UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15 (d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) October 27, 2009

FMC TECHNOLOGIES, INC.
(Exact name of registrant as specified in its charter)

 
 	 	 	 	 	
Delaware	 	1-16489	 	36-4412642	
(State or other jurisdiction
of incorporation)	 	(Commission
File Number)	 	(I.R.S. Employer
Identification No.)	
1803 Gears Road, Houston, TX 77067
(Address of principal executive offices) (Zip Code)
(281) 591-4000
Registrant’s telephone number, including area code

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
¨	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)	
 
¨	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)	
 
¨	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))	
 
¨	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))	

 

SECTION 2 – Financial Information
 
ITEM 2.02	RESULTS OF OPERATIONS AND FINANCIAL CONDITION.	
On October 27, 2009, FMC Technologies, Inc. issued a press release announcing its financial results for the fiscal quarter ended September 30, 2009. A copy of the press release is furnished as Exhibit 99.1 to this report and is incorporated herein by reference.
SECTION 9 – Financial Statements and Exhibits
 
ITEM 9.01	FINANCIAL STATEMENTS AND EXHIBITS.	
(d) Exhibits:
 
 	99.1	Press Release issued by FMC Technologies, Inc. dated October 27, 2009	
 
2

SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

FMC TECHNOLOGIES, INC.	
 	 	
By:	 	/s/    WILLIAM H. SCHUMANN, III        	
 	 	William H. Schumann, III	
 	 	Executive Vice President and Chief Financial Officer	
Date: October 27, 2009
 
3

Exhibit 99.1

 	 	News Release	  	FMC Technologies Inc	
 	 	 	  	1803 Gears Road	
 	 	 	  	Houston, TX 77067	

 	 	 	 	 	
Release	    	Immediate Release	
Contact	    	Investors:	 	Robert Cherry (281) 591-4560	
 	    	Media:	 	Ellen Bates (281) 445-6559	
 	    	 	 	Michael King (281) 931-2540	
FMC Technologies Reports Third Quarter 2009 Diluted Earnings per Share from Continuing Operations of $0.73
Highlights:
 
•	 	Energy Production Systems’ operating profit up 38 percent to a record $140.4 million	
 
•	 	Total company backlog at $3.0 billion, including subsea backlog of $2.4 billion	
 
•	 	Guidance for 2009 raised, company estimates fourth quarter diluted earnings per share of $0.70 to $0.75	
HOUSTON, October 27, 2009 – FMC Technologies, Inc. (NYSE:FTI) today reported third quarter 2009 revenue from continuing operations of $1.1 billion. Diluted earnings per share from continuing operations were $0.73, up one percent from $0.72 in the prior-year quarter.
Led by higher operating margin and volume in subsea systems, third quarter operating profit in Energy Production Systems increased 38 percent from the third quarter of 2008 to a record $140.4 million.
Total backlog for the company remained strong, ending the third quarter at $3.0 billion including $2.4 billion in subsea systems.
“Our execution of projects in backlog continued at the level we saw in the second quarter,” said Peter D. Kinnear, Chairman, President and Chief Executive Officer. “As a result of our strong third quarter and our outlook for the fourth quarter, we are raising our 2009 guidance. We estimate our fourth quarter 2009 diluted earnings per share from continuing operations to be in a range of $0.70 to $0.75. Additionally, we were excited to announce two acquisitions during the quarter that will add to the technology that provides value to our customers.”
 
-more-

 	 	 	
FMC Technologies Reports Third Quarter 2009 Diluted Earnings per Share from Continuing Operations of $0.73	  	2	
 
