FMC Technologies Inc. has announced a 15% increase in Q3 revenue to US$ 2 billion, compared to the corresponding period of last year.
Total inbound orders stood at US$1.7 billion, including US$ 1.1 billion in subsea technologies orders. Subsea technologies backlog was US$ 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."
Subsea technologies Q3 revenue was up 16% to US$ 1.3 billion. Operating profit increased 69% from the prior-year quarter to US$ 204 million, primarily as a result of better execution on higher volumes in all regions, and growth in the subsea service revenue.
Revenue in surface technologies during Q3 was up 22% (from the prior-year quarter) to US$556 million. Operating profit increased 47% to US$ 110 million driven by a strong level of repair and replacement activity and improving capital orders in the company’s North American fluid control business, and strong market activity in its international surface wellhead business.
However, energy infrastructure Q3 revenue fell 18% to US$ 125 million, compared to Q3 2013, and operating profit decreased 72% to US$ 5 million. Improved activity in FMC’s measurement solutions business was offset by a correction of previously reported 2014 quarterly operating results made in our automation and control business.
Adapted from press release by Callum O'Reilly
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