30.01.2006 12:00:00
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FMC Technologies Provides Update to Fourth Quarter 2005
-- Company Expects Fourth Quarter Earnings per Diluted Share to Exceed Previous Guidance
-- Sonatrach Project Nearing Completion
FMC Technologies (NYSE:FTI) announced today that due to strongfourth quarter performance it now expects to exceed the GAAP earningsper diluted share estimate of $0.07 to $0.17, which included a $0.36charge for taxes required from repatriation of foreign earnings.Excluding that charge, the company had previously indicated thatresults would be in the range of $0.43 to $0.53 for the quarter. TheCompany now expects results, excluding the tax charge and excluding again on the sale of an investment, to exceed that previous guidance.
The Company also announced that its Floating Systems subsidiary isnearing completion of an offshore oil loading project in Algeria forSonatrach-TRC, the Algerian Oil and Gas Company. The Company hasreceived customer acceptance from Sonatrach-TRC of the Bejaia siteand ownership of the site has been transferred to Sonatrach. At theArzew site, the tanker loadings and other tests have been completed,and the Company has applied for final customer acceptance. At Skikda,the final site, the customer acceptance testing is in progress.
"We are pleased with the recent progress we are making on theSonatrach project and believe we are nearing final completion of theproject scope," said Joseph H. Netherland, Chairman, President andChief Executive Officer. Sonatrach and FMC Technologies continue,however, to negotiate various claims concerning delays and workstoppages. These negotiations could continue after the physicalcompletion of the contract.
As forecast for the fourth quarter of 2005, the Companyrepatriated $473 million of foreign earnings under the American JobsCreation Act. This repatriation required a tax charge of $25.5 millionor $0.36 per diluted share in the fourth quarter.
Also in the fourth quarter, FMC Technologies sold its 60 percentownership interest in GTL Microsystems, a joint venture between FMCTechnologies and Accentus plc engaged in the development of Gas toLiquids technology. The after-tax gain of $7.4 million or $0.10 perdiluted share will be recorded in the fourth quarter 2005 results.
FMC Technologies fourth quarter and full-year 2005 earnings willbe released at close of business on February 14, 2006 by Business Wiredistribution and FMC Technologies' web site atwww.fmctechnologies.com. The Company will conduct its fourth quarterand full-year 2005 conference call at 9:00 a.m. (Eastern StandardTime) on Wednesday, February 15, 2006. The event will be available atwww.fmctechnologies.com. It also will be available for replay afterthe event at the same website address.
FMC Technologies, Inc. (www.fmctechnologies.com) is a globalleader providing mission-critical technology solutions for the energy,food processing and air transportation industries. FMC Technologiesdesigns, manufactures and services technologically sophisticatedsystems and products for its customers through its Energy Systems(comprising Energy Production Systems and Energy Processing Systems),FoodTech and Airport Systems businesses. FMC Technologies employsapproximately 9,000 people and operates 31 manufacturing facilities in16 countries.
This release contains forward-looking statements as defined in thePrivate Securities Litigation Reform Act of 1995. Forward-lookingstatements are information of a non-historical nature and are subjectto risks and uncertainties that are beyond the Company's ability tocontrol. Forward-looking statements are qualified in their entirety bythe cautionary language set forth in the Company's filings with theSecurities and Exchange Commission, including the risks anduncertainties described in the Cautionary Note RegardingForward-Looking Statements in Management's Discussion and Analysis ofFinancial Condition and Results of Operations in the Company'sQuarterly Report on Form 10-Q for the quarter ended September 30,2005. The Company cautions shareholders and prospective investors thatactual results may differ materially from those indicated by theforward-looking statements.
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