FMC Q3 Profit Falls On Lower Revenue - Quick Facts

(RTTNews) - FMC Technologies, Inc. (FTI) reported third-quarter results that was negatively impacted by the North American onshore market's prolonged decline. Revenue was down 22 percent from the prior-year quarter primarily due to the continued decline in the North American land market that severely impacted Surface Technologies segment and the negative impact of the strengthening U.S. dollar in Subsea Technologies segment. Surface Technologies' third quarter revenue was down 35 percent from the prior-year quarter.

The company's Subsea Technologies segment delivered strong operating performance in the third quarter and received two major awards. Total inbound orders were $1.5 billion, including $1.0 billion in Subsea Technologies orders. The company continues to expect at least $3 billion of Subsea Technologies awards in 2015.

FMC Technologies reported third quarter earnings per share of $0.61, excluding impairment charges of $0.20 per share and business restructuring charges of $0.06 per share. On average, 31 analysts polled by Thomson Reuters expected the company to report profit per share of $0.58 for the quarter. Analysts' estimates typically exclude special items.

Net income attributable to FMC was $82.0 million or $0.35 per share compared to $169.8 million or $0.72 per share, last year.

Revenue for the quarter decreased to $1.55 billion from $1.98 billion last year. Analysts expected revenue of $1.67 billion for the quarter.

Subsea Technologies' third quarter revenue was $1.1 billion, down 16 percent from the prior-year quarter due to the strength of the U.S. dollar. Excluding the negative impact of the strong U.S. dollar, total revenue was down less than four percent year-over-year.