Energy Production Systems
Energy Production Systems’ third quarter revenue of $926.9 million increased three percent from the prior-year quarter. Revenue for subsea systems was $770 million for the third quarter, up seven percent from the prior-year quarter. Surface wellhead revenue was down 11 percent from the third quarter of 2008 but was flat compared to the second quarter of 2009.
Energy Production Systems’ record operating profit of $140.4 million increased 38 percent over the prior-year quarter and the operating margin reached 15.1 percent. The increase in operating profit was primarily due to higher operating margins across the segment and increased volume in subsea systems.
Energy Production Systems’ inbound orders for the third quarter were $841.6 million, including subsea systems orders of $715 million. Backlog for Energy Production Systems was $2.7 billion, including $2.4 billion in subsea backlog at the end of the third quarter.
Energy Processing Systems
Energy Processing Systems’ third quarter revenue of $166.2 million was 27 percent lower than the prior-year quarter and five percent lower than the second quarter of 2009. The revenue decrease came primarily from the fluid control business, which continues to be impacted by the reduction in North American pressure pumping activity, and from the material handling business, which has several projects nearing completion.
Energy Processing Systems’ third quarter operating profit of $24.8 million was down 42 percent from the prior-year quarter primarily driven by lower volume and operating margin in the fluid control business.
Energy Processing Systems’ inbound orders were $140.8 million for the third quarter, and its backlog finished the quarter at $226.7 million.
Corporate Items
Corporate expense in the third quarter was $9.3 million, a decrease of $0.6 million from the prior-year quarter.
Other expense, net, was $21.0 million, an increase of $25.0 million from the prior-year quarter. Net foreign exchange losses in the quarter totaled $5.8 million compared to a net gain of $4.7 million in the third quarter of 2008. Additionally, the company had an increased liability of $2.1 million associated with company stock held in its non-qualified savings plan compared to a gain of $5.2 million in the prior-year quarter.
-more-

 	 	 	
FMC Technologies Reports Third Quarter 2009 Diluted Earnings per Share from Continuing Operations of $0.73	  	3	
 
The company ended the quarter with net cash of $78.0 million. Net interest expense was $2.1 million in the quarter.
The company repurchased 917 thousand shares of common stock in the quarter for $38.5 million and now has 5.8 million shares remaining in its stock repurchase authorization.
Depreciation and amortization for the third quarter was $24.6 million, up $3.8 million from the previous quarter, and capital expenditures totaled $21.1 million.
The company recorded an effective tax rate of 31.3 percent for the third quarter.
During the quarter, the company announced the signing of definitive agreements to acquire Direct Drive Systems, Inc. (DDS) for approximately $120 million and Multi Phase Meters AS (MPM) for approximately $30 million plus an earn out. The MPM acquisition closed on October 20, 2009, while the DDS acquisition is expected to close in the fourth quarter of 2009.
Summary and Outlook
FMC Technologies reported diluted earnings per share from continuing operations of $0.73, up one percent from the prior-year quarter. Energy Production Systems’ operating profit was up 38 percent over the third quarter of 2008 to a record $140.4 million. Total company backlog was $3.0 billion at the end of the quarter, including $2.4 billion in subsea systems.
The company increased its guidance for 2009. It estimates fourth quarter 2009 diluted earnings per share from continuing operations to be in a range of $0.70 to $0.75.
FMC Technologies, Inc. (NYSE:FTI) is a leading global provider of technology solutions for the energy industry. The Company designs, manufactures and services technologically sophisticated systems and products such as subsea production and processing systems, surface wellhead systems, high pressure fluid control equipment, measurement solutions, and marine loading systems for the oil and gas industry. Named by FORTUNE Magazine as America’s Most Admired Oil and Gas Equipment, Service Company in 2008, FMC Technologies has approximately 10,400 employees and operates 19 manufacturing facilities in 14 countries. For more information, visit www.fmctechnologies.com.
This release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are information of a non-historical nature and are subject to risks and uncertainties that are beyond the Company’s ability to control. These risks and uncertainties are described under the caption “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2008 and may be modified in subsequent quarterly reports filed by the Company with the Securities and Exchange Commission that may be accessed on the Company’s website. The Company cautions shareholders and prospective investors that actual results may differ materially from those indicated by the forward-looking statements.
FMC Technologies, Inc. will conduct its third quarter 2009 conference call at 9:00 a.m. EDT on Wednesday, October 28, 2009. The event will be available at  www.fmctechnologies.com . An archived audio replay will also be available after the event at the same website address. In the event of a disruption of service or technical difficulty during the call, information will be posted at  www.fmctechnologies.com/earnings .

