FMC Technologies Inc. (FTI) reported that its first-quarter net income attributable to company increased to $135.2 million or $0.57 per share, from $102.4 million or $0.43 per share, previous year.
On average, 29 analysts polled by Thomson Reuters expected the company to report profit per share of $0.50 for the quarter. Analysts' estimates typically exclude special items.
Revenue increased to $1.82 billion from $1.65 billion. Analysts expected revenue of $1.80 billion for the quarter.
Total inbound orders were $2.6 billion and included $1.9 billion in Subsea Technologies orders. The company's backlog stands at $7.8 billion, including Subsea Technologies backlog of $6.8 billion.
"As a result of strong orders in the quarter, Subsea Technologies achieved record backlog. We delivered solid subsea revenue and operating profit and expect to see this trend continue throughout the remainder of the year," said John Gremp, Chairman, President and CEO of FMC Technologies.
The company's guidance for 2014 earnings per share is $2.55 to $2.75, but now excludes both the expected results from operations of the material handling products business post divestiture and an anticipated gain associated with the sale. Analysts expect the company to report 2014 profit per share of $2.65.
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