FMC Technologies: Income And Revenue Down, Backlog Up (FTI)

Offshore oilfield equipment manufacturer FMC Technologies, Inc. FTI announced on Monday morning that it beat consensus Wall Street earnings estimates but missed consensus revenue expectations. FMC Technologies, Inc. (FTI) reported that its 2nd quarter net income fell to $96.2 million, or 78 cents per share, down from $106 million, or 84 cents per share, a year earlier. The company's revenue fell 8% to $1.01 billion. According to a survey of analysts by Thomson Reuters, the average Wall Street estimate called for earnings of 71 cents per share, on revenue of $1.06 billion. However, the company's work backlog was up for the second quarter in a row, rising 6% to $2.8 billion. The company forecast full year earnings in the range of $2.70 to $2.90 per share. FMC Technologies, Inc. closed Friday trading at $63.74 per share. Analysts covering the company's stock give it a consensus price target of $68.55 per share. Read more from Benzinga's Company news.