FMC Technologies, Inc. Earnings Cheat Sheet: Two Straight Quarters of Profit Drops
S&P 500 (NYSE:SPY) component FMC Technologies, Inc. (NYSE:FTI) reported its results for the second quarter. FMC Technologies, Inc. is a global provider of technologically sophisticated systems and products for the energy industry.
FMC Technologies Earnings Cheat Sheet for the Second Quarter
Results: Net income for FMC Technologies, Inc. fell to $94.3 million (39 cents per share) vs. $96.2 million (39 cents per share) a year earlier. This is a decline of 2% from the year earlier quarter.
Revenue: Rose 21.4% to $1.23 billion from the year earlier quarter.
Actual vs. Wall St. Expectations: FTI beat the mean analyst estimate of 38 cents per share. It beat the average revenue estimate of $1.19 billion.
Quoting Management: “We have booked almost $1.9 billion in subsea orders during the first half of 2011, and continue to believe $4.0 billion in orders for the year is possible,” said John Gremp, President and Chief Executive Officer. “Our subsea revenue of nearly $800 million during the second quarter has kept us on track to reach $3.3 billion revenue for the year. Our fluid control business is continuing to produce at record levels and as our capacity expansion comes online, we will be able to meet our customers’ growing demands.”
The company has now seen net income fall in each of the last two quarters. In the first quarter, net income fell 13.9% from the year earlier quarter.
The company beat estimates last quarter after falling short in the previous two quarters. In the first quarter, it missed the mark by 5 cents, and in the fourth quarter of the last fiscal year, it fell short by one cent.
The company’s revenue has now risen for two straight quarters. In the first quarter, revenue increased 3% to $1.08 billion 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), and Tesco Corporation (NASDAQ:TESO).
(Source: Xignite Financials)