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• Subsea Technologies full year orders of $3.9 billion
• Record full year Subsea Technologies revenue of $3.3 billion
• Record full year Surface Technologies revenue of $1.3 billion
• 2011 diluted earnings per share of $1.64, tenth consecutive year of earnings growth
• Company provides 2012 diluted earnings per share guidance in the range of $2.10 to $2.25
Full Year 2011 Results
Total Company revenue for 2011 was $5.1 billion, and total Company operating profit was $619.3 million. The full year 2011 diluted earnings per share from continuing operations were $1.64.
“We are pleased to report that we reached a record $3.3 billion of subsea revenue in 2011,” said John Gremp, Chairman, President and CEO of FMC Technologies. “However, our fourth quarter Subsea Technologies’ margins came in below our guidance due to higher project costs and expenses associated with our growth, which lowered quarterly results. In 2012, we expect continued growth in the subsea market with both sales and orders exceeding 2011, and improved operating margin performance.”
“Surface Technologies turned in another solid quarter and, as we enter 2012, continues to show strength in fluid control as well as improved performance in surface wellhead, where we addressed issues that affected much of 2011. Given the market outlook, we expect 2012 to be our eleventh consecutive year of earnings growth, and our estimate for diluted earnings per share is $2.10 to $2.25.”
Review of Operations – Fourth Quarter 2011
Subsea Technologies’ fourth quarter revenue was $963.9 million, up 38 percent from the prior-year quarter. Operating profit of $69.8 million decreased 19 percent from the prior-year quarter, primarily due to charges of $19 million on the Laggan-Tormore project, higher than expected charges primarily related to West Africa project delays, and costs and inefficiencies associated with the increasing workforce to support growth.
Inbound orders for the fourth quarter were $1.3 billion and backlog was $4.1 billion.
Surface Technologies’ fourth quarter revenue of $373.7 million was 38 percent higher than the prior-year quarter. The increase came from record revenues in both fluid control and surface wellhead, driven by the strong North American shale market. Operating profit in the fourth quarter of $76.4 million was up 61 percent from the prior-year quarter. The increase was driven by higher volume in fluid control and surface wellhead, which also benefitted from improved execution.
Inbound orders were $403.6 million in the fourth quarter, up 28 percent from the prior-year quarter. Backlog for the segment finished the quarter at a record $577.7 million.
Energy Infrastructure’s fourth quarter revenue was $151.1 million, up 21 percent from the prior-year quarter. This increase came primarily from measurement solutions’ record revenues in the quarter. Operating profit of $20.2 million in the fourth quarter increased 28 percent from the prior-year quarter. The increase was primarily driven by higher volume in measurement solutions.
Inbound orders for the fourth quarter were $126.0 million and backlog was $226.9 million.
Corporate expense in the fourth quarter was $11.1 million, an increase of $0.2 million from the prior-year quarter. Other expense, net, was $15.1 million, an increase of $12.1 million from the prior-year quarter due largely to an $8.4 million increase in pension-related expenses primarily due to an executive retirement and an increase of $4.4 million in LIFO inventory costs.
The Company ended the quarter with net debt of $279.6 million. Net interest expense was $2.2 million in the quarter.
The Company repurchased 1.1 million shares of common stock in the quarter, at an average cost of $43.72 per share.
Depreciation and amortization for the fourth quarter was $29.0 million, up $1.9 million from the previous quarter. Capital expenditures for the fourth quarter were $87.0 million, bringing the full year total to $274.0 million.
The Company recorded an effective tax rate of 28.1 percent for the fourth quarter.
Summary and Outlook
FMC Technologies reported fourth quarter diluted earnings per share of $0.41. The 2011 total Company revenue was $5.1 billion and total Company operating profit was $619.3 million.
Total inbound orders of $1.8 billion in the fourth quarter included $1.3 billion in Subsea Technologies orders. Backlog for the Company stands at $4.9 billion, including Subsea Technologies backlog of $4.1 billion. Subsea Technologies sales and orders are expected to increase in 2012 with improved operating margins.
The Company provided guidance for 2012 diluted earnings per share in a range of $2.10 to $2.25.