FMC Technologies Reports 2008 Q1 Diluted Earnings per Share Up 38%
FMC Technologies, Inc. reported first quarter 2008 revenue of $1.3 billion, up 32 percent over the first quarter of 2007 with the growth coming from each of its four reporting segments. Diluted earnings per share from continuing operations was $0.62, up 38 percent from $0.45 per diluted share in the prior-year quarter.
The diluted earnings per share of $0.62 for the first quarter included a $0.01 per share charge associated with the intended spin-off of the FoodTech and Airport Systems businesses and a $0.06 per share charge associated with non-cash mark-to-market charges for foreign currency contracts.
In the first quarter, inbound orders for the company totaled $1.4 billion, of which $1.2 billion was in Energy Systems. Backlog reached a record $5.0 billion, including a record $4.6 billion in Energy Systems.
Operating profit in Energy Systems was strong, up 53 percent in Energy Production Systems and up 30 percent in Energy Processing Systems from the first quarter of 2007.
"We are very pleased with our results from the first quarter," said Peter D. Kinnear, President and Chief Executive Officer. "We increased our Energy Systems backlog to a record $4.6 billion, while improving operating margins in both Energy Systems segments. We are increasing our full-year estimate of 2008 diluted earnings per share to a range of $2.80 to $2.90 including FoodTech and Airport Systems, but excluding costs associated with the planned spin-off."
FMC Technologies reported diluted earnings per share from continuing operations of $0.62, up 38 percent from the prior-year quarter. This result included charges per share of $0.01 associated with FoodTech and Airport Systems spin-off costs and $0.06 associated with non-cash mark-to-market charges for foreign currency contracts.
Energy Production Systems' and Energy Processing Systems' operating profits were up 53 percent and 30 percent respectively over the first quarter of 2007. Total company backlog reached a record $5.0 billion, including a record $4.6 billion in Energy Systems.
The company increased its estimate for its full year 2008 diluted earnings per share from continuing operations from a range of $2.75-$2.85 to a range of $2.80-$2.90 including FoodTech and Airport Systems, but excluding costs associated with the planned spin-off.
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