• Resources
  • Blog
  • Journalists
  • Log In
  • Sign Up
  • Data Privacy
  • Send a Release
Cision PR Newswire: news distribution, targeting and monitoring home
  • News
  • Products
    • Overview
    • Distribution by PR Newswire
    • Cision Communications Cloud®
    • Cision IR
    • All Products
  • Contact
    • General Inquiries
    • Request a Demo
    • Editorial Bureaus
    • Partnerships
    • Media Inquiries
    • Worldwide Offices

 

When typing in this field, a list of search results will appear and be automatically updated as you type.

Searching for your content...

No results found. Please change your search terms and try again.
  • News in Focus
      • Browse News Releases

      • All News Releases
      • All Public Company
      • English-only
      • News Releases Overview

      • Multimedia Gallery

      • All Multimedia
      • All Photos
      • All Videos
      • Multimedia Gallery Overview

      • Trending Topics

      • All Trending Topics
  • Business & Money
      • Auto & Transportation

      • All Automotive & Transportation
      • Aerospace, Defense
      • Air Freight
      • Airlines & Aviation
      • Automotive
      • Maritime & Shipbuilding
      • Railroads and Intermodal Transportation
      • Supply Chain/Logistics
      • Transportation, Trucking & Railroad
      • Travel
      • Trucking and Road Transportation
      • Auto & Transportation Overview

      • View All Auto & Transportation

      • Business Technology

      • All Business Technology
      • Blockchain
      • Broadcast Tech
      • Computer & Electronics
      • Computer Hardware
      • Computer Software
      • Data Analytics
      • Electronic Commerce
      • Electronic Components
      • Electronic Design Automation
      • Financial Technology
      • High Tech Security
      • Internet Technology
      • Nanotechnology
      • Networks
      • Peripherals
      • Semiconductors
      • Business Technology Overview

      • View All Business Technology

      • Entertain­ment & Media

      • All Entertain­ment & Media
      • Advertising
      • Art
      • Books
      • Entertainment
      • Film and Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television
      • Entertain­ment & Media Overview

      • View All Entertain­ment & Media

      • Financial Services & Investing

      • All Financial Services & Investing
      • Accounting News & Issues
      • Acquisitions, Mergers and Takeovers
      • Banking & Financial Services
      • Bankruptcy
      • Bond & Stock Ratings
      • Conference Call Announcements
      • Contracts
      • Cryptocurrency
      • Dividends
      • Earnings
      • Earnings Forecasts & Projections
      • Financing Agreements
      • Insurance
      • Investments Opinions
      • Joint Ventures
      • Mutual Funds
      • Private Placement
      • Real Estate
      • Restructuring & Recapitalization
      • Sales Reports
      • Shareholder Activism
      • Shareholder Meetings
      • Stock Offering
      • Stock Split
      • Venture Capital
      • Financial Services & Investing Overview

      • View All Financial Services & Investing

      • General Business

      • All General Business
      • Awards
      • Commercial Real Estate
      • Corporate Expansion
      • Earnings
      • Environmental, Social and Governance (ESG)
      • Human Resource & Workforce Management
      • Licensing
      • New Products & Services
      • Obituaries
      • Outsourcing Businesses
      • Overseas Real Estate (non-US)
      • Personnel Announcements
      • Real Estate Transactions
      • Residential Real Estate
      • Small Business Services
      • Socially Responsible Investing
      • Surveys, Polls and Research
      • Trade Show News
      • General Business Overview

      • View All General Business

  • Science & Tech
      • Consumer Technology

      • All Consumer Technology
      • Artificial Intelligence
      • Blockchain
      • Cloud Computing/Internet of Things
      • Computer Electronics
      • Computer Hardware
      • Computer Software
      • Consumer Electronics
      • Cryptocurrency
      • Data Analytics
      • Electronic Commerce
      • Electronic Gaming
      • Financial Technology
      • Mobile Entertainment
      • Multimedia & Internet
      • Peripherals
      • Social Media
      • STEM (Science, Tech, Engineering, Math)
      • Supply Chain/Logistics
      • Wireless Communications
      • Consumer Technology Overview

