HOUSTON – FMC Technologies on Tuesday posted a 46 percent boost to its third-quarter bottom line, largely because of a rise in subsea technology sales and its North American high-pressure fluid control business.
The Houston subsea technology firm said its profit hit $169.8 million, or 72 cents a share, in the July-September period, compared to $117 million, or 49 cents a share, in the same period last year. Revenue increased from $1.72 billion to $1.98 billion.
FMC assembles subsea equipment that manages the pressure of deep-water oil wells and other oil-field tools that control high-pressure fluids.
Its subsea technology segment saw a 69 percent rise in pre-tax earnings to $204.4 million, while income from its surface technology business jumped 47 percent to $109.5 million. It said it had a $5.9 billion backlog of subsea technology orders.
“Quarterly subsea margins are at the highest level we have delivered in over four years,” FMC Technologies chairman, president and CEO John Gremp said in a written statement.
FMC reported its third-quarter earnings after the close of New York Stock Exchange trading. Its shares closed at $52.68, up $1.81.
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