FMC Technologies reports revenue rise

FMC Technologies Inc has reported a rise in its Q1 2014 revenue, up to US$1.8 billion - an 11% rise from the prior-year quarter.

Total inbound orders were US$ 2.6 billion and included US$1.9 billion in Subsea Technologies orders. Subsea Technologies backlog was US$ 6.8 billion.

John Gremp, Chairman, President and CEO of FMC Technologies said: “As a result of strong orders in the quarter, Subsea Technologies achieved record backlog […] We delivered solid subsea revenue and operating profit and expect to see this trend continue throughout the remainder of the year.

“Surface Technologies operational performance was strong as our international surface wellhead business delivered another solid quarter and our North American business strengthened.”

Subsea technologies

Subsea Technologies first quarter revenue was US$ 1.2 billion, up 10% from the prior-year quarter.  

Subsea Technologies operating profit was up 45% from the prior-year quarter to US$ 141.7 million, primarily as a result of better execution on a more favorable sales mix.  

Subsea Technologies inbound orders for the first quarter were US$ 1.9 billion and backlog was US$ 6.8 billion.

Surface technologies

Surface Technologies first quarter revenue was US$ 479.5 million, up 14% from the prior-year quarter.

Surface Technologies operating profit increased 53% from the prior-year quarter to US$ 87.7 million driven by volume growth in the international surface wellhead and North American fluid control businesses.

Surface Technologies inbound orders for the first quarter were US$ 527.3 million and backlog was US$ 789.5 million.

Energy infrastructure

Energy infrastructure first quarter revenue was US$ 145.6 million, up 8% from the prior-year quarter, while operating profit increased 29% from the prior-year quarter to US$ 15.6 million.      

Energy Infrastructure inbound orders for the first quarter were US$ 141.3 million and backlog was US$ 285 million.

Corporate items

Corporate expense in the first quarter was US$ 14.9 million, an increase of US$ 4.6 million from the prior-year quarter. Other revenue and other expense, net, increased US$ 2.7 million from the prior-year quarter to US$ 19.7 million.

Summary

FMC Technologies reported first quarter diluted earnings per share of US$ 0.57.

Total inbound orders of US$ 2.6 billion in the first quarter included US$ 1.9 billion in Subsea Technologies orders. The company’s backlog stands at US$ 7.8 billion, including Subsea Technologies backlog of US$ 6.8 billion.

The company’s guidance for 2014 diluted earnings per share is US$ 2.55 to US$ 2.75, but now excludes both the expected results from operations of the material handling products business post divestiture and an anticipated gain associated with the sale.

Adapted from press release by Callum O'Reilly

Read the article online at: https://www.lngindustry.com/liquid-natural-gas/23042014/fmc_technologies_reports_revenue_rise_464/