FMC Technologies Inc. has reported a 7% drop in 1Q15 revenue to US$1.7 billion, compared to the prior-year quarter.
Total inbound orders stood at US$969 million and included US$552 million in Subsea Technologies orders.
John Gremp, Chairman, President, and CEO of FMC Technologies said: "We delivered solid first quarter earnings, largely the result of the continued strength of our Subsea Technologies performance […] 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 US$3 billion of subsea awards in 2015."
Subsea Technologies 1Q revenue was US$1.2 billion, down 4% from the prior-year quarter due to the strength of the US dollar.
Subsea Technologies operating profit increased 19% from the prior-year quarter to US168.7 million, primarily due to improved execution and stronger project margins related to backlog conversion.
Surface Technologies 1Q revenue was down 7% from the prior-year quarter to US$446.3 million, as increased activity in our non-North American surface wellhead business was offset by decreases in the North American market.
Surface Technologies operating profit decreased 28% from the prior-year quarter to US$62.9 million driven by the North American activity declines.
Energy Infrastructure 1Q revenue was US$100.9 million, down 31% from the prior-year quarter due to the absence of the Material Handling Products business, which was sold in the 2Q14 and reduced sales in all businesses within the segment.
Edited from press release by Callum O'Reilly
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