FMC Technologies, Inc.NYSE
Thu, Oct. 20, 2:56 PM
- FMC Technologies (FTI +5.1%) agrees to pay a $2.5M penalty to settle charges by the SEC that it overstated profits in one of its business segments so it could meet internal financial targets.
- The SEC says two executives made the improper adjustments to Q1 2013 statements, overstating profits by $800K, after being pressured to improve the financial performance of the company's energy infrastructure segment
- FMC and the two execs consented to the SEC’s order without admitting or denying the findings.
Thu, Oct. 20, 12:58 PM
- Oilfield equipment maker FMC Technologies (FTI +5.7%) warns that more job cuts are coming through the end of the year after slashing 1,000 jobs during Q3.
- CFO Maryann Seaman says FMC’s better than expected Q3 earnings partly was due to its “aggressive restructuring” efforts, including job cuts as it prepares for its merger early next year with Technip.
- Within the last two years, FMC has cut nearly 5,200 workers, more than 25% of its workforce, and now counts ~14.5K employees.
- UBS upgrades shares to Buy from Neutral and raises its price target to $38 from $32, reflecting an uptick in subsea orders for 2017, which historically has foreshadowed expanded valuation.
Wed, Oct. 19, 4:21 PM
Tue, Oct. 18, 5:35 PM
Wed, Oct. 12, 9:19 AM
- FMC Technologies (NYSE:FTI) and Technip (OTCQX:TKPPY) are selected by U.K.-based Hurricane Energy (OTCPK:HRCXF) as exclusive provider of subsea solutions at the proposed Lancaster development in the North Sea west of Shetland.
- The parties are undertaking front end engineering studies, in order to meet Hurricane’s stated sanction date of the end of H1 2017.
Thu, Jul. 21, 6:55 PM
- ConocoPhillips (NYSE:COP) says it plans to lay off another 1,000 jobs this year, ~6% of its global workforce, following a global reduction of 1,800 jobs last year.
- COP has finished assembling some major upstream projects, and now has "more organizational capacity than we need,” a COP spokesperson says, adding that North American operations will get hit hardest.
- FMC Technologies (NYSE:FTI) also unveiled another 1,000 job cuts after its Q2 earnings release, as it prepares for its merger with Technip.
- FTI has cut nearly 4,200 workers over the past two years, more than 20% of its workforce.
Wed, Jul. 20, 4:20 PM
Tue, Jul. 19, 5:35 PM
Mon, Jun. 27, 12:48 PM
- FMC Technologies (FTI -4.8%) and Technip (OTCQX:TKPPY) say their proposed $13B merger was cleared by U.S. antitrust authorities, although antitrust reviews are pending in other countries.
- The speed of the U.S. antitrust clearance in this case is in marked contrast to the attempted merger between Halliburton and Baker Hughes, which was sunk last month after hitting regulatory challenges in the U.S. and elsewhere.
- The companies say the combination will enable pre-tax cost synergies of ~$200M in 2018 and at least $400M annually from 2019 on.
Fri, May 20, 3:13 PM
- FMC Technologies (FTI -0.7%) is downgraded to Equal Weight from Overweight with a $33 price target, lowered from $37, at Barclays, which cites the upcoming merger with Technip (OTCQX:TKPPY).
- FTI investors need to consider that two-thirds of revenue will be driven from lump sum turnkey projects, exposure to construction risk and project cancellation, and structurally lower returns with more invested capital, the firm says.
- While Technip shareholders are hoping for a capital equipment multiple, FTI investors should be concerned about E&C multiples which traded at a near-50% discount to capital equipment from 2009-14.
- Now read FMC Tech investors "come out on the short end" in Technip merger, Citi says
Thu, May 19, 3:27 PM
- FMC Technologies (FTI -4%) is sharply lower following news of its merger with oilfield services rival Technip (OTCQX:TKPPY +5.6%), which Citigroup analysts say leaves FMC shareholders “on the short end” of the deal.
- "While half of the net present value of the synergies into perpetuity outweighs the premium paid to align ownership 50/50, we believe FMC shareholders come out on the short end as they should hold a majority of the combined entity due to a superior portfolio given the higher execution risk, margin volatility and outlook uncertainty [for Technip's]s E&C and Installation segments and FMC’s exposure to shale recovery within its onshore business," Citi says.
- Other analysts are more favorable: Canaccord says the merger would make the new company the “undisputed leader” in subsea project development, and Bernstein believes the deal is a step toward solving the industry’s endemic problem of high costs.
Thu, May 19, 4:12 AM
- Lower energy prices are continuing to drive consolidation in the oil services sector, with France's Technip (OTCQX:TKPPY) announcing an all-stock merger with U.S. rival FMC Technologies (NYSE:FTI).
- "We have complementary skills, technologies and capabilities," Technip CEO Thierry Pilenko declared. "Together, TechnipFMC can add more value across Subsea, Surface and Onshore/Offshore, enabling us to accelerate our growth."
- The transaction is expected to deliver annual pretax savings of at least $400M by 2019 and boost EPS significantly.
- FTI +2.4% premarket
Mon, May 9, 4:36 PM
- FMC Technologies (NYSE:FTI) appoints Douglas Pferdehirt as its new President and CEO, effective Sept. 1, succeeding John Gremp.
- Pferdehirt joined FTI in 2012 as Executive VP and COO after 26 years at Schlumberger, and was appointed President of FTI in 2015.
- Gremp, who has served as CEO since 2011 and has built a 41-year career with FTI, will continue to serve as Chairman while the company completes its transition to the new CEO.
Tue, Apr. 26, 5:01 PM
- FMC Technologies (NYSE:FTI): Q1 EPS of $0.22 misses by $0.08.
- Revenue of $1.21B (-28.8% Y/Y) misses by $70M.
Mon, Apr. 25, 5:35 PM
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Wed, Apr. 20, 5:45 PM
- Wells Fargo analysts say they are sticking with Halliburton (NYSE:HAL) as their top picks among oil service stocks even as the proposed merger with Baker Hughes looks increasingly iffy.
- The firm says it is re-adjusting its rankings with a bias towards large cap names along with high level of conviction towards execution, and expects the market to pay a premium multiple for the best-in-class names in the next multi-year recovery.
- In order, Wells' favorites in the sector are a stand-alone HAL, Baker Hughes (NYSE:BHI), U.S. Silica (NYSE:SLCA), Nabors Industries (NYSE:NBR), FMC Technologies (NYSE:FTI) and Schlumberger (NYSE:SLB); it maintains an Outperform on Weatherford (NYSE:WFT) but moves the stock down in the rankings based on debt concerns and re-investment capacity in a recovery.
- Now read Schlumberger is Barclays' top pick in North America oilfield services