Click here to close now.

Welcome!

.NET Authors: Greg O'Connor, Michael Kanasoot, Jayaram Krishnaswamy, Adine Deford, Peter Silva

News Feed Item

FMC Technologies Reports Fourth Quarter 2012 Diluted Earnings per Share of $0.50

- Record full year Subsea Technologies orders of $4.6 billion

HOUSTON, Feb. 12, 2013 /PRNewswire/ -- FMC Technologies, Inc. (NYSE: FTI) today reported fourth quarter 2012 revenue of $1.8 billion, up 23 percent from the prior-year quarter.  Diluted earnings per share were $0.50 compared to $0.41 in the prior-year quarter. This included a charge related to the 2012 Multi Phase Meters earn-out adjustment of $17.5 million or $0.07 per share.

Total inbound orders were $1.9 billion and included $1.4 billion in Subsea Technologies' orders. Backlog for the Company was $5.4 billion, including Subsea Technologies' backlog of $4.6 billion.

Full Year 2012 Results

Total Company revenue for 2012 was $6.2 billion, and operating profit was $784.7 million.  The full year 2012 diluted earnings per share were $1.78.

"We are pleased to report record full year subsea revenue and operating profit," said John Gremp, Chairman and CEO of FMC Technologies. "For 2013, we expect to see continued revenue and earnings growth within Subsea Technologies."

"Surface Technologies international surface wellhead business delivered its strongest quarter. We expect this solid performance in the international market to continue into 2013, while the timing of the recovery in the North American market remains uncertain."

Review of Operations – Fourth Quarter 2012

Subsea Technologies

Subsea Technologies' fourth quarter revenue was $1.2 billion, up 28 percent from the prior-year quarter.  

Subsea Technologies' operating profit more than doubled from the prior-year quarter to $151.2 million due to volume growth and improved performance.

Subsea Technologies' inbound orders in the fourth quarter were $1.4 billion and backlog was $4.6 billion.

Surface Technologies

Surface Technologies' fourth quarter revenue was $443.7 million, up 19 percent from the prior-year quarter driven by higher volume in surface wellhead and the inclusion of revenue from our Pure Energy Services Ltd. acquisition completed in October 2012. 

Surface Technologies' operating profit decreased 15 percent from the prior-year quarter to $64.6 million in the fourth quarter as the result of reduced fluid control and surface wellhead activity in North America.

Surface Technologies' inbound orders for the fourth quarter were $388.8 million and backlog was $500.8 million.

Energy Infrastructure

Energy Infrastructure's fourth quarter revenue was $166.6 million, up 10 percent from the prior-year quarter.

Energy Infrastructure's operating profit increased 13 percent from the prior-year quarter to $22.8 million in the fourth quarter driven by improved project performance.

Energy Infrastructure's inbound orders for the fourth quarter were $148.6 million and backlog was $298.0 million.

Corporate Items

Corporate expense in the fourth quarter was $11.4 million, an increase of $0.3 million from the prior-year quarter. Other revenue and other expense, net, was $40.0 million, an increase of $24.9 million from the prior-year quarter. This was largely due to an increase of $17.2 million from the prior-year quarter related to the charge associated with the earn-out for the acquisition of Multi Phase Meters and a charge associated with the change to the Norway pension of $8.6 million.

The Company ended the quarter with net debt of $1.3 billion. Net interest expense was $10.7 million in the quarter.

The Company repurchased approximately 927,000 shares of common stock in the quarter, at an average cost of $42.21 per share.

Depreciation and amortization for the fourth quarter was $46.9 million, up $13.1 million from the sequential quarter. Capital expenditures for the fourth quarter were $122.9 million.

The Company recorded an effective tax rate of 31.8 percent for the fourth quarter.

Summary and Outlook

FMC Technologies reported fourth quarter diluted earnings per share of $0.50.

Total inbound orders of $1.9 billion in the fourth quarter included $1.4 billion in Subsea Technologies' orders. The Company's backlog stands at $5.4 billion, including Subsea Technologies' backlog of $4.6 billion.

For 2013, we expect increasing Subsea Technologies revenue and margins and continued solid performance in international surface wellhead, offset by a challenging North American land market.

The Company's guidance for 2013 diluted earnings per share is a range of $2.05 to $2.25.

