FMC Technologies: 3Q Earnings Snapshot
LONDON (AP) _ FMC Technologies Inc. (FTI) on Wednesday reported third-quarter net income of $21.8 million.
On a per-share basis, the London-based company said it had net income of 5 cents. Earnings, adjusted for non-recurring costs and severance costs, came to 12 cents per share.
The results fell short of Wall Street expectations. The average estimate of 24 analysts surveyed by Zacks Investment Research was for earnings of 49 cents per share.
The provider of equipment and services to energy companies posted revenue of $3.34 billion in the period, which also fell short of Street forecasts. Twenty-nine analysts surveyed by Zacks expected $3.56 billion.
FMC Technologies shares have climbed 20% since the beginning of the year, while the Standard & Poor’s 500 index has increased 20%. In the final minutes of trading on Wednesday, shares hit $23.40, a fall of 17% in the last 12 months.