FMC Technologies Q2 Profit Falls

(RTTNews) - FMC Technologies, Inc. (FTI) reported net income for the second quarter of $107.9 million or $0.46 per share, compared to $226.3 million or $0.95 per share for the year-ago quarter.

The latest quarter results include pre-tax business restructuring charges of $9.5 million, or $0.03 per share, and a U.S. tax charge of $8.0 million, or $0.03 per share, related to a tax settlement.

Second quarter revenue fell 15% to $1.70 billion from $1.99 billion a year ago, mainly due to the continued decline in the North American land market and its severe impact on our Surface Technologies segment revenue.

Analysts polled by Thomson Reuters expected the company to earn $0.61 per share on revenue of $1.71 billion for the second quarter. Analysts' estimates typically exclude special items.