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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Cameron International Corp. | NYSE:CAM | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 66.01 | 0 | 01:00:00 |
Oil drilling equipment maker FMC Technologies Inc. (FTI) reported fourth quarter diluted earnings per share of 41 cents, well below the Zacks Consensus Estimate of 51 cents. The weaker-than-expected results were mainly due to lower subsea margins owing to higher project costs and expenses.
However, compared with the year-ago period, FMC’s earnings per share improved by a handsome 20.6% (from 34 cents to 41 cents) on the back of strength in surface systems orders. The fourth quarter 2010 results have been adjusted for one-time items.
Revenues at $1,500.5 million were up 36.1% year over year and were also above the Zacks Consensus Estimate of $1,432.0 million.
For its fiscal year ended December 31, 2011, FMC reported profit of $1.64 per share on revenues of $5,099.0 million.
Segmental Analysis
Subsea Technologies: FMC is particularly well positioned in the subsea technologies market, where it competes with larger rival Cameron International Corp. (CAM). The segment revenue for the most recent quarter was $963.9 million, an increase of 38.2% from the fourth quarter of 2010, buoyed by a rise in sales of subsea systems.
Operating profit came in at $69.8 million, down 18.7% year over year. The negative comparison reflects charges associated with project delays, as well as costs and inefficiencies related to the expansion of headcount to support growth.
Surface Technologies: Segment revenues were up 37.8% year-over-year to $373.7 million. The main reasons for the improved performance can be attributed to the sales ramp-ups in the fluid control and surface wellhead businesses, both of which had record quarters.
Segment operating profit, at $76.4 million, increased 61.2% from the year-ago period, driven by higher volume in fluid control and surface wellhead on the back of strong North American shale activity.
Energy Infrastructure: The segment revenue for the October-December period was $151.1 million, 21.0% above the fourth quarter 2010 level. This reflects measurement solutions' record sales in the quarter.
Operating profit came in at $20.2 million, compared with $15.8 million earned a year ago, pumped up by higher volume in measurement solutions.
Backlog
As of December 31, 2011, FMC’s total backlog (after accounting for intercompany eliminations) was $4,876.4 million, compared to $4,171.5 million at December 31, 2010. Of this, backlog for Subsea Technologies was $4,090.0 million, while Surface Technologies and Energy Infrastructure backlog finished the quarter at $577.7 million and $226.9 million, respectively.
Balance Sheet
During the quarter, FMC spent $87.0 million on capital programs, while the full-year outlay came to $274.0 million. As of December 31, 2011, the company had cash and cash equivalents of $344.0 million and debt of $623.6 million, with a debt-to-capitalization ratio of 30.5%.
Guidance
Management guided towards 2012 earnings per share in the $2.10 – $2.25 range.
Rating & Recommendation
FMC shares currently retain a Zacks #3 Rank, which translates into a short-term Hold rating. We are also maintaining our long-term Neutral recommendation on the stock.
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