For the first quarter FMC Technologies posted earnings of 57 cents a share, beating analysts' estimates of 50 cents a share by 7 cents. Revenue grew 10.3% from the year-ago quarter to $1.82 billion in the quarter. Analysts surveyed by Thomson Reuters expected revenue of $1.80 billion for the quarter.
Revenue from Subsea Technologies grew 10% in the quarter to $1.2 billion. The company reported total inbound orders of $2.6 billion, including $1.9 billion in Subsea Technologies orders. Subsea Technologies backlog as $6.8 billion.
"As a result of strong orders in the quarter, Subsea Technologies achieved record backlog," chairman, president, and CEO John Gremp said in a press release. "We delivered solid subsea revenue and operating profit and expect to see this trend continue throughout the remainder of the year."
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TheStreet Ratings team rates FMC TECHNOLOGIES INC as a Buy with a ratings score of A. TheStreet Ratings Team has this to say about their recommendation:
"We rate FMC TECHNOLOGIES INC (FTI) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its revenue growth, impressive record of earnings per share growth, compelling growth in net income, good cash flow from operations and largely solid financial position with reasonable debt levels by most measures. We feel these strengths outweigh the fact that the company has had somewhat disappointing return on equity."