FMC TECHNOLOGIES, INC. AND CONSOLIDATED SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited and in millions, except per share amounts)

 	  	Three Months Ended
September 30	 	 	Nine Months Ended
September 30	 	
 	  	2009	 	 	2008	 	 	2009	 	 	2008	 	
Revenue	  	$	1,088.4	  	 	$	1,127.6	  	 	$	3,245.2	  	 	$	3,345.8	  	
 	 	 	 	 	
Costs and expenses	  	 	947.2	  	 	 	982.6	  	 	 	2,851.5	  	 	 	2,955.4	  	

 	  	 	141.2	  	 	 	145.0	  	 	 	393.7	  	 	 	390.4	  	
 	 	 	 	 	
Other expense, net	  	 	(5.7	) 	 	 	(6.2	) 	 	 	(2.4	) 	 	 	(11.5	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before net interest expense and income taxes	  	 	135.5	  	 	 	138.8	  	 	 	391.3	  	 	 	378.9	  	
Net interest expense	  	 	(2.1	) 	 	 	(0.9	) 	 	 	(6.5	) 	 	 	(0.8	) 	

Income from continuing operations before income taxes	  	 	133.4	  	 	 	137.9	  	 	 	384.8	  	 	 	378.1	  	
Provision for income taxes	  	 	41.6	  	 	 	45.1	  	 	 	114.8	  	 	 	117.7	  	

Income from continuing operations	  	 	91.8	  	 	 	92.8	  	 	 	270.0	  	 	 	260.4	  	
Income (loss) from discontinued operations, net of income taxes	  	 	0.4	  	 	 	(9.7	) 	 	 	0.2	  	 	 	11.0	  	

Net Income	  	 	92.2	  	 	 	83.1	  	 	 	270.2	  	 	 	271.4	  	
Less: net income attributable to noncontrolling interests	  	 	(0.6	) 	 	 	(0.4	) 	 	 	(1.6	) 	 	 	(1.4	) 	

Net income attributable to FMC Technologies, Inc.	  	$	91.6	  	 	$	82.7	  	 	$	268.6	  	 	$	270.0	  	

Basic Earnings per share attributable to FMC Technologies, Inc.:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income from continuing operations	  	$	0.74	  	 	$	0.73	  	 	$	2.15	  	 	$	2.01	  	
Income (loss) from discontinued operations	  	 	-    	  	 	 	(0.08	) 	 	 	-    	  	 	 	0.09	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic earnings per share	  	$	0.74	  	 	$	0.65	  	 	$	2.15	  	 	$	2.10	  	

Basic weighted average shares outstanding	  	 	123.3	  	 	 	127.0	  	 	 	124.7	  	 	 	128.5	  	

Diluted earnings per share attributable to FMC Technologies, Inc.:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income from continuing operations	  	$	0.73	  	 	$	0.72	  	 	$	2.13	  	 	$	1.99	  	
Income (loss) from discontinued operations	  	 	-    	  	 	 	(0.08	) 	 	 	-    	  	 	 	0.08	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Diluted earnings per share	  	$	0.73	  	 	$	0.64	  	 	$	2.13	  	 	$	2.07	  	

Diluted weighted average shares outstanding	  	 	124.7	  	 	 	129.0	  	 	 	126.1	  	 	 	130.5	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income attributable to FMC Technologies, Inc.:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income from continuing operations	  	$	91.2	  	 	$	92.4	  	 	$	268.4	  	 	$	259.0	  	
Income (loss) from discontinued operations	  	 	0.4	  	 	 	(9.7	) 	 	 	0.2	  	 	 	11.0	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income attributable to FMC Technologies, Inc.	  	$	91.6	  	 	$	82.7	  	 	$	268.6	  	 	$	270.0	  	

FMC TECHNOLOGIES, INC. AND CONSOLIDATED SUBSIDIARIES
BUSINESS SEGMENT DATA
(Unaudited and in millions)

 	  	Three Months Ended
September 30	 	 	Nine Months Ended
September 30	 	
 	  	2009	 	 	2008	 	 	2009	 	 	2008	 	
 	 	 	 	 	
