HOUSTON, July 20, 2016 /PRNewswire/ -- FMC
Technologies, Inc. (NYSE:FTI) today reported second quarter 2016
revenue of $1.2 billion, down 32
percent from the prior-year quarter primarily due to lower
activity. Diluted earnings per share were $0.01. Adjusted diluted earnings per share were
$0.22, which excludes total Company
pre-tax charges of $61 million, or
$0.21 per diluted share as detailed
in the attached financial schedules.
"Subsea Technologies delivered solid operating margins as we
continue to benefit from our execution momentum as well as the
savings from our ongoing restructuring activities," said
John Gremp, Chairman and CEO of FMC
Technologies. Gremp added, "The further deterioration in
North America led to a significant
impact to our Surface Technologies earnings."
Total inbound orders were $537.9
million, including $334.1
million in Subsea Technologies orders. Backlog for the
Company was $3.4 billion, including
Subsea Technologies backlog of $2.9
billion.
Gremp continued, "Although the timing around the sanctioning of
deepwater projects remains uncertain, we continue to focus our
strategy on lowering the cost of deepwater development, and I am
confident that our merger with Technip will allow us to further
improve project economics."
Review of Operations – Second Quarter 2016
Subsea Technologies
Subsea Technologies second quarter revenue was $854.2 million, down 31 percent from the
prior-year quarter. After excluding $29.2
million of negative impact due to the strong U.S. dollar,
total revenue was down 29 percent from the prior-year quarter.
Subsea Technologies operating profit in the second quarter was
$97.2 million. Operating results
include a $3 million negative impact
related to the strong U.S. dollar. Adjusted operating profit was
$120.2 million, excluding charges of
$23 million. Total operating profit,
excluding foreign currency impact and charges in both periods, was
down approximately 33 percent year-over-year, primarily due to the
decline in subsea revenues.
Subsea Technologies operating margins were 11.4 percent;
adjusted operating margins were 14.1 percent, excluding charges as
detailed in the attached financial schedules.
Subsea Technologies inbound orders for the second quarter were
$334.1 million. Backlog was
$2.9 billion.
Surface Technologies
Surface Technologies second quarter revenue was $218.7 million, down 40 percent from the
prior-year quarter, primarily due to the 53 percent decline in the
North American rig count.
Surface Technologies reported an operating loss of $21.7 million; adjusted operating loss was
$17.2 million, excluding charges of
$4.5 million as detailed in the
attached financial schedules.
Surface Technologies inbound orders for the second quarter were
$143.1 million. Backlog was
$357 million, predominantly related
to our wellhead business outside of North
America.
Energy Infrastructure
Energy Infrastructure second quarter revenue was $85.1 million, down 16 percent from the
prior-year quarter. The revenue decline was primarily due to lower
North American land activity.
Energy Infrastructure reported operating profit of $7.8 million. Operating margins were 9.2
percent.
Energy Infrastructure inbound orders for the second quarter were
$62.1 million. Backlog was
$133.2 million.
Corporate Items
Corporate expense in the second quarter was $13.1 million, a decrease of $1 million from the prior-year quarter.
Other revenue and other expense, net, increased $23.7 million from the prior-year quarter to
$53.2 million of expense. Items of
significance included the following:
- $18.2 million, or $0.08 per diluted share of business combination
transaction costs related to our proposed merger with Technip;
- $13 million, or $0.04 per diluted share of foreign currency
losses, of which $7.5 million
resulted from the Nigerian currency devaluation; and
- $6.4 million, or $0.02 per diluted share of transition costs
related to facility consolidations.
The Company ended the quarter with net debt of $251.3 million, up $41.7
million sequentially. Net interest expense was $7.6 million in the quarter.
The Company repurchased approximately 782,000 shares of common
stock at an average cost of $28.45
per share in the quarter. In accordance with the Business
Combination Agreement related to the merger, the Company has
suspended share repurchases.
Depreciation and amortization for the second quarter was
$49.3 million, and capital
expenditures were $31.7 million.
