The largest provider of subsea equipment to the industry, FMC Technologies, has seen its first-quarter 2016 profits plunge close to 87 per cent on weak market activity and negative forex impact.
The Houston-based subsea specialist generated net income of $19.8 million, or $0.09 per diluted share, on revenue of $1.2 billion, versus net income of $147.6 million, or $0.63 per diluted share on revenue of $1.7 billion in the year-ago quarter.
First-quarter diluted EPS was $0.22, excluding impairments, other charges and write-downs of $47.6 million, or $0.13 per diluted share.
Revenue was down 29 per cent from the corresponding period in 2015.
FMC Technologies’ subsea division generated revenue of $864 million in the Q1 2016, down 25 per cent from the prior-year quarter, including $57 million negative impact of strong USD.
The company reported total inbound orders of $671.6 million, including $345.9 million in subsea.
At the end of Q1 2016, FMC Technologies’ backlog stood at $4 billion ($5.5 billion same time last year), including Subsea Technologies backlog of $3.4 billion.
Subsea World News Staff