Fourth Quarter Performance Yields 28% Increase for FMC
FMC Technologies, Inc. reported fourth quarter 2007 revenue of $1.4 billion, up 28 percent over the fourth quarter of 2006 led by the strength of its subsea systems business. Diluted earnings per share from continuing operations were $0.70, up 49 percent from $0.47 per diluted share in the prior-year quarter.
Inbound orders for the company in the quarter totaled $2.5 billion, of which $2.0 billion was in subsea systems primarily driven by the Total Pazflor award which had a value of approximately $980 million. Backlog reached $4.9 billion, including a record $3.9 billion for subsea systems.
Operating profit in Energy Systems was strong, up 66 percent in both Energy Production Systems and Energy Processing Systems from the prior-year quarter. Operating profit in FoodTech and Airport Systems was up 39 percent and 12 percent respectively from the prior-year quarter.
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