HOUSTON, Oct. 19, 2016 /PRNewswire/ -- FMC
Technologies, Inc. (NYSE:FTI) today reported third quarter 2016
revenue of $1.1 billion, down 29
percent from the prior-year quarter primarily due to lower activity
across all reporting segments. Diluted earnings per share from
continuing operations were $0.20,
which includes total Company pre-tax charges of $43 million, or $0.15 per diluted share as detailed in the
attached financial schedules. Adjusted diluted earnings per share
from continuing operations were $0.35.
"Subsea Technologies achieved further improvement in segment
operating margins, with third quarter results being the highest
levels we have recorded in 2016," said Doug
Pferdehirt, President and CEO of FMC Technologies. "The
strong performance resulted from solid project execution, combined
with the benefits of our cost reduction actions that continued in
the quarter. We have used this downturn as a catalyst to make
fundamental changes to our business model that will continue to
provide sustainable benefits."
Total inbound orders were $692.2
million, including $401
million in Subsea Technologies orders. Backlog for the
Company was $3 billion, including
Subsea Technologies backlog of $2.5
billion.
"We received our second subsea multiphase boosting pump order in
the quarter. This award, for ENI's Block 15/06 West Hub
Development, further demonstrates our capabilities in this
attractive growth segment," Pferdehirt added. "We anticipate that
small order intake will continue to improve and that large project
orders will follow as operators embrace strategies that improve
project economics through the acceleration of time to first oil,
schedule certainty, and lower costs. At FMC Technologies, our
relentless focus on these key drivers is yielding benefits for our
customers today and will result in even greater benefits in the
future."
Review of Operations – Third Quarter 2016
Subsea Technologies
Subsea Technologies third quarter revenue was $798.4 million, down 27 percent from the
prior-year quarter, primarily due to lower inbound orders achieved
during 2015 that affected the backlog coming into the year.
Subsea Technologies operating profit was $119.7 million; adjusted operating profit was
$125.1 million, excluding charges of
$5.4 million as shown in the attached
financial schedules.
Subsea Technologies operating margins were 15 percent; adjusted
operating margins were 15.7 percent, excluding charges.
Subsea Technologies inbound orders for the third quarter were
$401 million. Backlog was
$2.5 billion, compared to prior-year
backlog of $4.3 billion.
Surface Technologies
Surface Technologies third quarter revenue was $218.1 million, down 40 percent from the
prior-year quarter, primarily due to the 43 percent decline in the
North American rig count average.
Surface Technologies reported an operating loss of $19.6 million; adjusted operating loss was
$5.2 million, excluding charges of
$14.4 million mainly for
restructuring initiatives in North
America. This is shown in the attached financial schedules.
Surface Technologies inbound orders for the third quarter were
$242.2 million. Backlog was
$379.3 million, predominantly related
to the Company's wellhead business outside of North America.
Energy Infrastructure
Energy Infrastructure third quarter revenue was $77.1 million, down 21 percent from the
prior-year quarter, due to lower activity across the segment.
Energy Infrastructure reported operating profit of $2.5 million; adjusted operating profit was
$3.7 million, excluding charges of
$1.2 million as shown in the attached
financial schedules.
Energy Infrastructure operating margins were 3.3 percent;
adjusted operating margins were 4.9 percent, excluding charges.
Energy Infrastructure inbound orders for the third quarter were
$55.9 million. Backlog was
$112.4 million.
Corporate Items
Corporate expense in the third quarter was $14.2 million.
Other revenue and other expense, net, increased $21.9 million from the prior-year quarter to
$43.8 million of expense. Items of
significance included the following:
- $11.6 million, or $0.05 per diluted share of business combination
transaction and integration costs related to the Company's proposed
merger with Technip S.A.;
- $7.6 million, or $0.02 per diluted share, of costs related to
restructuring and other severance charges; and
- $3.6 million, or $0.01 per diluted share, of transition costs
related to facility consolidations.
Net interest expense was $7.7
million in the quarter.
The Company ended the quarter with net debt of $189.9 million, down $61.4
million sequentially. Cash and cash equivalents were
$1.1 billion.
In accordance with the Business Combination Agreement related to
our proposed merger with Technip S.A., the Company has suspended
share repurchase activity until the completion of the proposed
merger. Accordingly, the Company did not repurchase any common
stock during the quarter.
Depreciation and amortization for the third quarter was
$57.3 million and capital
expenditures were $26.1 million.
The Company recorded a negative effective tax rate of 25.8
percent for the third quarter. The tax benefit of $9.5 million reflects the quarterly impact from
the change in the full year estimated earnings mix, due mainly to
lower North American profit as well as tax benefits associated with
the charges taken in the quarter.