Revenue	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	
Energy Production Systems	  	$	926.9	  	 	$	896.2	  	 	$	2,733.1	  	 	$	2,697.9	  	
Energy Processing Systems	  	 	166.2	  	 	 	229.0	  	 	 	521.3	  	 	 	653.6	  	
Other revenue (1) and intercompany eliminations	  	 	(4.7	) 	 	 	2.4	  	 	 	(9.2	) 	 	 	(5.7	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	  	$	1,088.4	  	 	$	1,127.6	  	 	$	3,245.2	  	 	$	3,345.8	  	

Income before income taxes	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	
Segment operating profit	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Energy Production Systems	  	$	140.4	  	 	$	101.6	  	 	$	384.9	  	 	$	301.6	  	
Energy Processing Systems	  	 	24.8	  	 	 	42.7	  	 	 	81.8	  	 	 	124.8	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total segment operating profit	  	 	165.2	  	 	 	144.3	  	 	 	466.7	  	 	 	426.4	  	
 	 	 	 	 	
Corporate items	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Corporate expense	  	 	(9.3	) 	 	 	(9.9	) 	 	 	(25.2	) 	 	 	(28.4	) 	
Other revenue and other expense, net (1)	  	 	(21.0	) 	 	 	4.0	  	 	 	(51.8	) 	 	 	(20.5	) 	
Net interest expense	  	 	(2.1	) 	 	 	(0.9	) 	 	 	(6.5	) 	 	 	(0.8	) 	

Total corporate items	  	 	(32.4	) 	 	 	(6.8	) 	 	 	(83.5	) 	 	 	(49.7	) 	

Income from continuing operations before income taxes attributable to FMC Technologies, Inc.	  	$	132.8	  	 	$	137.5	  	 	$	383.2	  	 	$	376.7	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(1) Other revenue comprises certain unrealized gains and losses on derivative instruments related to unexecuted sales contracts. Other expense, net, generally includes stock-based compensation, other employee benefits, LIFO adjustments, certain foreign exchange gains and losses, and the impact of unusual or strategic transactions not representative of segment operations.

FMC TECHNOLOGIES, INC. AND CONSOLIDATED SUBSIDIARIES
BUSINESS SEGMENT DATA
(Unaudited and in millions)

 	  	Three Months Ended
September 30	 	 	Nine Months Ended
September 30	 	
 	  	2009	 	 	2008	 	 	2009	 	 	2008	 	
Inbound Orders	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	
Energy Production Systems	  	$	841.6	  	 	$	551.3	  	 	$	2,124.9	  	 	$	2,451.7	  	
Energy Processing Systems	  	 	140.8	  	 	 	237.2	  	 	 	434.8	  	 	 	698.5	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Subtotal Energy Systems	  	 	982.4	  	 	 	788.5	  	 	 	2,559.7	  	 	 	3,150.2	  	
Intercompany eliminations	  	 	(4.1	) 	 	 	3.5	  	 	 	(7.0	) 	 	 	(4.4	) 	

Total inbound orders	  	$	978.3	  	 	$	792.0	  	 	$	2,552.7	  	 	$	3,145.8	  	

 	  	September 30	 	 	 	 	
 	  	2009	 	 	2008	 	 	 	 	
Order Backlog	  	 	 	 	 	 	 	 	 	 	 	
 
Energy Production Systems	  	$	2,736.8	  	 	$	3,916.4	  	 	 	 	
Energy Processing Systems	  	 	226.7	  	 	 	375.4	  	 	 	 	
 	  	 	 	 	 	 	 	 	 	 	 	
Subtotal Energy Systems	  	 	2,963.5	  	 	 	4,291.8	  	 	 	 	
Intercompany eliminations	  	 	(4.1	) 	 	 	(1.1	) 	 	 	 	

Total order backlog	  	$	2,959.4	  	 	$	4,290.7	  	 	 	 	

FMC TECHNOLOGIES, INC. AND CONSOLIDATED SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions)

 	  	September 30,
2009
(Unaudited)	  	December 31,
2008	
 	 	 	
Cash and cash equivalents	  	$	397.4	  	$	340.1	
Trade receivables, net	  	 	935.1	  	 	996.1	
Inventories	  	 	609.4	  	 	559.3	
Other current assets	  	 	383.4	  	 	542.8	
 	  	 	 	  	 	 	
