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Tuesday, 02 December, 2008, 22:10 GMT | more >>

FMC rides high on demand



By Upstream staff 

Offshore engineering specialist FMC Technologies saw first quarter earnings and revenue jump on across the board growth, led increase in operating profits in its energy systems divisions.

FMC reported first quarter net income of $81.5 million, or 62 cents per diluted share, up from $61.3 million, or 45 cents in the first quarter of 2007.

Revenue rose 32% to $1.3 billion over the same period.

FMC said the diluted earnings per share for the quarter included a one cent per share charge on the planned spinning off of its catering equipment and airport handling equipment businesses, and a six cents charge related to foreign currency charges.

The company said operating profits rose 53% to 95 million at its Energy Production Systems division, as revenue rose 40% to $840 million.

Growth in the segment was led by a 47% increase in its sales of subsea equipment, it said.

FMC say operating profits climb 30% to $39.2 million in its energy processing systems division, as revenue rose 18% to $203.9 million.

The company said new energy systems equipment orders in the first quarter were valued at $1.2 billion, bringing its work backlog to a record $5 billion.

FMC is preparing to sell off its catering and airport businesses to focus on its booming energy systems activities. The company makes specialist components for offshore and subsea oil and gas production systems.


Tuesday, 29 April, 2008, 02:29 GMT  | last updated: Tuesday, 29 April, 2008, 02:29 GMT

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