Oil and gas equipment and services firm FMC Technologies, Inc. (FTI) said Tuesday after the markets closed that its fourth quarter profit rose 21% from last year, helped by strong performance of its subsea technologies segment.
The company's quarterly earnings per share, excluding items, came in line with analysts' expectations, but its quarterly revenue topped analysts' forecast. At the same time, the company forecast 2013 earnings below analysts' current consensus estimate.
"Surface Technologies international surface wellhead business delivered its strongest quarter. We expect this solid performance in the international market to continue into 2013, while the timing of the recovery in the North American market remains uncertain," said John Gremp, Chairman and CEO of FMC Technologies.
FMC Technologies shares are currently gaining 0.29% in after hours trading after closing the day's regular trading session at $48.06, down 27 cents. The shares trade in a 52-week range of $36.89 to $54.55.
Subsea Technologies segment's fourth quarter revenue surged 28% to $1.2 billion, while its operating profit more than doubled from the prior-year quarter to $151.2 million due to volume growth and improved performance.
Surface Technologies segment's revenue increased 19% to $443.7 million in the fourth quarter, driven by higher volume in surface wellhead and the inclusion of revenue from the company's October acquisition of Pure Energy Services Ltd. However, the segment's operating profit fell 15% to $64.6 million due to reduced fluid control and surface wellhead activity in North America.
Energy Infrastructure's fourth quarter revenue grew 10% to $166.6 million, while its operating profit increased 13% to $22.8 million driven by improved project performance.
For the fourth quarter ended December 31, 2012, the Houston, Texas-based company reported net income of $120.4 million or $0.50 per share, compared to $99.2 million or $0.41 per share for the year-ago quarter.
The latest quarter results include a $17.5 million or $0.07 per share charge related to the 2012 Multi Phase Meters earn-out adjustment.
On average, 30 analysts polled by Thomson Reuters expected the company to earn $0.57 per share for the fourth quarter. Analysts' estimates typically exclude special items.
Revenue for the fourth quarter rose 23% to $1.84 billion from $1.50 billion in the same quarter last year. Twenty-three analysts had a consensus revenue estimate of $1.72 billion for the fourth quarter.
Total inblund orders for the fourth quarter totaled $2.0 billion, compared to $1.82 billion in the fourth quarter of last year.
The company ended the quarter with an order backlog of $5.4 billion, compared to $4.9 billion a year earlier.
The company repurchased about 927,000 shares of its common stock during the fourth quarter at an average cost of $42.21 per share.
Looking forward, the company forecast 2013 earnings in the range of $2.05 to $2.25 per share. Analyst currently expect the company to earn $2.36 per share for the full year 2013.
by RTT Staff Writer
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