FMC Has Strong First Quarter
FMC Technologies, Inc. reported first quarter 2002 sales of $423.6 million and net income of $0.08 per share, before the effect of the required adoption of a new accounting principle, up 33 percent from $0.06 per share on a pro forma diluted basis, before non-recurring items, in the same period last year.
"First quarter 2002 results reflected the strength of our subsea business within Energy Production Systems," said Joseph H. Netherland, Chairman, President and Chief Executive Officer. "Energy Production Systems' sales increased 25 percent and operating earnings increased 95 percent, compared to the first quarter a year ago. This strong performance offset the weakness in Airport Systems. Additionally, during the quarter total backlog grew about $100 million and is now more than $1 billion. We believe this and the continued strength in our subsea business keep us on track to earn about $0.95 per share on a diluted basis, before non-recurring items, for the full year."
Including a non-recurring item associated with the required adoption of Statement of Financial Accounting Standards No. 142 (SFAS 142), the Company reported a net loss of $2.89 per share. The non-cash charge associated with the adoption reflected a write-down of impaired goodwill of $193.8 million after tax. The impaired goodwill is predominately associated with the Company's acquisitions of Moorco, included in the Energy Processing business, and Frigoscandia Equipment, included in the FoodTech business.