Summary
FMC Technologies reported third quarter diluted earnings per
share from continuing operations of $0.20.
Adjusted diluted earnings per share from continuing operations
were $0.35, when excluding total
Company pre-tax charges of $43
million, or $0.15 per diluted
share. These charges included restructuring and other severance
charges, business combination transaction and integration costs,
transition and facility consolidation costs, and impairment and
other charges.
The Company recorded Subsea Technologies revenue of $798.4 million in the quarter with margins of 15
percent; adjusted operating margins were 15.7 percent, excluding
charges.
Total inbound orders of $692.2
million in the third quarter included $401 million in Subsea Technologies orders.
The Company's backlog stands at $3
billion, including Subsea Technologies backlog of
$2.5 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 14,500 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.
Investor
Relations
Matt Seinsheimer
P: 281.260.3665
investorrelations@fmcti.com
Media
Lisa Albiston
P: 281.931.2513
media.request@fmcti.com
Lisa Adams
P: 281.405.4659
media.request@fmcti.com
FMC Technologies, Inc.
5875 N Sam Houston
Pkwy W
Houston, Texas 77086
P: 281.591.4000
www.fmctechnologies.com
FMC TECHNOLOGIES,
INC. AND CONSOLIDATED SUBSIDIARIES
|
CONDENSED
CONSOLIDATED STATEMENTS OF INCOME
|
(In millions
except per share amounts, unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
September
30
|
|
September
30
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
|
Revenue
|
$
|
1,091.2
|
$
|
1,545.0
|
$
|
3,450.2
|
$
|
4,935.4
|
Costs and
expenses
|
|
1,038.3
|
|
1,422.2
|
|
3,325.8
|
|
4,426.0
|
|
|
52.9
|
|
122.8
|
|
124.4
|
|
509.4
|
|
|
|
|
|
|
|
|
|
Other expense,
net
|
|
(8.7)
|
|
(12.7)
|
|
(29.4)
|
|
(34.1)
|
|
|
|
|
|
|
|
|
|
Income before net
interest expense and income taxes
|
|
44.2
|
|
110.1
|
|
95.0
|
|
475.3
|
Net interest
expense
|
|
(7.7)
|
|
(8.1)
|
|
(22.8)
|
|
(24.4)
|
|
|
|
|
|
|
|
|
|
Income before income
taxes
|
|
36.5
|
|
102.0
|
|
72.2
|
|
450.9
|
Provision (benefit)
for income taxes
|
|
(9.5)
|
|
19.5
|
|
9.0
|
|
112.3
|
|
|
|
|
|
|
|
|
|
Income from
continuing operations
|
|
46.0
|
|
82.5
|
|
63.2
|
|
338.6
|
Loss from
discontinued operations, net of income taxes (1)
|
|
(14.0)
|
|
-
|
|
(14.0)
|
|
-
|
|
|
|
|
|
|
|
|
|
Net income
|
|
32.0
|
|
82.5
|
|
49.2
|
|
338.6
|
Net (income) loss
attributable to noncontrolling interests
|
|
0.3
|
|
(0.5)
|
|
0.4
|
|
(1.1)
|
|
|
|
|
|
|
|
|
|
Net income
attributable to FMC Technologies, Inc.
|
$
|
32.3
|
$
|
82.0
|
$
|
49.6
|
$
|
337.5
|
|
|
|
|
|
|
|
|
|
Earnings (loss) per
share attributable to FMC Technologies, Inc.:
|
|
|
|
|
|
|
|
|
Continuing
operations
|
$
|
0.20
|
$
|
0.36
|
$
|
0.28
|
$
|
1.46
|
Discontinued
operations
|
|
(0.06)
|
|
-
|
|
(0.06)
|
|
-
|
|
|
|
|
|
|
|
|
|
Basic earnings
per share
|
$
|
0.14
|
$
|
0.36
|
$
|
0.22
|
$
|
1.46
|
|
|
|
|
|
|
|
|
|
Continuing
operations
|
$
|
0.20
|
$
|
0.35
|
$
|
0.28
|
$
|
1.45
|
Discontinued
operations
|
|
(0.06)
|
|
-
|
|
(0.06)
|
|
-
|
|
|
|
|
|
|
|
|
|
Diluted
earnings per share
|
$
|
0.14
|
$
|
0.35
|
$
|
0.22
|
$
|
1.45
|
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding:
|
|
|
|
|
|
|
|
|
Basic
|
|
226.9
|
|
230.2
|
|
227.3
|
|
231.6
|
Diluted
|
|
228.2
|
|
231.0
|
|
228.5
|
|
232.5
|
|
(1) Loss from
discontinued operations represents a tax assessment charge by the
Algerian Tax Authority related to SOFEC Floating Systems, Inc., a
former wholly-owned subsidiary disposed in 2006.