FMC Technologies, Inc. (NYSE:FTI) is a leading global provider of technology solutions for the energy industry. Named by FORTUNE® Magazine as the World's Most Admired Oil and Gas Equipment, Service Company in 2012, the Company has approximately 18,400 employees and operates 30 production facilities in 16 countries. FMC Technologies designs, manufactures and services technologically sophisticated systems and products such as subsea production and processing systems, surface wellhead systems, high pressure fluid control equipment, measurement solutions, and marine loading systems for the oil and gas industry. For more information, visit www.fmctechnologies.com.

This release contains "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. The words "expected," "continue," "outlook," and similar expressions are intended to identify forward-looking statements, which are generally not historical in nature. Such forward-looking statements involve significant risks, uncertainties and assumptions that could cause actual results to differ materially from our historical experience and our present expectations or projections. FMC Technologies cautions you not to place undue reliance on any forward-looking statements, which speak only as of the date hereof. Known material factors that could cause actual results to differ materially from those contemplated in the forward-looking statements include those set forth in the Company's filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, as well as the following: demand for our systems and services, which is affected by changes in the price of, and demand for, crude oil and natural gas in domestic and international markets; potential liabilities arising out of the installation or use of our systems; continuing consolidation within our customers' industries; U.S. and international laws and regulations that may increase our costs, limit the demand for our products and services or restrict our operations; disruptions in the political, regulatory, economic and social conditions of the foreign countries in which we conduct business; fluctuations in currency markets worldwide; cost overruns that may affect profit realized on our fixed price contracts; the cumulative loss of major contracts or alliances; our dependence on the continuing services of key managers and employees and our ability to attract, retain and motivate additional highly-skilled employees for the operation and expansion of our business; rising costs and availability of raw materials; a failure of our information technology infrastructure or any significant breach of security; our ability to develop and implement new technologies and services, as well as our ability to protect and maintain critical intellectual property assets; the outcome of uninsured claims and litigation against us; disruptions in the timely delivery of our backlog and its effect on our future sales, profitability, and our relationships with our customers; and disruptions in the financial and credit markets and its impact on our customers' activity levels, spending for our products and services and ability to pay amounts owed us. FMC Technologies undertakes no obligation to publicly update or revise any of its forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise. 

FMC Technologies, Inc. will conduct its fourth quarter 2012 conference call at 9:00 a.m. ET on Wednesday, February 13, 2013. The event will be available at www.fmctechnologies.com. An archived audio replay will be available after the event at the same website address. In the event of a disruption of service or technical difficulty during the call, information will be posted at www.fmctechnologies.com/earnings.

 

FMC TECHNOLOGIES, INC. AND CONSOLIDATED SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(In millions except per share amounts, unaudited)





















Three Months Ended


Twelve Months Ended



December 31


December 31



2012


2011


2012


2011










Revenue

$

1,840.9

$

1,500.5

$

6,151.4

$

5,099.0

Costs and expenses


1,651.3


1,356.1


5,546.6


4,536.6



189.6


144.4


604.8


562.4










Other income (expense), net


(1.4)


(2.9)


23.0


(1.4)










Income before net interest expense and income taxes


188.2


141.5


627.8


561.0

Net interest expense


(10.7)


(2.2)


(26.6)


(8.2)










Income before income taxes


177.5


139.3


601.2


552.8

Provision for income taxes


56.1


38.8


166.4


149.3










Net income


121.4


100.5


434.8


403.5

Net income attributable to noncontrolling interests


(1.0)


(1.3)


(4.8)


(3.7)










Net income attributable to FMC Technologies, Inc.

$

120.4

$

99.2

$

430.0

$

399.8










Earnings per share attributable to FMC Technologies, Inc.:









  Basic

$

0.50

$

0.41

$

1.79

$

1.66

  Diluted

$

0.50

$

0.41

$

1.78

$

1.64










Weighted average shares outstanding:









  Basic


238.8


239.8


239.7


241.2

  Diluted


240.1


241.9


240.9


243.2










 

 

 


FMC TECHNOLOGIES, INC. AND CONSOLIDATED SUBSIDIARIES

BUSINESS SEGMENT DATA

(Unaudited and in millions)













Three Months Ended



Twelve Months Ended



December 31



December 31



2012


2011



2012


2011

Revenue




















Subsea Technologies

$

1,235.5

$

963.9


$

4,005.5

$

3,288.1

Surface Technologies


443.7


373.7



1,598.1


1,310.8

Energy Infrastructure


166.6


151.1



576.2


503.4

Other revenue (1) and intercompany eliminations


(4.9)


11.8



(28.4)


(3.3)


