NEWS: FMC Technologies Inc. reported improved fiscal third-quarter profit and revenue but the numbers fell short of market expectations. The company also issued a weak forecast and its shares fell in extended trading following the report.
DETAILS: The company, based in Houston, provides equipment and services to energy companies. It said that margins in its largest segment, Subsea Technologies, suffered during the quarter but that it is working to address the "isolated causes" of the shortfall and expects margins to improve in the future.
NUMBERS: FMC's net income rose to $116 million, or 49 cents per share, for the quarter that ended Sept. 30. That is compared to $98.9 million, or 41 cents per share, last year. Both periods included a special 4-cents-per share charge. Revenue increased to $1.72 billion from $1.42 billion.
Analysts polled by FactSet were anticipating earnings of 58 cents per share in the latest period on revenue of $1.75 billion.
FUTURE: The company is expecting adjusting earnings of $2 to $2.10 per share for its full fiscal year; analysts were anticipating $2.19 per share.
STOCK: Shares fell $4.11, more than 7 percent, to $53.66 in after-hours trading. Its stock fell 26 cents to close regular trading at $57.77.
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