FMC Reports on Second Quarter Results
FMC Technologies, Inc. reported second quarter 2001 net income per share from continuing operations of $0.22 on a diluted basis, before a one-time item, on sales of $478.1 million. The one-time item is a $4.2 million tax provision related to the reorganization of the Company's worldwide entities in anticipation of their separation from FMC Corporation.
"The second quarter was an extremely important one for FMC Technologies as we successfully completed our initial public offering (IPO) and continued to experience strong inbound activity, with a 37 percent increase in orders from the same period in 2000. The IPO for approximately 17 percent of our common stock completed a significant step in the separation of FMC Technologies from FMC Corporation, and the full separation is still on track to be completed by year-end," said Joseph H. Netherland, President and Chief Executive Officer. "Although we expect that this will be a tough year, the strong inbound order activity experienced in the first six months should lead to a positive performance in the second half of 2001 compared to the same period in 2000." As expected, second quarter and six-month 2001 results were below those of 2000 in terms of sales volumes and profitability. Based on inbound orders in the first half, it is anticipated that results in the second half of 2001 will exceed last year's.