|
FMC TECHNOLOGIES,
INC. AND CONSOLIDATED SUBSIDIARIES
|
BUSINESS SEGMENT
DATA
|
(Unaudited and in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
Nine Months
Ended
|
|
|
September
30
|
|
|
September
30
|
|
|
2016
|
|
2015
|
|
|
2016
|
|
2015
|
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsea
Technologies
|
$
|
798.4
|
$
|
1,093.7
|
|
$
|
2,516.6
|
$
|
3,490.3
|
Surface
Technologies
|
|
218.1
|
|
361.0
|
|
|
702.3
|
|
1,170.6
|
Energy
Infrastructure
|
|
77.1
|
|
97.1
|
|
|
246.3
|
|
299.4
|
Other revenue (1) and
intercompany eliminations
|
|
(2.4)
|
|
(6.8)
|
|
|
(15.0)
|
|
(24.9)
|
|
$
|
1,091.2
|
$
|
1,545.0
|
|
$
|
3,450.2
|
$
|
4,935.4
|
|
|
|
|
|
|
|
|
|
|
Income before
income taxes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment operating
profit (loss)
|
|
|
|
|
|
|
|
|
|
Subsea
Technologies
|
$
|
119.7
|
$
|
170.7
|
|
$
|
326.4
|
$
|
522.9
|
Surface
Technologies
|
|
(19.6)
|
|
(22.5)
|
|
|
(69.9)
|
|
67.9
|
Energy
Infrastructure
|
|
2.5
|
|
(2.0)
|
|
|
7.0
|
|
6.2
|
Intercompany
eliminations
|
|
(0.1)
|
|
-
|
|
|
0.1
|
|
-
|
Total segment
operating profit
|
|
102.5
|
|
146.2
|
|
|
263.6
|
|
597.0
|
|
|
|
|
|
|
|
|
|
|
Corporate
items
|
|
|
|
|
|
|
|
|
|
Corporate expense
(2)
|
|
(14.2)
|
|
(14.7)
|
|
|
(41.6)
|
|
(45.0)
|
Other revenue (1) and
other expense, net (3)
|
|
(43.8)
|
|
(21.9)
|
|
|
(126.6)
|
|
(77.8)
|
Net interest
expense
|
|
(7.7)
|
|
(8.1)
|
|
|
(22.8)
|
|
(24.4)
|
Total corporate
items
|
|
(65.7)
|
|
(44.7)
|
|
|
(191.0)
|
|
(147.2)
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes attributable to FMC
Technologies, Inc. (4)
|
$
|
36.8
|
$
|
101.5
|
|
$
|
72.6
|
$
|
449.8
|
|
(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
|
|
Nine Months
Ended
|
|
|
September
30
|
|
September
30
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
Inbound
Orders
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsea
Technologies
|
$
|
401.0
|
$
|
1,049.0
|
$
|
1,081.0
|
$
|
2,612.7
|
Surface
Technologies
|
|
242.2
|
|
398.1
|
|
643.8
|
|
1,030.6
|
Energy
Infrastructure
|
|
55.9
|
|
81.8
|
|
191.8
|
|
290.3
|
Intercompany
eliminations and other
|
|
(6.9)
|
|
(2.9)
|
|
(14.9)
|
|
(13.0)
|
Total inbound
orders
|
$
|
692.2
|
$
|
1,526.0
|
$
|
1,901.7
|
$
|
3,920.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September
30
|
|
|
|
|
|
|
2016
|
|
2015
|
|
|
|
|
Order
Backlog
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsea
Technologies
|
$
|
2,534.0
|
$
|
4,287.6
|
|
|
|
|
Surface
Technologies
|
|
379.3
|
|
495.0
|
|
|
|
|
Energy
Infrastructure
|
|
112.4
|
|
172.8
|
|
|
|
|
Intercompany
eliminations
|
|
(2.8)
|
|
(2.8)
|
|
|
|
|
Total order
backlog
|
$
|
3,022.9
|
$
|
4,952.6
|
|
|
|
|
FMC TECHNOLOGIES,
INC. AND CONSOLIDATED SUBSIDIARIES
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
(In
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
September
30,
|
|
December
31,
|
|
|
2016
|
|
2015
|
|
|
(Unaudited)
|
|
As
Adjusted
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
1,074.2
|
$
|
916.2
|
Trade receivables,
net
|
|
681.0
|
|
884.0
|
Costs in excess of
billings
|
|
638.9
|
|
638.4
|
Inventories,
net
|
|
641.6
|
|
764.1
|
Other current
assets
|
|
466.6
|
|
727.5
|
Total current
assets
|
|
3,502.3
|
|
3,930.2
|
|
|
|
|
|
Property, plant and
equipment, net
|
|
1,309.6
|
|
1,371.5
|
Goodwill
|
|
523.9
|
|
514.7
|
Intangible assets,
net
|
|
225.0
|
|
246.3
|
Other
assets
|
|
402.9
|
|
356.7
|
Total
assets
|
$
|
5,963.7
|
$
|
6,419.4
|
|
|
|
|
|
