Seeking Alpha

FMC Tech Q3 results disappoint, shares -6.5% AH

  • FMC Technologies (FTI) -6.5% AH even as Q3 earnings climbed 17% Y/Y and revenues rose 22% to $1.72B.
  • Growth fell short of estimates, in part hurt by disappointing margins; FMC said the causes were "isolated," and sees improvement going forward.
  • Revenue growth was broad, rising 20% for subsea technologies, 26% for surface technologies, and 15% for energy infrastructure.
  • Total inbound orders were $2.4B, including $1.7B in subsea technologies orders; company backlog was $7.4B, including subsea tech backlog of $6.5B.
  • Issued downside guidance for FY 2013, seeing EPS of $2-$2.10 vs. $2.19 analyst consensus and earlier guidance of $2.10-$2.25.
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