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• Record subsea revenue of $824 million
• Record fluid control revenue and earnings
• Third quarter subsea systems orders of $731 million
• Full year 2011 diluted earnings per share guidance raised to $1.70 to $1.75
Total inbound orders of $1.3 billion included $731 million in subsea systems orders.
Backlog for the Company is at $4.6 billion including subsea systems backlog of $3.8 billion. “The third quarter represented the largest subsea sales in our history,” said John Gremp, President and CEO of FMC Technologies. “We anticipate an even larger fourth quarter as we establish a new high mark for annual subsea revenue. We continue to expect an expanding subsea market in 2012 as the deepwater market continues to strengthen and our customers remain
committed to their long term projects. For the second consecutive quarter, Energy Processing had record revenue as the fluid control business continues to benefit from the expansion of the North American pressure pumping market.”
Review of Operations – Third Quarter 2011
Energy Production Systems
Energy Production Systems’ third quarter revenue was $1.0 billion, up 32 percent from the prior-year quarter. This increase came primarily from subsea systems, with revenue of $82million, which was up 33 percent from the prior-year quarter.
Energy Production Systems’ operating profit of $114.8 million increased eight percent from the prior-year quarter, with increased sales volume partially offset by lower margins in both subsea systems and surface wellhead.
Energy Production Systems’ inbound orders for the third quarter were $934 million, including subsea systems orders of $731 million. Backlog for Energy Production Systems was $4.1 billion, including $3.8 billion in subsea systems at the end of the third quarter.
Energy Processing Systems
Energy Processing Systems’ third quarter revenue of $285.7 million was 48 percent higher than the prior-year quarter. The increase came mainly from fluid control with record revenue in the quarter, driven by strong North American pressure pumping activity. However, all of the processing businesses contributed to the increase.
Energy Processing Systems had record operating profit of $61.0 million in the third quarter, up 77 percent from the prior-year quarter. The increase was driven by higher volume in fluid control.
Energy Processing Systems’ inbound orders were $331.8 million in the third quarter led by strong orders in fluid control. Backlog for the segment finished the quarter at a record $459.4 million.
Corporate expense in the third quarter was $9.3 million, a decrease of $0.9 million from the prior-year quarter. Other expense and revenue, net, was $2.7 million of income, a favorable variation of $17.9 million from the prior-year quarter due largely to $6.3 million in foreign currency gains in 2011 compared to a $3.0 million loss in 2010.
The Company ended the quarter with net debt of $193.6 million. Net interest expense was $2.4 million in the quarter.
The Company repurchased 1.5 million shares of common stock in the quarter, at an average cost of $40.04 per share.
Depreciation and amortization for the third quarter was $27.1 million, up $0.8 million from the previous quarter. Capital expenditures for the third quarter totaled $84.2 million. The Company recorded an effective tax rate of 27.4 percent for the third quarter.
Summary and Outlook
FMC Technologies reported third quarter diluted earnings per share of $0.50. Total inbound orders of $1.3 billion included $731 million in subsea systems orders. Backlog for the Company stands at $4.6 billion, including subsea systems backlog of $3.8 billion.
The Company expects fourth quarter earnings of $0.46 to $0.51 per diluted share and has increased guidance for 2011 diluted earnings per share from continuing operations to a range of $1.70 to 1.75.
The outlook for 2012 looks strong with further growth in subsea systems revenue and a continuation of solid performance in fluid control.