Houston-based, FMC Technologies, has recorded net income for the fourth quarter of $168.6 million or $0.72 per share, versus $177.8 million or $0.74 per share same time last year.
However, after adjusting for a roughly $25 million charge related to FMC’s pension, and a $25.5 million foreign currency loss, the company matched expectations of $0.79 per share in adjusted earnings.
The subsea specialist posted revenue of $2.16 billion in the period, from $2.05 billion a year earlier, also exceeding analysts forecasts.
For the year, the company reported profit of $699.9 million, or $2.95 per share, compared to $501.4. million, or $2.10 per share. Revenue was reported as $7.94 billion.
“We reported significant year over year earnings growth,” said John Gremp , Chairman, President and CEO of FMC Technologies. “Our focus on operational execution has yielded improved results as both our Subsea Technologies and Surface Technologies segments posted record full year revenue and operating profit.” Gremp continued, “We enter 2015 focused on successfully managing through this downturn, but more importantly delivering a step change in improving deepwater project returns. Acknowledging the uncertainty in the North American land market, we remain confident in our subsea and international wellhead businesses in 2015 given the strength of our backlog and execution.”
As far as subsea technologies go, fourth quarter revenue was $1.4 billion, up 3 percent from the prior-year quarter. Inbound orders for the fourth quarter were $1.7 billion and backlog was $5.8 billion.
FMC’s subsea division full year revenue and operating profit was $5.3 billion and $748.2 million, respectively.
“Based on the strength of our subsea and international surface wellhead’s backlog and execution performance, we expect similar operating profit to 2014 for these businesses,” the company said in a statement.
Total inbound orders of $2.3 billion in the fourth quarter included $1.7 billion in subsea technologies orders. The Company’s backlog stands at $6.6 billion, including Subsea Technologies backlog of $5.8 billion.
Subsea World News Staff