Short-term debt and
current portion of long-term debt
|
$
|
19.0
|
$
|
21.9
|
Accounts payable,
trade
|
|
375.3
|
|
519.3
|
Advance
payments
|
|
400.5
|
|
464.2
|
Billings in excess of
costs
|
|
110.4
|
|
200.4
|
Other current
liabilities
|
|
740.8
|
|
1,099.5
|
Total current
liabilities
|
|
1,646.0
|
|
2,305.3
|
|
|
|
|
|
Long-term debt, less
current portion
|
|
1,245.1
|
|
1,134.1
|
Other
liabilities
|
|
378.7
|
|
436.8
|
FMC Technologies,
Inc. stockholders' equity
|
|
2,678.3
|
|
2,524.1
|
Noncontrolling
interest
|
|
15.6
|
|
19.1
|
Total liabilities and
equity
|
$
|
5,963.7
|
$
|
6,419.4
|
FMC TECHNOLOGIES,
INC. AND CONSOLIDATED SUBSIDIARIES
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(Unaudited and in
millions)
|
|
|
|
|
|
|
|
Nine Months
Ended
|
|
|
September
30
|
|
|
2016
|
|
2015
|
Cash provided
(required) by operating activities:
|
|
|
|
|
Net income
|
$
|
49.2
|
$
|
338.6
|
Depreciation and
amortization
|
|
181.1
|
|
182.5
|
Trade accounts receivable,
net and costs in excess of billings
|
|
264.8
|
|
181.3
|
Inventories, net
|
|
127.3
|
|
105.2
|
Accounts payable,
trade
|
|
(156.6)
|
|
(140.6)
|
Advance payments and
billings in excess of costs
|
|
(182.9)
|
|
(241.3)
|
Asset impairment
charges
|
|
40.2
|
|
64.4
|
Other
|
|
(87.7)
|
|
10.9
|
Net cash provided by
operating activities from continuing operations
|
|
235.4
|
|
501.0
|
|
|
|
|
|
Net cash required by
operating activities from discontinued operations
|
|
(8.1)
|
|
-
|
|
|
|
|
|
Net cash provided by
operating activities
|
|
227.3
|
|
501.0
|
|
|
|
|
|
Cash provided
(required) by investing activities:
|
|
|
|
|
Capital
expenditures
|
|
(93.1)
|
|
(211.0)
|
Investment in joint
ventures
|
|
(52.9)
|
|
(5.0)
|
Proceeds from sale of
Wireline
|
|
19.0
|
|
-
|
Other investing
|
|
6.8
|
|
4.3
|
Net cash required by
investing activities
|
|
(120.2)
|
|
(211.7)
|
|
|
|
|
|
Cash provided
(required) by financing activities:
|
|
|
|
|
Net increase (decrease) in
debt
|
|
95.6
|
|
(7.7)
|
Purchase of stock held in
treasury
|
|
(54.8)
|
|
(148.0)
|
Other financing
|
|
(11.4)
|
|
(25.8)
|
Net cash provided
(required) by financing activities
|
|
29.4
|
|
(181.5)
|
|
|
|
|
|
Effect of changes in
foreign exchange rates on cash and cash equivalents
|
|
21.5
|
|
(35.1)
|
|
|
|
|
|
Increase in cash and
cash equivalents
|
|
158.0
|
|
72.7
|
|
|
|
|
|
Cash and cash
equivalents, beginning of period
|
|
916.2
|
|
638.8
|
|
|
|
|
|
Cash and cash
equivalents, end of period
|
$
|
1,074.2
|
$
|
711.5
|
FMC TECHNOLOGIES,
INC. AND CONSOLIDATED SUBSIDIARIES
|
RECONCILIATION OF
NON-GAAP TO GAAP FINANCIAL MEASURES
|
(In millions
except per share amounts, unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
September
30
|
|
|
2016
|
|
2015
|
|
|
|
|
|
(after-tax)
|
|
|
|
|
Income from
continuing operations, excluding charges
|
$
|
80
|
$
|
140
|
|
|
|
|
|
Impairment and other
charges (1)
|
|
(1)
|
|
(45)
|
Restructuring and
other severance charges (2)
|
|
(20)
|
|
(13)
|
Business combination
transaction and integration costs (3)
|
|
(11)
|
|
-
|
Transition and
facility consolidation costs (4)
|
|
(2)
|
|
-
|
|
|
|
|
|
Income from
continuing operations, as reported
|
$
|
46
|
$
|
82
|
|
|
|
|
|
Diluted EPS from
continuing operations, excluding charges
|
$
|
0.35
|
$
|
0.61
|
|
|
|
|
|
Diluted EPS from
continuing operations, as reported
|
$
|
0.20
|
$
|
0.35
|
|
(1) Tax effect of nil
and $15 million during the three months ended September 30, 2016
and 2015, respectively.
