FMC Technologies Reports Strongest Quarter of Subsea Orders
- Business & Finance
FMC Technologies, Inc. reported second quarter 2013 revenue of $1.7 billion, up 14 percent from the prior-year quarter. Diluted earnings per share were $0.44 compared to $0.46 in the prior-year quarter. The quarterly earnings included a charge related to the 2013 Multi Phase Meters earn-out adjustment of $9.1 million or $0.04 per share.
Total inbound orders were $3.2 billion and included $2.6 billion in Subsea Technologies orders. Backlog for the Company was $6.7 billion, including Subsea Technologies backlog of $5.9 billion.
“We are pleased to report our strongest quarter of subsea orders on record, which included Total‘s Egina award and our second call off of the pre-salt tree award from Petrobras,” said John Gremp, Chairman and CEO of FMC Technologies. “Additionally, we are continuing to see the margins in our backlog improve and anticipate improvement in our Subsea Technologies results throughout the remainder of the year.”
“Surface Technologies results were better than expected as surface wellhead delivered another quarter of solid performance and fluid control activity began to stabilize.”