S&P 500 (NYSE:SPY) component FMC Technologies, Inc. (NYSE:FTI) reported a lower net income in the first quarter compared with a year earlier, falling below analysts’ estimates. FMC Technologies, Inc. is a global provider of technologically sophisticated systems and products for the energy industry.
FMC Technologies Earnings Cheat Sheet for the First Quarter
Results: Net income for the oil and gas equipment and services company fell to $85.2 million (35 cents/share) vs. $99 million (80 cents/share) a year earlier. A decline of 13.9% from the year earlier quarter.
Revenue: Rose 3% to $1.08 billion YoY.
Actual vs. Wall St. Expectations: FTI fell short of the mean analyst estimate of 37 cents/share. Estimates ranged from 32 cents per share to 41 cents per share.
Quoting Management: “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.”
A year-over-year revenue increase last quarter snaps a streak of four consecutive quarters of revenue declines. The worst quarter in that span was the third quarter of the last fiscal year, which saw an 11.8% decrease.
Net income has increased 2.2% year over year on average across the last five quarters. The biggest gain came in the first quarter of the last fiscal year, when income climbed 39.4% from the year earlier quarter.
Competitors to Watch: Cameron Intl. Corp. (NYSE:CAM), T-3 Energy Services, Inc. (NASDAQ:TTES), Baker Hughes Incorporated (NYSE:BHI), Dril-Quip, Inc. (NYSE:DRQ), National-Oilwell Varco, Inc. (NYSE:NOV), Lufkin Industries, Inc. (NASDAQ:LUFK), Flotek Industries, Inc. (NYSE:FTK), Oil States Intl., Inc. (NYSE:OIS), Bolt Technology Corp. (NASDAQ:BOLT), Halliburton (NYSE:HAL) and Tesco Corporation (NYSE:USA) (NASDAQ:TESO).
Today’s Performance: Shares of FTI are unchanged in after hours trading.