      • View All Consumer Technology

      • Energy & Natural Resources

      • All Energy
      • Alternative Energies
      • Chemical
      • Electrical Utilities
      • Gas
      • General Manufacturing
      • Mining
      • Mining & Metals
      • Oil & Energy
      • Oil and Gas Discoveries
      • Utilities
      • Water Utilities
      • Energy & Natural Resources Overview

      • View All Energy & Natural Resources

      • Environ­ment

      • All Environ­ment
      • Conservation & Recycling
      • Environmental Issues
      • Environmental Policy
      • Environmental Products & Services
      • Green Technology
      • Natural Disasters
      • Environ­ment Overview

      • View All Environ­ment

      • Heavy Industry & Manufacturing

      • All Heavy Industry & Manufacturing
      • Aerospace & Defense
      • Agriculture
      • Chemical
      • Construction & Building
      • General Manufacturing
      • HVAC (Heating, Ventilation and Air-Conditioning)
      • Machinery
      • Machine Tools, Metalworking and Metallurgy
      • Mining
      • Mining & Metals
      • Paper, Forest Products & Containers
      • Precious Metals
      • Textiles
      • Tobacco
      • Heavy Industry & Manufacturing Overview

      • View All Heavy Industry & Manufacturing

      • Telecomm­unications

      • All Telecomm­unications
      • Carriers and Services
      • Mobile Entertainment
      • Networks
      • Peripherals
      • Telecommunications Equipment
      • Telecommunications Industry
      • VoIP (Voice over Internet Protocol)
      • Wireless Communications
      • Telecomm­unications Overview

      • View All Telecomm­unications

  • Lifestyle & Health
      • Consumer Products & Retail

      • All Consumer Products & Retail
      • Animals & Pets
      • Beers, Wines and Spirits
      • Beverages
      • Bridal Services
      • Cannabis
      • Cosmetics and Personal Care
      • Fashion
      • Food & Beverages
      • Furniture and Furnishings
      • Home Improvement
      • Household, Consumer & Cosmetics
      • Household Products
      • Jewelry
      • Non-Alcoholic Beverages
      • Office Products
      • Organic Food
      • Product Recalls
      • Restaurants
      • Retail
      • Supermarkets
      • Toys
      • Consumer Products & Retail Overview

      • View All Consumer Products & Retail

      • Entertain­ment & Media

      • All Entertain­ment & Media
      • Advertising
      • Art
      • Books
      • Entertainment
      • Film and Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television
      • Entertain­ment & Media Overview

      • View All Entertain­ment & Media

      • Health

      • All Health
      • Biometrics
      • Biotechnology
      • Clinical Trials & Medical Discoveries
      • Dentistry
      • FDA Approval
      • Fitness/Wellness
      • Health Care & Hospitals
      • Health Insurance
      • Infection Control
      • International Medical Approval
      • Medical Equipment
      • Medical Pharmaceuticals
      • Mental Health
      • Pharmaceuticals
      • Supplementary Medicine
      • Health Overview

      • View All Health

      • Sports

      • All Sports
      • General Sports
      • Outdoors, Camping & Hiking
      • Sporting Events
      • Sports Equipment & Accessories
      • Sports Overview

      • View All Sports

      • Travel

      • All Travel
      • Amusement Parks and Tourist Attractions
      • Gambling & Casinos
      • Hotels and Resorts
      • Leisure & Tourism
      • Outdoors, Camping & Hiking
      • Passenger Aviation
      • Travel Industry
      • Travel Overview

