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FMC Tech -7.2% as profit guidance lowered

  • FMC Technolgies (FTI -7.2%) posts its biggest one-day drop in nearly a year as after cutting the projected operating profit margin for its subsea technologies unit.
  • CFO Maryann Seaman said during FTI's earnings conference call that the operating margin for the company's largest business unit is expected at 11% this year, down from 12%-13% forecast just last month.
  • CEO John Gremp blamed a shortfall in the eastern region, which suffered higher project completion costs; backlog in the region encompassing Europe, Africa and Russia is nearly $600M lower than expected. (Q3 earnings)
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