The Company recorded an effective tax rate of 77.6 percent for
the second quarter. The tax provision of $7.4 million reflects certain expenses for merger
activity that did not receive tax benefit.
Summary
FMC Technologies reported second quarter diluted earnings per share
of $0.01. Adjusted diluted earnings
per share were $0.22, when excluding
total Company pre-tax restructuring and other severance charges,
business combination transaction costs, Nigerian currency
devaluation, transition and facility consolidation costs, and
impairment and other charges of $61
million, or $0.21 per diluted
share.
The Company recorded Subsea Technologies revenue of $854.2 million in the quarter with margins of
11.4 percent; adjusted operating margins were 14.1 percent,
excluding charges as detailed in the attached financial
schedules.
Total inbound orders of $537.9
million in the second quarter included $334.1 million in Subsea Technologies orders.
The Company's backlog stands at $3.4
billion, including Subsea Technologies backlog of
$2.9 billion.
About FMC Technologies
FMC Technologies,
Inc. (NYSE: FTI) is the global market leader in subsea systems and
a leading provider of technologies and services to the oil and gas
industry. We help our customers overcome their most difficult
challenges, such as improving shale and subsea infrastructures and
operations to reduce cost, maintain uptime, and maximize oil and
gas recovery. The company has approximately 15,500 employees and
operates 29 major production facilities and services bases in 18
countries. Visit www.fmctechnologies.com or follow us on Twitter
@FMC_Tech for more information.
This release contains "forward-looking statements" as defined
in the Private Securities Litigation Reform Act of 1995. The words
such as "expected," "continue," "outlook," and similar expressions
are intended to identify forward-looking statements, which are
generally not historical in nature. Such forward-looking statements
involve significant risks, uncertainties and assumptions that could
cause actual results to differ materially from our historical
experience and our present expectations or projections. FMC
Technologies cautions you not to place undue reliance on any
forward-looking statements, which speak only as of the date hereof.
Known material factors that could cause actual results to differ
materially from those contemplated in the forward-looking
statements include those set forth in the Company's filings with
the Securities and Exchange Commission, including its Annual Report
on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on
Form 8-K, as well as the following: demand for our products and
services, which is affected by changes in the price of, and demand
for, crude oil and natural gas in domestic and international
markets; potential liabilities arising out of the installation or
use of our products; U.S. and international laws and regulations,
including environmental regulations, that may increase our costs,
limit the demand for our products and services or restrict our
operations; disruptions in the political, regulatory, economic and
social conditions of the foreign countries in which we conduct
business; fluctuations in currency markets worldwide; cost overruns
that may affect profit realized on our fixed price contracts;
disruptions in the timely delivery of our backlog and its effect on
our future sales, profitability, and our relationships with our
customers; the cumulative loss of major contracts or alliances;
rising costs and availability of raw materials; a failure of our
information technology infrastructure or any significant breach of
security; our ability to develop and implement new technologies and
services, as well as our ability to protect and maintain critical
intellectual property assets; the outcome of uninsured claims and
litigation against us; deterioration in future expected
profitability or cash flows and its effect on our goodwill; a
downgrade in the ratings of our debt could restrict our ability to
access the debt capital markets; continuing consolidation within
our industry; and our dependence on the continuing services of
certain of our key managers and employees. FMC Technologies
undertakes no obligation to publicly update or revise any of its
forward-looking statements after the date they are made, whether as
a result of new information, future events or otherwise, except to
the extent required by law.
FMC Technologies, Inc. will conduct its third quarter 2016
conference call at 9 a.m. ET on
Thursday, October 20, 2016. The event
will be available at www.fmctechnologies.com.
An archived audio replay will be available after the event at the
same website address. In the event of a disruption of service or
technical difficulty during the call, information will be posted
at www.fmctechnologies.com/earnings.
