FMC Technologies, Inc. (NYSE:FTI) has reported third quarter 2016 revenue of US$1.1 billion, down 29% from the prior-year quarter primarily due to lower activity across all reporting segments. Diluted earnings per share from continuing operations were US$0.20, which includes total company pre-tax charges of US$43 million, or US$0.15 per diluted share as detailed in the attached financial schedules. Adjusted diluted earnings per share from continuing operations were US$0.35.
"Subsea Technologies achieved further improvement in segment operating margins, with third quarter results being the highest levels we have recorded in 2016," said Doug Pferdehirt, President and CEO of FMC Technologies. "The strong performance resulted from solid project execution, combined with the benefits of our cost reduction actions that continued in the quarter. We have used this downturn as a catalyst to make fundamental changes to our business model that will continue to provide sustainable benefits."
Total inbound orders were US$692.2 million, including US$ 401 million in Subsea Technologies orders. Backlog for the company was US$3 billion, including Subsea Technologies backlog of US$2.5 billion.
"We received our second subsea multiphase boosting pump order in the quarter. This award, for ENI's Block 15/06 West Hub Development, further demonstrates our capabilities in this attractive growth segment," Pferdehirt added. "We anticipate that small order intake will continue to improve and that large project orders will follow as operators embrace strategies that improve project economics through the acceleration of time to first oil, schedule certainty, and lower costs. At FMC Technologies, our relentless focus on these key drivers is yielding benefits for our customers today and will result in even greater benefits in the future."
Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/20102016/fmc-technologies-reports-3q16-result/