      • View All Travel

  • Policy & Public Interest
      • Policy & Public Interest

      • All Policy & Public Interest
      • Advocacy Group Opinion
      • Animal Welfare
      • Congressional & Presidential Campaigns
      • Corporate Social Responsibility
      • Domestic Policy
      • Economic News, Trends, Analysis
      • Education
      • Environmental
      • European Government
      • FDA Approval
      • Federal and State Legislation
      • Federal Executive Branch & Agency
      • Foreign Policy & International Affairs
      • Homeland Security
      • Labor & Union
      • Legal Issues
      • Natural Disasters
      • Not For Profit
      • Patent Law
      • Public Safety
      • Trade Policy
      • U.S. State Policy
      • Policy & Public Interest Overview

      • View All Policy & Public Interest

  • People & Culture
      • People & Culture

      • All People & Culture
      • Aboriginal, First Nations & Native American
      • African American
      • Asian American
      • Children
      • Diversity, Equity & Inclusion
      • Hispanic
      • Lesbian, Gay & Bisexual
      • Men's Interest
      • People with Disabilities
      • Religion
      • Senior Citizens
      • Veterans
      • Women
      • People & Culture Overview

      • View All People & Culture

      • In-Language News

      • español
      • português
      • Česko
      • Danmark
      • Deutschland
      • España
      • France
      • Italia
      • Nederland
      • Norge
      • Polska
      • Portugal
      • Россия
      • Slovensko
      • Suomi
      • Sverige
  • Overview
  • Distribution by PR Newswire
  • Cision Communications Cloud®
  • Cision IR
  • All Products
  • General Inquiries
  • Request a Demo
  • Editorial Bureaus
  • Partnerships
  • Media Inquiries
  • Worldwide Offices
  • PR Newswire: news distribution, targeting and monitoring
  • Send a Release
    • ALL CONTACT INFO
    • Contact Us

      888-776-0942
      from 8 AM - 10 PM ET

  • Send a Release
  • Sign Up
  • Log In
  • Resources
  • Blog
  • Journalists
  • RSS
  • GDPR
  • News in Focus
    • Browse All News
    • Multimedia Gallery
    • Trending Topics
  • Business & Money
    • Auto & Transportation
    • Business Technology
    • Entertain­ment & Media
    • Financial Services & Investing
    • General Business
  • Science & Tech
    • Consumer Technology
    • Energy & Natural Resources
    • Environ­ment
    • Heavy Industry & Manufacturing
    • Telecomm­unications
  • Lifestyle & Health
    • Consumer Products & Retail
    • Entertain­ment & Media
    • Health
    • Sports
    • Travel
  • Policy & Public Interest
  • People & Culture
    • People & Culture
  • Send a Release
  • Sign Up
  • Log In
  • Resources
  • Blog
  • Journalists
  • RSS
  • GDPR
  • Overview
  • Distribution by PR Newswire
  • Cision Communications Cloud®
  • Cision IR
  • All Products
  • Send a Release
  • Sign Up
  • Log In
  • Resources
  • Blog
  • Journalists
  • RSS
  • GDPR
  • General Inquiries
  • Request a Demo
  • Editorial Bureaus
  • Partnerships
  • Media Inquiries
  • Worldwide Offices
  • Send a Release
  • Sign Up
  • Log In
  • Resources
  • Blog
  • Journalists
  • RSS
  • GDPR

FMC Technologies Reports First Quarter 2011 Diluted Earnings per Share of $0.35

Highlights:

- First quarter subsea systems orders of $940 million

- Record subsea systems backlog of $3.9 billion

- Record fluid control results

- Company reiterates 2011 guidance for diluted split-adjusted earnings per share of $1.60 to $1.70


News provided by

FMC Technologies, Inc.

Apr 26, 2011, 04:00 ET

Share this article

Share this article


HOUSTON, April 26, 2011 /PRNewswire/ -- FMC Technologies, Inc. (NYSE: FTI) today reported first quarter 2011 revenue of $1.1 billion and diluted earnings per share from continuing operations of $0.35.  The diluted earnings per share included a tax benefit of $0.03 per diluted share.