FMC TECHNOLOGIES,
INC. AND CONSOLIDATED SUBSIDIARIES
|
CONDENSED
CONSOLIDATED STATEMENTS OF INCOME
|
(In millions
except per share amounts, unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
June
30
|
|
June
30
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
|
Revenue
|
$
|
1,150.3
|
$
|
1,695.2
|
$
|
2,359.0
|
$
|
3,390.4
|
Costs and
expenses
|
|
1,123.8
|
|
1,507.2
|
|
2,287.9
|
|
3,003.8
|
|
|
26.5
|
|
188.0
|
|
71.1
|
|
386.6
|
|
|
|
|
|
|
|
|
|
Other expense,
net
|
|
(9.4)
|
|
(15.1)
|
|
(20.7)
|
|
(21.4)
|
|
|
|
|
|
|
|
|
|
Income before net
interest expense and income taxes
|
|
17.1
|
|
172.9
|
|
50.4
|
|
365.2
|
Net interest
expense
|
|
(7.6)
|
|
(9.0)
|
|
(15.1)
|
|
(16.3)
|
|
|
|
|
|
|
|
|
|
Income before income
taxes
|
|
9.5
|
|
163.9
|
|
35.3
|
|
348.9
|
Provision for income
taxes
|
|
7.4
|
|
55.9
|
|
13.4
|
|
92.8
|
|
|
|
|
|
|
|
|
|
Net income
|
|
2.1
|
|
108.0
|
|
21.9
|
|
256.1
|
Net (income) loss
attributable to noncontrolling interests
|
|
0.1
|
|
(0.1)
|
|
0.1
|
|
(0.6)
|
|
|
|
|
|
|
|
|
|
Net income
attributable to FMC Technologies, Inc.
|
$
|
2.2
|
$
|
107.9
|
$
|
22.0
|
$
|
255.5
|
|
|
|
|
|
|
|
|
|
Earnings per share
attributable to FMC Technologies, Inc.:
|
|
|
|
|
|
|
|
|
Basic
|
$
|
0.01
|
$
|
0.46
|
$
|
0.10
|
$
|
1.10
|
Diluted
|
$
|
0.01
|
$
|
0.46
|
$
|
0.10
|
$
|
1.10
|
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding:
|
|
|
|
|
|
|
|
|
Basic
|
|
226.9
|
|
232.3
|
|
227.5
|
|
232.7
|
Diluted
|
|
228.3
|
|
232.9
|
|
228.6
|
|
233.2
|
FMC TECHNOLOGIES,
INC. AND CONSOLIDATED SUBSIDIARIES
|
BUSINESS SEGMENT
DATA
|
(Unaudited and in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
Six Months
Ended
|
|
|
June
30
|
|
|
June
30
|
|
|
2016
|
|
2015
|
|
|
2016
|
|
2015
|
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsea
Technologies
|
$
|
854.2
|
|
1,239.4
|
|
|
1,718.2
|
|
2,396.6
|
Surface
Technologies
|
|
218.7
|
|
363.3
|
|
|
484.2
|
|
809.6
|
Energy
Infrastructure
|
|
85.1
|
|
101.4
|
|
|
169.2
|
|
202.3
|
Other revenue (1) and
intercompany eliminations
|
|
(7.7)
|
|
(8.9)
|
|
|
(12.6)
|
|
(18.1)
|
|
$
|
1,150.3
|
$
|
1,695.2
|
|
$
|
2,359.0
|
$
|
3,390.4
|
|
|
|
|
|
|
|
|
|
|
Income before
income taxes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment operating
profit (loss)
|
|
|
|
|
|
|
|
|
|
Subsea
Technologies
|
$
|
97.2
|
$
|
183.5
|
|
$
|
206.7
|
$
|
352.2
|
Surface
Technologies
|
|
(21.7)
|
|
27.5
|
|
|
(50.3)
|
|
90.4
|
Energy
Infrastructure
|
|
7.8
|
|
5.3
|
|
|
4.5
|
|
8.2
|
Intercompany
eliminations
|
|
0.2
|
|
-
|
|
|
0.2
|
|
-
|
Total segment
operating profit
|
|
83.5
|
|
216.3
|
|
|
161.1
|
|
450.8
|
|
|
|
|
|
|
|
|
|
|
Corporate
items
|
|
|
|
|
|
|
|
|
|
Corporate expense
(2)
|
|
(13.1)
|
|
(14.0)
|
|
|
(27.4)
|
|
(30.3)
|
Other revenue (1) and
other expense, net (3)
|
|
(53.2)
|
|
(29.5)
|
|
|
(83.2)
|
|
(55.9)
|
Net interest
expense
|
|
(7.6)
|
|
(9.0)
|
|
|
(15.1)
|
|
(16.3)
|
Total corporate
items
|
|
(73.9)
|
|
(52.5)
|
|
|
(125.7)
|
|
(102.5)
|
|
|
|
|
|
|
|
|
|
|
Income before income
taxes attributable to FMC
Technologies, Inc. (4)
|
$
|
9.6
|
$
|
163.8
|
|
$
|
35.4
|
$
|
348.3
|
|
(1) Other revenue
comprises certain unrealized gains and losses on derivative
instruments related to unexecuted sales contracts.