$

1,840.9

$

1,500.5


$

6,151.4

$

5,099.0











Income before income taxes




















Segment operating profit










Subsea Technologies

$

151.2

$

69.8


$

451.5

$

319.9

Surface Technologies


64.6


76.4



284.3


250.1

Energy Infrastructure


22.8


20.2



48.9


49.3

Total segment operating profit


238.6


166.4



784.7


619.3











Corporate items










Corporate expense


(11.4)


(11.1)



(41.8)


(39.4)

Other revenue and other expense, net (1)


(40.0)


(15.1)



(119.9)


(22.6)

Net interest expense


(10.7)


(2.2)



(26.6)


(8.2)

Total corporate items


(62.1)


(28.4)



(188.3)


(70.2)











Income from continuing operations before income taxes attributable to FMC Technologies, Inc.

$

176.5

$

138.0


$

596.4

$

549.1


























(1) Other revenue comprises certain unrealized gains and losses on derivative instruments related to unexecuted sales contracts.  Other expense, net, generally includes stock-based compensation, other employee benefits, LIFO adjustments, certain foreign exchange gains and losses, and the impact of unusual or strategic transactions not representative of segment operations.











 

 

FMC TECHNOLOGIES, INC. AND CONSOLIDATED SUBSIDIARIES

BUSINESS SEGMENT DATA

(Unaudited and in millions)












Three Months Ended


Twelve Months Ended



December 31


December 31



2012


2011


2012


2011

Inbound Orders


















Subsea Technologies

$

1,378.9

$

1,295.6

$

4,571.4

$

3,933.3

Surface Technologies


388.8


403.6


1,519.5


1,488.2

Energy Infrastructure


148.6


126.0


644.7


555.5

Intercompany eliminations and other


(6.6)


(2.3)


(13.7)


(16.3)

Total inbound orders

$

1,909.7

$

1,822.9

$

6,721.9

$

5,960.7






























December 31







2012


2011





Order Backlog


















Subsea Technologies

$

4,580.1

$

4,090.0





Surface Technologies


500.8


577.7





Energy Infrastructure


298.0


226.9





Intercompany eliminations


(1.1)


(18.2)





Total order backlog

$

5,377.8

$

4,876.4























 

 

 

FMC TECHNOLOGIES, INC. AND CONSOLIDATED SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(In millions)













December 31,


December 31,



2012


2011



(Unaudited)








Cash and cash equivalents

$

342.1

$

344.0

Trade receivables, net


1,765.5


1,341.6

Inventories, net


965.1


712.2

Other current assets


415.6


390.1

     Total current assets


3,488.3


2,787.9






Property, plant and equipment, net


1,243.5


767.9

Goodwill


597.7


265.8

Intangible assets, net


347.4


128.0

Investments


37.4


161.4

Other assets


188.6


160.0

Total assets

$

5,902.9

$

4,271.0






Short-term debt and current portion of long-term debt

$

60.4

$

587.6

Accounts payable, trade


664.2


546.8

Advance payments and progress billings


501.6


450.2

Other current liabilities


744.2


648.3

     Total current liabilities


1,970.4


2,232.9






Long-term debt, less current portion


1,580.4


36.0

Other liabilities


498.9


564.4

FMC Technologies, Inc. stockholders' equity


1,836.9


1,424.6

Noncontrolling interest


16.3


13.1

Total liabilities and equity

$

5,902.9

$

4,271.0











 

 

 

FMC TECHNOLOGIES, INC. AND CONSOLIDATED SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited and in millions)








Twelve Months Ended



December 31



2012


2011

Cash provided (required) by operating activities:





Net income

$

434.8

$

403.5

     Depreciation and amortization


146.2


107.8

     Trade accounts receivable, net


(337.3)


(286.7)

     Inventories, net


(206.6)


(162.6)

     Accounts payable, trade


83.0


214.7

     Advance payments and progress billings


25.9


(95.9)

     Other


(7.6)


(16.0)

Net cash provided by operating activities


138.4


164.8






Cash provided (required) by investing activities:





     Capital expenditures


(405.6)


(274.0)

     Acquisitions, net of cash acquired


(615.5)


-

     Other investing


1.2


0.3

Net cash required by investing activities


(1,019.9)


(273.7)






Cash provided (required) by financing activities:





     Net increase in debt


983.2


264.0

     Issuance of capital stock


0.7


1.3

     Purchase of stock held in treasury


(91.1)


(114.0)

     Other financing


(11.4)


(10.3)

Net cash provided by financing activities


881.4


141.0






Effect of changes in foreign exchange rates on cash and cash equivalents


(1.8)


(3.6)






Increase (decrease) in cash and cash equivalents


(1.9)


28.5






Cash and cash equivalents, beginning of period


344.0


315.5






Cash and cash equivalents, end of period

$

342.1

$

344.0











(Logo: http://photos.prnewswire.com/prnh/20081222/LAM028LOGO)

SOURCE FMC Technologies, Inc.

