the subsea service revenue.
Net income attributable to FMC Technologies jumped to $170 million, compared to $116 a year earlier.