|
(2) Corporate expense
primarily includes corporate staff expenses.
|
(3) Other expense,
net, generally includes stock-based compensation, other employee
benefits, LIFO adjustments, certain foreign exchange gains and
losses, and the impact of unusual or strategic transactions not
representative of segment operations.
|
(4) Excludes amounts
attributable to noncontrolling interests.
|
FMC TECHNOLOGIES,
INC. AND CONSOLIDATED SUBSIDIARIES
|
BUSINESS SEGMENT
DATA
|
(Unaudited and in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
June
30
|
|
June
30
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
Inbound
Orders
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsea
Technologies
|
$
|
334.1
|
$
|
1,011.7
|
$
|
680.0
|
$
|
1,563.7
|
Surface
Technologies
|
|
143.1
|
|
306.2
|
|
401.6
|
|
632.5
|
Energy
Infrastructure
|
|
62.1
|
|
112.7
|
|
135.9
|
|
208.5
|
Intercompany
eliminations and other
|
|
(1.4)
|
|
(5.0)
|
|
(8.0)
|
|
(10.1)
|
Total inbound
orders
|
$
|
537.9
|
$
|
1,425.6
|
$
|
1,209.5
|
$
|
2,394.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June
30
|
|
|
|
|
|
|
2016
|
|
2015
|
|
|
|
|
Order
Backlog
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsea
Technologies
|
$
|
2,898.8
|
$
|
4,676.9
|
|
|
|
|
Surface
Technologies
|
|
357.0
|
|
466.6
|
|
|
|
|
Energy
Infrastructure
|
|
133.2
|
|
187.1
|
|
|
|
|
Intercompany
eliminations
|
|
(2.1)
|
|
(6.8)
|
|
|
|
|
Total order
backlog
|
$
|
3,386.9
|
$
|
5,323.8
|
|
|
|
|
FMC TECHNOLOGIES,
INC. AND CONSOLIDATED SUBSIDIARIES
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
(In
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
June
30,
|
|
December
31,
|
|
|
2016
|
|
2015
|
|
|
(Unaudited)
|
|
As
Adjusted
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
1,075.0
|
$
|
916.2
|
Trade receivables,
net
|
|
782.2
|
|
884.0
|
Costs in excess of
billings
|
|
665.7
|
|
638.4
|
Inventories,
net
|
|
679.0
|
|
764.1
|
Other current
assets
|
|
503.3
|
|
727.5
|
Total current
assets
|
|
3,705.2
|
|
3,930.2
|
|
|
|
|
|
Property, plant and
equipment, net
|
|
1,328.8
|
|
1,371.5
|
Goodwill
|
|
522.5
|
|
514.7
|
Intangible assets,
net
|
|
230.8
|
|
246.3
|
Other
assets
|
|
373.5
|
|
356.7
|
Total
assets
|
$
|
6,160.8
|
$
|
6,419.4
|
|
|
|
|
|
Short-term debt and
current portion of long-term debt
|
$
|
27.6
|
$
|
21.9
|
Accounts payable,
trade
|
|
415.0
|
|
519.3
|
Advance
payments
|
|
456.9
|
|
464.2
|
Billings in excess of
costs
|
|
146.4
|
|
200.4
|
Other current
liabilities
|
|
741.8
|
|
1,099.5
|
Total current
liabilities
|
|
1,787.7
|
|
2,305.3
|
|
|
|
|
|
Long-term debt, less
current portion
|
|
1,298.7
|
|
1,134.1
|
Other
liabilities
|
|
430.2
|
|
436.8
|
FMC Technologies,
Inc. stockholders' equity
|
|
2,628.2
|
|
2,524.1
|