Total inbound orders of $1.4 billion were up 11 percent from the first quarter of 2010 and included $940 million in subsea systems orders.  Backlog for the Company reached $4.6 billion including subsea systems backlog of $3.9 billion.  Subsea systems recorded its fifth consecutive quarterly backlog increase.

"The outlook for the subsea market in general, and our subsea business in particular, is strong," said John Gremp, President and Chief Executive Officer.  "We are also encouraged by the continued strength of the North American land activity and its impact on our fluid control and surface wellhead businesses. We are reiterating our estimate for 2011 diluted split-adjusted earnings per share of $1.60 to $1.70."

Review of Operations – First Quarter 2011

Energy Production Systems

Energy Production Systems' first quarter revenue was $856.4 million, including subsea systems revenue of $683 million.  Surface wellhead revenue was up 5 percent from the first quarter of 2010 with stronger North American activity partially offset by weakness in some of our international markets.

Energy Production Systems' operating profit of $82.2 million decreased 48 percent from the prior-year quarter, due to expected lower margins in subsea systems combined with increased costs in surface wellhead.

Energy Production Systems' inbound orders for the first quarter were $1.1 billion, including subsea systems orders of $940 million.  Backlog for Energy Production Systems was $4.2 billion, including $3.9 billion in subsea systems at the end of the first quarter.

Energy Processing Systems

Energy Processing Systems' first quarter revenue of $226.1 million was 35 percent higher than the prior-year quarter.  The increase came mainly from fluid control, with record revenue in the quarter.

Energy Processing Systems had record operating profit of $43.7 million in the first quarter, up 86 percent from the prior-year quarter.  The increase was driven by higher volume in fluid control resulting from strong North American pressure pumping activity.

Energy Processing Systems' inbound orders were a record $267.1 million in the first quarter led by strong orders in fluid control.  Backlog for the segment finished the quarter at $342.1 million.

Corporate Items

Corporate expense in the first quarter was $8.4 million, a decrease of $0.6 million from the prior-year quarter.  Other expense, net, was $8.2 million, a decrease of $12.6 million from the prior-year quarter.

The Company ended the quarter with net debt of $45.2 million.  Net interest expense was $1.5 million in the quarter.

Depreciation and amortization for the first quarter was $25.4 million, down $3.2 million from the prior-year quarter.  Capital expenditures for the first quarter totaled $41.0 million.

The Company's effective tax rate was 20.9 percent for the first quarter and included a $7.3 million credit for a foreign tax holiday.  

Summary and Outlook

FMC Technologies reported first quarter diluted earnings per share from continuing operations of $0.35 including a tax benefit of $0.03 per diluted share on revenue of $1.1 billion.

Total inbound orders of $1.4 billion were up 11 percent from the first quarter of 2010 and included $940 million in subsea systems orders.  Backlog for the Company stands at $4.6 billion, including subsea systems record backlog of $3.9 billion.

The Company reiterated its guidance for 2011 diluted split-adjusted earnings per share from continuing operations of $1.60 to $1.70.

FMC Technologies, Inc. (NYSE:FTI) is a leading global provider of technology solutions for the energy industry. Named by FORTUNE® Magazine as the World's Most Admired Oil and Gas Equipment, Service Company in 2010, the Company has approximately 12,000 employees and operates 27 production facilities in 16 countries. FMC Technologies designs, manufactures and services technologically sophisticated systems and products such as subsea production and processing systems, surface wellhead systems, high pressure fluid control equipment, measurement solutions, and marine loading systems for the oil and gas industry. For more information visit www.fmctechnologies.com.

This release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are information of a non-historical nature and are subject to risks and uncertainties that are beyond the Company's ability to control.  These risks and uncertainties are described under the caption "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2010, and as modified in subsequent quarterly reports filed by the Company with the Securities and Exchange Commission that may be accessed on the Company's website.   The Company cautions shareholders and prospective investors that actual results may differ materially from those indicated by the forward-looking statements.

