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FMC Technologies Management Discusses Q2 2012 Results - Earnings Call Transcript

Although these forward-looking statements are based on our current expectations, beliefs and assumptions regarding future developments and business conditions, they are subject to certain risks and uncertainties that could cause actual results to differ materially from those expressed in or implied by these statements.

Known material factors that could cause our actual results to differ from our projected results are described in our 10-K, 10-Q, and other filings with the SEC.

We wish to caution you not to place undue reliance on any forward-looking statements, which speak only as of the date hereof. We undertake no obligation to publicly update or revise any of our forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise.

I will now turn the call over to John Gremp, FMC Technologies' Chairman, President and CEO.

John T. Gremp

Good morning. Welcome to our second quarter 2012 conference call. With me today are Maryann Seaman, our CFO; and Bob Potter, our Executive Vice President.

I'll start with some highlights from the quarter. Maryann will provide specifics on our financial performance, and then we'll open up the call for your questions.

Our second quarter operating profit was a record $203 million and revenue was $1.5 billion. Earnings were $0.46 per diluted share for the quarter, which represented an 18% increase over the prior year quarter.

Looking at the overall market, the Subsea industry continued to see a healthy level of awards in the second quarter, and the expectation that this year's industry award total will exceed 2011 by more than 50%, appears almost certain. This increase in Subsea activity will rebuild backlogs and drive improved pricing.

North America shale activity continues to shift from dry gas to liquid-rich plays that now account for over 70% of the market. Liquid plays have also begun to show some signs of risk, as the natural gas liquids prices have fallen at a more significant rate than oil.

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