Jefferies Cuts Price Target on FMC Technologies (FTI) to $27 Following 2Q

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Go back to Jefferies Cuts Price Target on FMC Technologies (FTI) to $27 Following 2Q

FMC Technologies Reports Second Quarter 2016 Diluted Earnings per Share of $0.01; Excluding Charges, Adjusted Diluted Earnings per Share of $0.22

July 20, 2016 4:15 PM EDT

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... More