FMC Technologies, Inc. will conduct its first quarter 2011 conference call at 8:00 a.m. EDT on Wednesday, April 27, 2011.  The event will be available at www.fmctechnologies.com.  An archived audio replay will also be available after the event at the same website address.  In the event of a disruption of service or technical difficulty during the call, information will be posted at www.fmctechnologies.com/earnings.

(Logo:  http://photos.prnewswire.com/prnh/20081222/LAM028LOGO)

FMC TECHNOLOGIES, INC. AND CONSOLIDATED SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Unaudited and in millions, except per share amounts)













Three Months Ended



March 31



2011


2010






Revenue

$

1,081.9

$

1,050.3

Costs and expenses


974.5


893.4



107.4


156.9






Other income (expense), net


2.4


(5.3)






Income before net interest expense and income taxes


109.8


151.6

Net interest expense


(1.5)


(2.3)






Income before income taxes


108.3


149.3

Provision for income taxes


22.6


49.9






Net Income


85.7


99.4

Less: net income attributable to noncontrolling interests


(0.5)


(0.4)






Net income attributable to FMC Technologies, Inc.

$

85.2

$

99.0






Earnings per share attributable to FMC Technologies, Inc.:





 Basic

$

0.35

$

0.40

 Diluted

$

0.35

$

0.40






Weighted average shares outstanding:





 Basic


241.8


245.1

 Diluted


243.8


247.6

FMC TECHNOLOGIES, INC. AND CONSOLIDATED SUBSIDIARIES

BUSINESS SEGMENT DATA

(Unaudited and in millions)








Three Months Ended



March 31



2011


2010

Revenue










Energy Production Systems

$

856.4

$

887.6

Energy Processing Systems


226.1


167.5

Other revenue (1) and intercompany eliminations


(0.6)


(4.8)


$

1,081.9

$

1,050.3






Income before income taxes










Segment operating profit





Energy Production Systems

$

82.2

$

157.6

Energy Processing Systems


43.7


23.4

Total segment operating profit


125.9


181.0






Corporate items





Corporate expense


(8.4)


(9.0)

Other revenue and other expense, net (1)


(8.2)


(20.8)

Net interest expense


(1.5)


(2.3)

Total corporate items


(18.1)


(32.1)






Income before income taxes  attributable





 to FMC Technologies, Inc.

$

107.8

$

148.9












(1) Other revenue comprises certain unrealized gains and losses on derivative instruments related to unexecuted sales contracts.  Other expense, net, generally includes stock-based compensation, other employee benefits, LIFO adjustments, certain foreign exchange gains and losses, and the impact of unusual or strategic transactions not representative of segment operations.

FMC TECHNOLOGIES, INC. AND CONSOLIDATED SUBSIDIARIES

BUSINESS SEGMENT DATA

(Unaudited and in millions)








Three Months Ended



March 31



2011


2010

Inbound Orders










Energy Production Systems

$

1,095.7

$

1,048.8

Energy Processing Systems


267.1


180.3

    Subtotal Energy Systems


1,362.8


1,229.1

Other orders and intercompany eliminations


(1.0)


(2.5)






Total inbound orders

$

1,361.8

$

1,226.6
















March 31



2011


2010

Order Backlog










Energy Production Systems

$

4,235.8

$

2,450.7

Energy Processing Systems


342.1


229.1

    Subtotal Energy Systems


4,577.9


2,679.8

Intercompany eliminations


(4.7)


(5.9)






Total order backlog

$

4,573.2

$

2,673.9

FMC TECHNOLOGIES, INC. AND CONSOLIDATED SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(In millions)













March 31,


December 31,



2011


2010



(Unaudited)