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

@ThingsExpo Stories
Wearable technology was dominant at this year’s International Consumer Electronics Show (CES) , and MWC was no exception to this trend. New versions of favorites, such as the Samsung Gear (three new products were released: the Gear 2, the Gear 2 Neo and the Gear Fit), shared the limelight with new wearables like Pebble Time Steel (the new premium version of the company’s previously released smartwatch) and the LG Watch Urbane. The most dramatic difference at MWC was an emphasis on presenting wearables as fashion accessories and moving away from the original clunky technology associated with t...
SYS-CON Events announced today that robomq.io will exhibit at SYS-CON's @ThingsExpo, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. robomq.io is an interoperable and composable platform that connects any device to any application. It helps systems integrators and the solution providers build new and innovative products and service for industries requiring monitoring or intelligence from devices and sensors.
Internet of Things (IoT) will be a hybrid ecosystem of diverse devices and sensors collaborating with operational and enterprise systems to create the next big application. In their session at @ThingsExpo, Bramh Gupta, founder and CEO of robomq.io, and Fred Yatzeck, principal architect leading product development at robomq.io, will discuss how choosing the right middleware and integration strategy from the get-go will enable IoT solution developers to adapt and grow with the industry, while at the same time reduce Time to Market (TTM) by using plug and play capabilities offered by a robust I...
After making a doctor’s appointment via your mobile device, you receive a calendar invite. The day of your appointment, you get a reminder with the doctor’s location and contact information. As you enter the doctor’s exam room, the medical team is equipped with the latest tablet containing your medical history – he or she makes real time updates to your medical file. At the end of your visit, you receive an electronic prescription to your preferred pharmacy and can schedule your next appointment.
SYS-CON Events announced today that Solgenia will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY, and the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Solgenia is the global market leader in Cloud Collaboration and Cloud Infrastructure software solutions. Designed to “Bridge the Gap” between Personal and Professional Social, Mobile and Cloud user experiences, our solutions help large and medium-sized organizations dr...
While not quite mainstream yet, WebRTC is starting to gain ground with Carriers, Enterprises and Independent Software Vendors (ISV’s) alike. WebRTC makes it easy for developers to add audio and video communications into their applications by using Web browsers as their platform. But like any market, every customer engagement has unique requirements, as well as constraints. And of course, one size does not fit all. In her session at WebRTC Summit, Dr. Natasha Tamaskar, Vice President, Head of Cloud and Mobile Strategy at GENBAND, will explore what is needed to take a real time communications ...
The world's leading Cloud event, Cloud Expo has launched Microservices Journal on the SYS-CON.com portal, featuring over 19,000 original articles, news stories, features, and blog entries. DevOps Journal is focused on this critical enterprise IT topic in the world of cloud computing. Microservices Journal offers top articles, news stories, and blog posts from the world's well-known experts and guarantees better exposure for its authors than any other publication. Follow new article posts on Twitter at @MicroservicesE
SYS-CON Events announced today that Litmus Automation will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Litmus Automation’s vision is to provide a solution for companies that are in a rush to embrace the disruptive Internet of Things technology and leverage it for real business challenges. Litmus Automation simplifies the complexity of connected devices applications with Loop, a secure and scalable cloud platform.
SYS-CON Events announced today the IoT Bootcamp – Jumpstart Your IoT Strategy, being held June 9–10, 2015, in conjunction with 16th Cloud Expo and Internet of @ThingsExpo at the Javits Center in New York City. This is your chance to jumpstart your IoT strategy. Combined with real-world scenarios and use cases, the IoT Bootcamp is not just based on presentations but includes hands-on demos and walkthroughs. We will introduce you to a variety of Do-It-Yourself IoT platforms including Arduino, Raspberry Pi, BeagleBone, Spark and Intel Edison. You will also get an overview of cloud technologies s...
Containers and microservices have become topics of intense interest throughout the cloud developer and enterprise IT communities. Accordingly, attendees at the upcoming 16th Cloud Expo at the Javits Center in New York June 9-11 will find fresh new content in a new track called PaaS | Containers & Microservices Containers are not being considered for the first time by the cloud community, but a current era of re-consideration has pushed them to the top of the cloud agenda. With the launch of Docker's initial release in March of 2013, interest was revved up several notches. Then late last...