Total current assets	  	 	2,325.3	  	 	2,438.3	
 	 	 	
Property, plant and equipment, net	  	 	564.2	  	 	494.9	
Goodwill	  	 	144.7	  	 	128.7	
Intangible assets, net	  	 	66.7	  	 	70.2	
Investments	  	 	140.5	  	 	151.2	
Other assets	  	 	189.7	  	 	297.6	
 	  	 	 	  	 	 	
Total assets	  	$	3,431.1	  	$	3,580.9	

Short-term debt and current portion of long-term debt	  	$	9.5	  	$	23.0	
Accounts payable, trade	  	 	350.5	  	 	439.8	
Advance payments and progress billings	  	 	761.4	  	 	770.3	
Other current liabilities	  	 	634.7	  	 	726.7	
Liabilities of discontinued operations	  	 	2.2	  	 	3.5	
 	  	 	 	  	 	 	
Total current liabilities	  	 	1,758.3	  	 	1,963.3	
 	 	 	
Long-term debt, less current portion	  	 	309.9	  	 	472.0	
Other liabilities	  	 	345.7	  	 	446.9	
Common stock	  	 	1.4	  	 	1.4	
Other FMC Technologies, Inc. stockholders’ equity	  	 	1,005.9	  	 	689.0	
Noncontrolling interest in consolidated companies	  	 	9.9	  	 	8.3	
 	  	 	 	  	 	 	
Total liabilities and equity	  	$	3,431.1	  	$	3,580.9	

FMC TECHNOLOGIES, INC. AND CONSOLIDATED SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited and in millions)

 	  	Nine Months Ended
September 30	 	
 	  	2009	 	 	2008	 	
 	 	 	
Cash provided (required) by operating activities of continuing operations:	  	 	 	 	 	 	 	 	
Income from continuing operations	  	$	268.4	  	 	$	259.0	  	
Depreciation and amortization	  	 	64.7	  	 	 	53.4	  	
Trade accounts receivable, net	  	 	143.4	  	 	 	(167.3	) 	
Inventories	  	 	(22.5	) 	 	 	(69.0	) 	
Accounts payable, trade	  	 	(132.1	) 	 	 	25.2	  	
Advance payments and progress billings	  	 	(83.7	) 	 	 	148.5	  	
Other	  	 	177.1	  	 	 	(35.0	) 	

Net cash provided by operating activities of continuing operations	  	 	415.3	  	 	 	214.8	  	

Cash required by operating activities of discontinued operations	  	 	(1.2	) 	 	 	(9.5	) 	

Cash provided (required) by investing activities of continuing operations:	  	 	 	 	 	 	 	 	
Capital expenditures	  	 	(76.0	) 	 	 	(117.8	) 	
Proceeds on disposal of assets and other	  	 	18.8	  	 	 	3.1	  	

Net cash required by investing activities of continuing operations	  	 	(57.2	) 	 	 	(114.7	) 	

Cash required by investing activities of discontinued operations	  	 	-  	  	 	 	(4.7	) 	

Cash provided (required) by financing activities:	  	 	 	 	 	 	 	 	
Net (repayment) issuance of debt	  	 	(176.8	) 	 	 	246.4	  	
Issuance of capital stock	  	 	1.4	  	 	 	4.9	  	
Purchase of stock held in treasury	  	 	(134.2	) 	 	 	(324.0	) 	
Proceeds from spin-off of JBT Corporation	  	 	-  	  	 	 	157.8	  	
Other	  	 	(7.2	) 	 	 	4.8	  	

Net cash provided (required) by financing activities	  	 	(316.8	) 	 	 	89.9	  	

Effect of changes in foreign exchange rates on cash and cash equivalents	  	 	17.2	  	 	 	0.7	  	

Increase in cash and cash equivalents	  	 	57.3	  	 	 	176.5	  	
 	 	 	
Cash and cash equivalents, beginning of period	  	 	340.1	  	 	 	129.5	  	

Cash and cash equivalents, end of period	  	$	397.4	  	 	$	306.0