FMC Technologies Q4

Subsea engineering outfit FMC Tech(FTI) reported Q4 on Monday:


Revenues $1,205.1 million (+12.6%)

EBIT $128.9 million (-0.2%)

Net income $91.3 million (+1.5%)

EPS $0.72 (+5.8%)

Order backlog(31/12/2008) $3,651.2 million (-19%)


Balance Sheet

Assets
Current $2,443.7 million

Liabilities
Current $1,962.5 million



Outlook

Peter D. Kinnear, Chairman, President and Chief Executive Officer: "We enter 2009 in the midst of an uncertain macroeconomic environment but with a solid base for future business. We expect the strength of our subsea backlog will help offset declines in our other businesses in 2009. Overall, we estimate 2009 diluted earnings per share from continuing operations to be in a range of $2.40 to $2.65."

P/E 9.5,

FTI looks expensive. A P/E in the range of 5 to 7 would be acceptable. The order backlog provides some visibility, but it only covers a years worth of revenues.