|
(2) Tax effect of $8
million and $5 million during the three months ended September 30,
2016 and 2015, respectively.
|
(3) Tax effect of $1
million during the three months ended September 30,
2016.
|
(4) Tax effect of $1
million during the three months ended September 30,
2016.
|
FMC TECHNOLOGIES,
INC. AND CONSOLIDATED SUBSIDIARIES
|
RECONCILIATION OF
NON-GAAP TO GAAP FINANCIAL MEASURES
|
(In millions,
unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
September 30,
2016
|
|
|
Subsea
Technologies
|
|
Surface
Technologies
|
|
Energy
Infrastructure
|
|
|
|
|
|
|
|
(pre-tax)
|
|
|
|
|
|
|
Segment operating
profit (loss), excluding charges
|
$
|
125.1
|
$
|
(5.2)
|
$
|
3.7
|
|
|
|
|
|
|
|
Impairment and other
charges
|
|
(0.5)
|
|
(0.5)
|
|
-
|
Restructuring and
other severance charges
|
|
(4.9)
|
|
(13.9)
|
|
(1.2)
|
|
|
|
|
|
|
|
Segment operating
profit (loss), as reported
|
$
|
119.7
|
$
|
(19.6)
|
$
|
2.5
|
|
|
|
|
|
|
|
Segment operating
profit (loss) as a percent of revenue, excluding charges
|
15.7%
|
|
(2.4)%
|
|
4.9%
|
|
|
|
|
|
|
|
Segment operating
profit (loss) as a percent of revenue, as reported
|
|
15.0%
|
|
(9.0)%
|
|
3.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
September
30, 2015
|
|
|
Subsea
Technologies
|
|
Surface
Technologies
|
|
Energy
Infrastructure
|
|
|
|
|
|
|
|
(pre-tax)
|
|
|
|
|
|
|
Segment operating
profit, excluding charges
|
$
|
188.0
|
$
|
41.9
|
$
|
1.4
|
|
|
|
|
|
|
|
Impairment
charges
|
|
(2.1)
|
|
(58.0)
|
|
-
|
Restructuring and
other severance charges
|
|
(15.2)
|
|
(1.6)
|
|
(1.7)
|
Inventory
write-downs
|
|
-
|
|
(4.8)
|
|
(1.7)
|
|
|
|
|
|
|
|
Segment operating
profit (loss), as reported
|
$
|
170.7
|
$
|
(22.5)
|
$
|
(2.0)
|
|
|
|
|
|
|
|
Segment operating
profit as a percent of revenue, excluding charges
|
|
17.2%
|
|
11.6%
|
|
1.4%
|
|
|
|
|
|
|
|
Segment operating
profit (loss) as a percent of revenue, as reported
|
|
15.6%
|
|
(6.2)%
|
|
(2.1)%
|
FMC TECHNOLOGIES,
INC. AND CONSOLIDATED SUBSIDIARIES
|
RECONCILIATION OF
NON-GAAP TO GAAP FINANCIAL MEASURES
|
(In
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
September
30,
|
|
December
31,
|
|
|
2016
|
|
2015
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
1,074.2
|
$
|
916.2
|
Short-term debt and
current portion of long-term debt
|
|
(19.0)
|
|
(21.9)
|
Long-term debt, less
current portion
|
|
(1,245.1)
|
|
(1,134.1)
|
Net debt
|
$
|
(189.9)
|
$
|
(239.8)
|
Logo - http://photos.prnewswire.com/prnh/20081222/LAM028LOGO
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/fmc-technologies-reports-third-quarter-2016-diluted-earnings-per-share-from-continuing-operations-of-020-excluding-charges-adjusted-diluted-earnings-per-share-from-continuing-operations-of-035-300347869.html
SOURCE FMC Technologies, Inc.