FMC Technologies (FTI) Misses Q2 EPS by 9c

FMC Technologies (NYSE: FTI) reported Q2 EPS of $0.52, ex-items, $0.09 worse than the analyst estimate of $0.61. Revenue for the quarter came in at $1.7 billion versus the consensus estimate of $1.71 billion.

"Subsea orders were stronger in the second quarter, as we received just over $1.0 billion of awards," said John Gremp, Chairman and CEO of FMC Technologies. "We have increased confidence of exceeding $3 billion of subsea awards this year. Because our execution remains solid, we maintain our expectation of delivering Subsea Technologies margins of approximately 15 percent for the full year. Our Surface Technologies segment was severely impacted by the decline in North American activity. We continue to take actions to change our business model and improve our operating effectiveness to address current market conditions and to be well positioned as the market improves."

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