FMC Technologies Inc. Earnings: Misses Estimates
Rising revenue was not enough for S&P 500 (NYSE:SPY) component FMC Technologies Inc. (NYSE:FTI) as the oil and gas equipment and services company saw profit fall in the fourth quarter. FMC Technologies is a global provider of technologically sophisticated systems and products for the energy industry.
Investing Insights: Will the iPad 3 Be the Next Catalyst for Apple’s Stock?
FMC Technologies Earnings Cheat Sheet for the Fourth Quarter
Results: Net income for FMC Technologies Inc. fell to $99.2 million (41 cents per share) vs. $99.3 million (41 cents per share) a year earlier. This is a decline of 0.1% from the year earlier quarter.
Revenue: Rose 36.1% to $1.5 billion from the year earlier quarter.
Actual vs. Wall St. Expectations: FMC Technologies Inc. fell short of the mean analyst estimate of 50 cents per share. It beat the average revenue estimate of $1.44 billion.
Quoting Management: “We are pleased to report that we reached a record $3.3 billion of subsea revenue in 2011,” said John Gremp, Chairman, President and CEO of FMC Technologies. “However, our fourth quarter Subsea Technologies’ margins came in below our guidance due to higher project costs and expenses associated with our growth, which lowered quarterly results. In 2012, we expect continued growth in the subsea market with both sales and orders exceeding 2011, and improved operating margin performance.”
Revenue has risen the past four quarters. Revenue increased 34.1% to $1.29 billion in the third quarter. The figure rose 21.4% in the second quarter from the year earlier and climbed 3% in the first quarter from the year-ago quarter.
The company fell short of estimates last quarter after beating the mark the quarter before with net income of 50 cents versus a mean estimate of net income of 47 cents per share.
Net income has increased 8% year over year on average across the last five quarters. The biggest gain came in the third, when income climbed 49.5% from the year earlier quarter.
Looking Forward: The average estimate for the first quarter of the next fiscal year is steady at 51 cents a share. The average estimate hasn’t changed from $1.72 per share for the fiscal year.
(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
Don’t Miss These Additional Hot Stories:
To contact the reporter on this story: Derek Hoffman at email@example.com
To contact the editor responsible for this story: Damien Hoffman at firstname.lastname@example.org