(RTTNews) - Oil drilling equipment manufacturer FMC Technologies, Inc. (FTI: News ) on Tuesday reported an 11% increase in profit for the third quarter from last year, helped by strong demand for its subsea oil and gas processing systems as well as lower expenses. In addition, the year-ago quarter's results include loss from discontinued operations. Looking ahead, the company provided earnings outlook for the fourth quarter above analysts' consensus estimate.

Third-Quarter Results

The Houston, Texas-based company reported net income for the third quarter of $91.6 million ,or $0.73 per share, up from $82.7 million, or $0.64 per share, in the year-ago quarter.

The quarter's results include income from discontinued operations of $0.4 million, while the year-ago quarter results include loss from discontinued operations of $9.7 million, or $0.08 per share.

Income from continuing operations for the quarter declined to $91.8 million from $92.8 million in the previous-year quarter, while earnings per share from continuing operations increased 1% to $0.73 from $0.72 in the prior-year quarter.

On average, fourteen analysts polled by Thomson Reuters expected the company to report earnings of $0.63 per share for the quarter. Analysts' estimates typically exclude special items

Revenue for the third quarter declined 3.5% to $1.09 billion from $1.13 billion in the same period last year, but beat analysts' consensus revenue estimate of $1.04 billion for the quarter.

Peer Performance
Houston, Texas-based Cameron International Corp. (CAM: News ) is slated to report its financial results for the third quarter on November 3. Analysts expect the company to report earnings of $0.53 per share for the quarter on revenues of $1.28 billion.

Other Metrics

FMC Technologies' costs and expenses for the third quarter declined 3.6% to $947.2 million from $982.6 million in the prior-year quarter.

Net foreign exchange losses in the quarter totaled $5.8 million, compared to net gain of $4.7 million in the third quarter of 2008. The company also had an increased liability of $2.1 million associated with company stock held in its non-qualified savings plan, compared to a gain of $5.2 million in the prior-year quarter.

FMC Technologies' total backlog at the end of the third quarter was $3.0 billion, including $2.4 billion in subsea systems. This compares to backlog of $4.29 billion at the end of the year-ago quarter.

The company repurchased 917 thousand shares of its common stock in the third quarter for $38.5 million and now has 5.8 million shares remaining under its share buyback authorization.

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