FMC soars in second

by on July 25, 2012 11:44 am BST

The services player pointed to an 18% rise in the core
subsea technologies division as key to the result.

Net profit for the three months to the end of June was
$113.2 million as against $95.6 million a year earlier.

Revenues shot from $1.23 billion to $1.49 billion which
meant the company could absorb the inflated costs of $1.35 billion, up from
$1.09 billion a year earlier.

Subsurface technologies saw revenues rise a third with
energy infrastructure rising 16%.

FMC expects total revenue for the full year from subsea
technologies alone of $4 billion and has narrowed its year-on-year earnings
increase guidance to between 28% and 34%.

President and chief executive Josh Gremp commented: “The
robust outlook for subsea continues as customers move forward with developing
their significant offshore portfolios.

“Our Surface Technologies segment had another record
earnings quarter on the strength of our growing international surface wellhead
business and the execution of our backlog in our fluid control business.”