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FMC Technologies Inc. Reports Operating Results (10-Q)

November 03, 2010 | About:

FMC Technologies Inc. (NYSE:FTI) filed Quarterly Report for the period ended 2010-09-30.

Fmc Technologies Inc. has a market cap of $8.86 billion; its shares were traded at around $73.76 with a P/E ratio of 24.2 and P/S ratio of 1.9. Fmc Technologies Inc. had an annual average earning growth of 30.6% over the past 10 years.FTI is in the portfolios of Columbia Wanger of Columbia Wanger Asset Management, Richard Aster Jr of Meridian Fund, First Pacific Advisors of First Pacific Advisors, LLC, Stanley Druckenmiller of Duquesne Capital Management, LLC, John Keeley of Keeley Fund Management, Kenneth Fisher of Fisher Asset Management, LLC, Jim Simons of Renaissance Technologies LLC, Jeremy Grantham of GMO LLC, Ron Baron of Baron Funds, Steven Cohen of SAC Capital Advisors.

Highlight of Business Operations:

Selling, general and administrative (SG&A) expense for the third quarter of 2010 increased by $10.9 million compared to the prior-year quarter. The increase was driven primarily by increased bid activity and staffing expenses in our operations during the quarter ended September 30, 2010, compared to the third quarter of 2009. Additionally, the current year expense reflects activities related to businesses acquired during the fourth quarter of 2009. This increase was partially offset by lower pension expense of $3.0 million year-over-year resulting from higher expected plan assets.

Other income (expense), net, primarily reflects non-operating, net mark-to-market gains of $2.0 million and losses of $7.4 million related to foreign currency exposures for the quarters ended September 30, 2010 and 2009, respectively.

Our corporate items reduced earnings by $27.2 million for the three months ended September 30, 2010, compared to $32.4 million for the same period in 2009. The decrease in expense primarily reflects a reduction in foreign currency losses of $2.7 million, combined with lower pension expense of $2.3 million year-over-year resulting from higher expected plan assets.

Energy Productions Systems order backlog at September 30, 2010, increased by $1.1 billion compared to year-end 2009, reflecting higher subsea project orders. Backlog of $3.4 billion at September 30, 2010, includes various projects for BP; Gazproms Kirinskoye; Petrobras Cascade, Marlim and Tree and Manifold Frame Agreements; Shells Perdido Stage II; Statoils Katla, Marulk and Pan Pandora; and Totals CLOV, GirRI, Pazflor and Laggan-Tormore subsea projects.

Energy Processing Systems order backlog at September 30, 2010, increased by $42.8 million compared to year-end 2009, and by $37.2 million compared to September 30, 2009. The increase from year-end is driven primarily by higher demand for fluid control products attributable to the strength of North American oil and gas land-based activity. This increase was partially offset by the weaker demand for loading systems products resulting from the postponement of liquefied natural gas infrastructure projects in 2009 and early 2010.

Read the The complete Report

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