FMC Technologies Scores Record Quarter on Subsea Group
Houston-based FMC Technologies Inc., a manufacturing company for the energy industry, reported Wednesday that while second quarter 2013 earnings fell, revenues rose by double digits after the company’s Subsea Technologies group recorded one of their strongest quarters ever.
Second-quarter revenue was up by 14 percent to $1.7 billion, compared with 2Q 2012, giving FMC a first-half revenue of $3.35 billion. That was up 16 percent from the first half of 2012.
The Subsea Technologies group had second quarter revenue of $1.1 billion, an increase of 19 percent from the same quarter in 2012.
FMC Technologies’ Energy Infrastructure group saw second-quarter revenue climb by 13 percent over 2Q 2012, to $158 million.
The diluted earnings took a dip to 44 cents per share, down from 46 cents per share for the same quarter in 2012. However, the quarterly earnings figure was affected by the inclusion of a charge of $9.1 million, or 4 cents per share, related to the 2013 Multi Phase Meters earn-out adjustment.
“We are pleased to report our strongest quarter of subsea orders on record, which included Total’s Egina award and our second call off of the pre-salt tree award from Petrobras,” said John Gremp, FMC Technologies chairman and CEO, in a statement.
Analysts at Barclays were generally positive about FMC Technologies’ quarterly results, noting that it was a record quarter for orders and a solid one for operations, and in line with most estimates. Subsea margins were once again below expectations, Barclays analysts said. However, that was offset by the international wellhead and energy infrastructure business.
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