Highlights:
- Subsea Technologies full year orders of $3.9 billion
- Record full year Subsea Technologies revenue of $3.3 billion
- Record full year Surface Technologies revenue of $1.3 billion
- 2011 diluted earnings per share of $1.64, tenth consecutive year of earnings growth
- Company provides 2012 diluted earnings per share guidance in the range of $2.10 to $2.25
Total inbound orders of
Full Year 2011 Results
"We are pleased to report that we reached a record
"Surface Technologies turned in another solid quarter and, as we enter 2012, continues to show strength in fluid control as well as improved performance in surface wellhead, where we addressed issues that affected much of 2011."
"Given the market outlook, we expect 2012 to be our eleventh consecutive year of earnings growth, and our estimate for diluted earnings per share is
Review of Operations — Fourth Quarter 2011
Subsea Technologies
Subsea Technologies' fourth quarter revenue was
Inbound orders for the fourth quarter were
Surface Technologies
Surface Technologies' fourth quarter revenue of
Inbound orders were
Energy Infrastructure
Energy Infrastructure's fourth quarter revenue was
Inbound orders for the fourth quarter were
Corporate Items
Corporate expense in the fourth quarter was
The Company ended the quarter with net debt of
The Company repurchased 1.1 million shares of common stock in the quarter, at an average cost of
Depreciation and amortization for the fourth quarter was
The Company recorded an effective tax rate of 28.1 percent for the fourth quarter.
Summary and Outlook
Total inbound orders of
Subsea Technologies sales and orders are expected to increase in 2012 with improved operating margins.
The Company provided guidance for 2012 diluted earnings per share in a range of
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
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CONDENSED CONSOLIDATED STATEMENTS OF INCOME |
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(In millions except per share amounts, unaudited) |
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Three Months Ended |
Twelve Months Ended |
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|
|
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2011 |
2010 |
2011 |
2010 |
||||||
Revenue |
$ |
1,500.5 |
$ |
1,102.8 |
$ |
5,099.0 |
$ |
4,125.6 |
|
Costs and expenses |
1,356.1 |
966.4 |
4,536.6 |
3,574.0 |
|||||
144.4 |
136.4 |
562.4 |
551.6 |
||||||
Other expense, net |
(2.9) |
(0.3) |
(1.4) |
(4.9) |
|||||
Income before net interest expense and income taxes |
141.5 |
136.1 |
561.0 |
546.7 |
|||||
Net interest expense |
(2.2) |
(2.3) |
(8.2) |
(8.8) |
|||||
Income from continuing operations before income taxes |
139.3 |
133.8 |
552.8 |
537.9 |
|||||
Provision for income taxes |
38.8 |
32.8 |
149.3 |
159.6 |
|||||
Income from continuing operations |
100.5 |
101.0 |
403.5 |
378.3 |
|||||
Loss from discontinued operations, net of income taxes |
- |
(0.7) |
- |
(0.4) |
|||||
Net income |
100.5 |
100.3 |
403.5 |
377.9 |
|||||
Less: net income attributable to noncontrolling interests |
(1.3) |
(1.0) |
(3.7) |
(2.4) |
|||||
Net income attributable to |
$ |
99.2 |
$ |
99.3 |
$ |
399.8 |
$ |
375.5 |
|
Earnings per share attributable to |
|||||||||
Basic |
$ |
0.41 |
$ |
0.41 |
$ |
1.66 |
$ |
1.55 |
|
Diluted |
$ |
0.41 |
$ |
0.41 |
$ |
1.64 |
$ |
1.53 |
|
Weighted average shares outstanding: |
|||||||||
Basic |
239.8 |
241.2 |
241.2 |
243.1 |
|||||
Diluted |
241.9 |
243.5 |
243.2 |
245.3 |
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