Noncontrolling
interest
|
|
16.0
|
|
19.1
|
Total liabilities and
equity
|
$
|
6,160.8
|
$
|
6,419.4
|
FMC TECHNOLOGIES,
INC. AND CONSOLIDATED SUBSIDIARIES
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(Unaudited and in
millions)
|
|
|
|
|
|
|
|
Six Months
Ended
|
|
|
June
30
|
|
|
2016
|
|
2015
|
Cash provided
(required) by operating activities:
|
|
|
|
|
Net income
|
$
|
21.9
|
$
|
256.1
|
Depreciation and
amortization
|
|
112.6
|
|
111.2
|
Trade accounts receivable,
net and costs in excess of billings
|
|
128.7
|
|
143.1
|
Inventories, net
|
|
89.0
|
|
29.6
|
Accounts payable,
trade
|
|
(114.8)
|
|
(99.6)
|
Advance payments and
billings in excess of costs
|
|
(87.8)
|
|
(154.1)
|
Asset impairment
charges
|
|
39.4
|
|
4.3
|
Other
|
|
(84.0)
|
|
(54.9)
|
Net cash provided by
operating activities
|
|
105.0
|
|
235.7
|
|
|
|
|
|
Cash provided
(required) by investing activities:
|
|
|
|
|
Capital
expenditures
|
|
(67.0)
|
|
(161.2)
|
Investment in joint
ventures
|
|
(24.4)
|
|
-
|
Proceeds from sale of
Wireline
|
|
19.0
|
|
-
|
Other investing
|
|
2.6
|
|
8.6
|
Net cash required by
investing activities
|
|
(69.8)
|
|
(152.6)
|
|
|
|
|
|
Cash provided
(required) by financing activities:
|
|
|
|
|
Net increase (decrease) in
debt
|
|
167.3
|
|
(17.5)
|
Purchase of stock held in
treasury
|
|
(54.8)
|
|
(91.6)
|
Other financing
|
|
(10.7)
|
|
(20.2)
|
Net cash provided
(required) by financing activities
|
|
101.8
|
|
(129.3)
|
|
|
|
|
|
Effect of changes in
foreign exchange rates on cash and cash equivalents
|
|
21.8
|
|
(5.4)
|
|
|
|
|
|
Increase (decrease)
in cash and cash equivalents
|
|
158.8
|
|
(51.6)
|
|
|
|
|
|
Cash and cash
equivalents, beginning of period
|
|
916.2
|
|
638.8
|
|
|
|
|
|
Cash and cash
equivalents, end of period
|
$
|
1,075.0
|
$
|
587.2
|
FMC TECHNOLOGIES,
INC. AND CONSOLIDATED SUBSIDIARIES
|
RECONCILIATION OF
NON-GAAP TO GAAP FINANCIAL MEASURES
|
(In millions
except per share amounts, unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
June
30
|
|
|
2016
|
|
2015
|
|
|
|
|
|
(after-tax)
|
|
|
|
|
Net Income
attributable to FMC Technologies, Inc., excluding
charges
|
$
|
49
|
$
|
115
|
|
|
|
|
|
Impairment and other
charges (1)
|
|
(2)
|
|
-
|
Restructuring and
other severance charges (2)
|
|
(18)
|
|
(7)
|
Business combination
transaction costs (3)
|
|
(18)
|
|
-
|
Nigeria currency
devaluation (4)
|
|
(5)
|
|
-
|
Transition and
facility consolidation costs (5)
|
|
(4)
|
|
-
|
|
|
|
|
|
Net Income
attributable to FMC Technologies, Inc., as
reported
|
$
|
2
|
$
|
108
|
|
|
|
|
|
Diluted EPS,
excluding charges
|
$
|
0.22
|
$
|
0.49
|
|
|
|
|
|
Diluted EPS, as
reported
|
$
|
0.01
|
$
|
0.46
|
|
(1) Tax effect of $2
million during the three months ended June 30, 2016.