The WebRTC Summit 2015 New York, to be held June 9-11, 2015, at the Javits Center in New York, NY, announces that its Call for Papers is open. Topics include all aspects of improving IT delivery by eliminating waste through automated business models leveraging cloud technologies. WebRTC Summit is co-located with 16th International Cloud Expo, @ThingsExpo, Big Data Expo, and DevOps Summit.
SOA Software has changed its name to Akana. With roots in Web Services and SOA Governance, Akana has established itself as a leader in API Management and is expanding into cloud integration as an alternative to the traditional heavyweight enterprise service bus (ESB). The company recently announced that it achieved more than 90% year-over-year growth. As Akana, the company now addresses the evolution and diversification of SOA, unifying security, management, and DevOps across SOA, APIs, microservices, and more.
The list of ‘new paradigm’ technologies that now surrounds us appears to be at an all time high. From cloud computing and Big Data analytics to Bring Your Own Device (BYOD) and the Internet of Things (IoT), today we have to deal with what the industry likes to call ‘paradigm shifts’ at every level of IT. This is disruption; of course, we understand that – change is almost always disruptive.
SYS-CON Events announced today that SafeLogic has been named “Bag Sponsor” of SYS-CON's 16th International Cloud Expo® New York, which will take place June 9-11, 2015, at the Javits Center in New York City, NY. SafeLogic provides security products for applications in mobile and server/appliance environments. SafeLogic’s flagship product CryptoComply is a FIPS 140-2 validated cryptographic engine designed to secure data on servers, workstations, appliances, mobile devices, and in the Cloud.
GENBAND has announced that SageNet is leveraging the Nuvia platform to deliver Unified Communications as a Service (UCaaS) to its large base of retail and enterprise customers. Nuvia’s cloud-based solution provides SageNet’s customers with a full suite of business communications and collaboration tools. Two large national SageNet retail customers have recently signed up to deploy the Nuvia platform and the company will continue to sell the service to new and existing customers. Nuvia’s capabilities include HD voice, video, multimedia messaging, mobility, conferencing, Web collaboration, deskt...
SYS-CON Media announced today that @WebRTCSummit Blog, the largest WebRTC resource in the world, has been launched. @WebRTCSummit Blog offers top articles, news stories, and blog posts from the world's well-known experts and guarantees better exposure for its authors than any other publication. @WebRTCSummit Blog can be bookmarked ▸ Here @WebRTCSummit conference site can be bookmarked ▸ Here
SYS-CON Events announced today that Cisco, the worldwide leader in IT that transforms how people connect, communicate and collaborate, has been named “Gold Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Cisco makes amazing things happen by connecting the unconnected. Cisco has shaped the future of the Internet by becoming the worldwide leader in transforming how people connect, communicate and collaborate. Cisco and our partners are building the platform for the Internet of Everything by connecting the...
Temasys has announced senior management additions to its team. Joining are David Holloway as Vice President of Commercial and Nadine Yap as Vice President of Product. Over the past 12 months Temasys has doubled in size as it adds new customers and expands the development of its Skylink platform. Skylink leads the charge to move WebRTC, traditionally seen as a desktop, browser based technology, to become a ubiquitous web communications technology on web and mobile, as well as Internet of Things compatible devices.
Docker is an excellent platform for organizations interested in running microservices. It offers portability and consistency between development and production environments, quick provisioning times, and a simple way to isolate services. In his session at DevOps Summit at 16th Cloud Expo, Shannon Williams, co-founder of Rancher Labs, will walk through these and other benefits of using Docker to run microservices, and provide an overview of RancherOS, a minimalist distribution of Linux designed expressly to run Docker. He will also discuss Rancher, an orchestration and service discovery platf...
SYS-CON Events announced today that Vitria Technology, Inc. will exhibit at SYS-CON’s @ThingsExpo, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Vitria will showcase the company’s new IoT Analytics Platform through live demonstrations at booth #330. Vitria’s IoT Analytics Platform, fully integrated and powered by an operational intelligence engine, enables customers to rapidly build and operationalize advanced analytics to deliver timely business outcomes for use cases across the industrial, enterprise, and consumer segments.