FMC Technologies Inc. Earnings Cheat Sheet: Revenue Up, Profit Up

S&P 500 (NYSE:SPY) component FMC Technologies Inc. (NYSE:FTI) reported net income above Wall Street’s expectations for the third quarter. FMC Technologies is a global provider of technologically sophisticated systems and products for the energy industry.

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FMC Technologies Earnings Cheat Sheet for the Third Quarter

Results: Net income for FMC Technologies Inc. rose to $121.1 million (50 cents per share) vs. $81 million (34 cents per share) in the same quarter a year earlier. This marks a rise of 49.5% from the year earlier quarter.

Revenue: Rose 34.1% to $1.29 billion from the year earlier quarter.

Actual vs. Wall St. Expectations: FTI beat the mean analyst estimate of 46 cents per share. Analysts were expecting revenue of $1.3 billion.

Quoting Management: “The third quarter represented the largest subsea sales in our history,” said John Gremp, President and CEO of FMC Technologies. “We anticipate an even larger fourth quarter as we establish a new high mark for annual subsea revenue. We continue to expect an expanding subsea market in 2012 as the deepwater market continues to strengthen and our customers remain committed to their long term projects. For the second consecutive quarter, Energy Processing had record revenue as the fluid control business continues to benefit from the expansion of the North American pressure pumping market.”

Key Stats:

Revenue has now gone up for three straight quarters. In the second quarter, revenue rose 21.4% to $1.23 billion while the figure rose 3% in the first quarter from the year earlier.

Last quarter’s profit increase breaks a streak of two consecutive quarters of year-over-year profit decreases. In the second quarter, net income fell 2% while the figure dropped in the first quarter.

The company beat estimates last quarter after being in line with expectations in the second quarter with net income of 39 cents per share.

Looking Forward: Analysts appear increasingly optimistic about the company’s results for the next quarter. The average estimate for the fourth quarter has moved up from 51 cents a share to 53 cents over the last ninety days. The average estimate for the fiscal year is $1.72 per share, a rise from $1.69 ninety days ago.

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), and Tesco Corporation (NASDAQ:TESO).

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(Source: Xignite Financials)