FMC Technologies net income falls 9 percent as offshore oil drilling unit’s revenue drops

Monday, July 26, 2010

FMC Technologies net income down 9 pct

HOUSTON — Oil and gas equipment company FMC Technologies Inc. said Monday that its second-quarter net income dropped 9 percent on lower revenue from its offshore oil drilling unit.

FMC Technologies, Inc. had net income of $96.2 million, or 78 cents per share, down from $106 million, or 84 cents per share a year earlier. Revenue fell 8 percent to $1.01 billion from $1.1 billion.

Analysts polled by Thomson Reuters forecast 71 cents per shares of earnings on $1.06 billion of revenue.

The company said profits were 7 percent lower in its division that makes surface wellheads and undersea equipment for offshore oil and gas drilling projects. But orders and backlog increased during the quarter.

Company CEO Peter Kinnear said FMC Technologies is holding to its 2010 outlook of $2.70 to $2.90 per share of earnings. Kinnear said the forecast comes despite uncertainty over the Gulf of Mexico, where the massive oil spill has disrupted oil drilling.

Analysts expect $2.85 per share of earnings.

The company’s stock closed down $1.92, or 3 percent, to $61.82.

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