FMC Technologies (FTI) Misses Q1 EPS by 8c

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FMC Technologies Reports First Quarter 2016 Diluted Earnings per Share of $0.22, Excluding $0.13 of Charges

April 26, 2016 4:47 PM EDT

HOUSTON, April 26, 2016 /PRNewswire/ -- FMC Technologies, Inc. (NYSE: FTI) today reported first quarter 2016 revenue of $1.2 billion, down 29 percent from the prior-year quarter. The decline was driven by lower activity and the negative impact of the strengthening U.S. dollar. Diluted earnings per share were $0.09, which includes total Company pre-tax impairment and other charges, restructuring and other severance charges, and inventory write-downs of $47.6 million, or $0.13 per diluted share.

"Subsea Technologies delivered operating margins of 13.1 percent, excluding charges, as we benefited from solid execution and restructuring savings," said John Gremp, Chairman and CEO of FMC... More