Cash and cash equivalents

$

376.8

$

315.5

Trade receivables, net


1,101.2


1,103.4

Inventories, net


616.5


566.5

Other current assets


437.5


359.9

    Total current assets


2,532.0


2,345.3






Property, plant and equipment, net


642.5


609.0

Goodwill


279.8


274.8

Intangible assets, net


140.7


140.5

Investments


149.0


148.2

Other assets


147.8


126.4

Total assets

$

3,891.8

$

3,644.2






Short-term debt and current portion of long-term debt

$

7.4

$

12.2

Accounts payable, trade


416.6


344.1

Advance payments and progress billings


560.4


556.4

Other current liabilities


531.2


582.7

    Total current liabilities


1,515.6


1,495.4






Long-term debt, less current portion


414.6


351.1

Other liabilities


514.1


475.4

FMC Technologies, Inc. stockholders' equity


1,436.4


1,311.7

Noncontrolling interest in consolidated companies


11.1


10.6

Total liabilities and equity

$

3,891.8

$

3,644.2

FMC TECHNOLOGIES, INC. AND CONSOLIDATED SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited and in millions)








Three Months Ended



March 31



2011


2010

Cash provided (required) by operating activities of continuing operations:





    Net income attributable to FMC Technologies, Inc.

$

85.2

$

99.0

    Depreciation and amortization


25.4


28.6

    Trade accounts receivable, net


25.5


(57.3)

    Inventories, net


(41.2)


34.7

    Accounts payable, trade


64.0


(41.7)

    Advance payments and progress billings


(9.1)


(115.4)

    Other


(99.5)


(10.8)

Net cash provided (required) by operating activities of continuing operations


50.3


(62.9)






Cash required by operating activities of discontinued operations


(0.1)


-






Cash provided (required) by investing activities:





    Capital expenditures


(41.0)


(19.4)

    Proceeds from disposal of assets


1.7


1.3

Net cash required by investing activities


(39.3)


(18.1)






Cash provided (required) by financing activities:





    Net increase in debt


58.1


53.1

    Issuance of capital stock


0.6


1.3

    Purchase of stock held in treasury


(1.1)


(50.5)

    Other financing


(8.0)


(13.1)

Net cash provided (required) by financing activities


49.6


(9.2)






Effect of changes in foreign exchange rates on cash and cash equivalents


0.8


(1.5)






Increase (decrease) in cash and cash equivalents


61.3


(91.7)






Cash and cash equivalents, beginning of period


315.5


460.7






Cash and cash equivalents, end of period

$

376.8

$

369.0

SOURCE FMC Technologies, Inc.

Modal title

Contact Cision

  • Cision Distribution 888-776-0942
    from 8 AM - 9 PM ET

  • Chat with an Expert
  • General Inquiries
  • Request a Demo
  • Editorial Bureaus
  • Partnerships
  • Media Inquiries
  • Worldwide Offices

Products

  • Cision Communication Cloud®
  • For Marketers
  • For Public Relations
  • For IR & Compliance
  • For Agency
  • For Small Business
  • All Products

About

  • About PR Newswire
  • About Cision
  • Become a Publishing Partner
  • Become a Channel Partner
  • Careers
  • COVID-19 Resources
  • Accessibility Statement
  • Asia
  • Brazil
  • Canada
  • Czech
  • Denmark
  • Finland
  • France
  • Germany
  • India
  • Israel
  • Italy
  • Mexico
  • Middle East
  • Netherlands
  • Norway
  • Poland
  • Portugal
  • Russia
  • Slovakia
  • Spain
  • Sweden
  • United Kingdom

My Services

  • All New Releases
  • Online Member Center
  • ProfNet

Contact Cision

Products

About

My Services
  • All News Releases
  • Online Member Center
  • ProfNet
Cision Distribution Helpline
888-776-0942
  • Terms of Use
  • Privacy Policy
  • Information Security Policy
  • Site Map
  • RSS
  • Cookie Settings
Copyright © 2022 Cision US Inc.