|
(2) Tax effect of $7
million and $3 million during the three months ended June 30, 2016
and 2015, respectively.
|
(3) Tax effect of nil
during the three months ended June 30, 2016.
|
(4) Tax effect of $2
million during the three months ended June 30, 2016.
|
(5) Tax effect of $2
million during the three months ended June 30, 2016.
|
FMC TECHNOLOGIES,
INC. AND CONSOLIDATED SUBSIDIARIES
|
RECONCILIATION OF
NON-GAAP TO GAAP FINANCIAL MEASURES
|
(In millions,
unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
June 30,
2016
|
|
|
Subsea
Technologies
|
|
Surface
Technologies
|
|
Energy
Infrastructure
|
|
|
|
|
|
|
|
(pre-tax)
|
|
|
|
|
|
|
Segment operating
profit (loss), excluding charges
|
$
|
120.2
|
$
|
(17.2)
|
$
|
7.8
|
|
|
|
|
|
|
|
Impairment and other
charges
|
|
(2.2)
|
|
(0.6)
|
|
-
|
Restructuring and
other severance charges
|
|
(20.8)
|
|
(3.9)
|
|
-
|
Inventory
write-downs
|
|
-
|
|
-
|
|
-
|
|
|
|
|
|
|
|
Segment operating
profit (loss), as reported
|
$
|
97.2
|
$
|
(21.7)
|
$
|
7.8
|
|
|
|
|
|
|
|
Segment operating
profit (loss) as a percent of revenue, excluding charges
|
14.1%
|
|
(7.9)%
|
|
9.2%
|
|
|
|
|
|
|
|
Segment operating
profit (loss) as a percent of revenue, as reported
|
|
11.4%
|
|
(9.9)%
|
|
9.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
June 30,
2015
|
|
|
Subsea
Technologies
|
|
Surface
Technologies
|
|
Energy
Infrastructure
|
|
|
|
|
|
|
|
(pre-tax)
|
|
|
|
|
|
|
Segment operating
profit, excluding charges
|
$
|
189.5
|
$
|
30.4
|
$
|
6.7
|
|
|
|
|
|
|
|
Impairment
charges
|
|
(0.2)
|
|
(0.2)
|
|
-
|
Restructuring and
other severance charges
|
|
(5.8)
|
|
(2.7)
|
|
(1.4)
|
|
|
|
|
|
|
|
Segment operating
profit, as reported
|
$
|
183.5
|
$
|
27.5
|
$
|
5.3
|
|
|
|
|
|
|
|
Segment operating
profit as a percent of revenue, excluding charges
|
|
15.3%
|
|
8.4%
|
|
6.6%
|
|
|
|
|
|
|
|
Segment operating
profit as a percent of revenue, as reported
|
|
14.8%
|
|
7.5%
|
|
5.2%
|
FMC TECHNOLOGIES,
INC. AND CONSOLIDATED SUBSIDIARIES
|
RECONCILIATION OF
NON-GAAP TO GAAP FINANCIAL MEASURES
|
(In
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
June
30,
|
|
December
31,
|
|
|
2016
|
|
2015
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
1,075.0
|
$
|
916.2
|
Short-term debt and
current portion of long-term debt
|
|
(27.6)
|
|
(21.9)
|
Long-term debt, less
current portion
|
|
(1,298.7)
|
|
(1,134.1)
|
Net debt
|
$
|
(251.3)
|
$
|
(239.8)
|
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SOURCE FMC Technologies, Inc.