FMC Technologies Reports Strong First Quarter Diluted Earnings Per Share of $0.67

-- Energy Systems' revenue improved 34 percent from the prior-year quarter

-- Inbound orders of $1.1 billion improved 75% over the prior-year quarter

-- Total company backlog at a record $2.2 billion, subsea systems backlog reaches record $1.4 billion

-- Company increased its estimate for full year 2006 earnings per diluted share to a range of $2.60 to $2.80

FMC Technologies, Inc. (NYSE:FTI) today reported first quarter2006 revenue of $869.3 million up 28 percent over the first quarter of2005 on the strength of the Energy Systems business. Net income forthe first quarter of 2006 was $47.0 million, or $0.67 per dilutedshare. Net income in the first quarter of 2005 was break-even andincluded a $27.0 million pre-tax loss provision, or $0.24 per dilutedshare, for the Sonatrach project.

Inbound orders totaled $1.1 billion, up 75 percent over theprior-year quarter. Backlog grew to a record $2.2 billion on strongsubsea inbound orders.

During the quarter, the Company repurchased 729,800 shares of itscommon stock for $35.2 million.

"We are pleased with the outstanding performance in first quarter.Our results were driven by our subsea systems business as well as oursurface systems and fluid control businesses," said Joseph H.Netherland, Chairman, and Chief Executive Officer. "Energy Systems'revenue grew 34 percent over the prior-year quarter, Energy Systems'operating profit margins were at record levels, and subsea backlogreached $1.4 billion. As a result of this performance and theexpectation for high oilfield market activity levels in 2006, we haveincreased our estimate for full year 2006 earnings per diluted shareto a range of $2.60 to $2.80."

Review of Operations - First Quarter 2006

Energy Systems

Revenue for Energy Systems, comprising Energy Production Systemsand Energy Processing Systems, was $679.9 million in the first quarterof 2006, up 34 percent from $507.1 million in the first quarter of2005. Energy Systems' operating profit for the first quarter was $77.2million, up from $5.8 million in the same period last year. Firstquarter 2005 segment operating profit included a $27.0 million pre-taxloss provision for the Sonatrach project.

Energy Systems' inbound orders were $833.9 million in the firstquarter, up from $437.6 million in the prior year quarter dueprimarily to strong inbound orders for subsea systems as well ashigher demand for surface systems. Subsea orders increased 135 percentand surface systems inbound orders improved 44 percent from theprior-year quarter.

Energy Production Systems

Energy Production Systems' first quarter sales of $527.7 millionincreased 33 percent over the prior-year quarter, due largely tohigher subsea systems and surface systems volume. Revenue for subseasystems was $366.0 million in the quarter, up 25 percent from theprior-year quarter. Surface systems revenue improved significantlyover the prior-year quarter and sequentially.

Energy Production Systems' operating profit of $53.9 million is$55.1 million higher than the prior-year quarter. The operating profitincrease was due to higher volumes and operating margins for subseasystems and surface systems and to the absence of a Sonatrach chargein the first quarter of 2006.

Energy Production Systems' inbound orders were $682.9 million forthe first quarter, up $374.3 million from the prior-year quarter, duemainly to the $503 million of orders for subsea systems. Inboundorders were also strong for surface systems, up 44 percent fromprior-year quarter and for floating systems, up significantly from theprior-year quarter on recent awards for turret mooring systems.

Energy Processing Systems

Energy Processing Systems' first quarter revenue of $152.3 millionwas 38 percent higher than prior-year period. The revenue improvementwas the result of strong demand for WECO(R)/Chiksan(R) equipment dueto the strength in U.S. land drilling activity, as well as improvementin loading systems, measurement systems and material handling.

Energy Processing Systems' first quarter operating profit of $23.3million improved $16.3 million from prior-year quarter and $5.0million sequentially. The operating profit improvement is primarilythe result of higher WECO(R)/Chiksan(R) equipment volume, and to alesser extent, higher loading systems and material handling volume andcost reduction benefits. In the first quarter of 2005, EnergyProcessing operating results included $2.1 million of restructuringcosts for the material handling business.

Energy Processing Systems' inbound orders were $151.0 million forthe first quarter, up 17 percent from the prior-year quarter. Strongdemand for WECO(R)/Chiksan(R) equipment and loading systems drove theimprovement.

FoodTech

FoodTech's first quarter revenue of $123.3 million was up 10percent from the first quarter of 2005 due primarily to higher volumesof freezing and cooking equipment in the North America poultryprocessing market and higher demand for citrus projects and foodprocessing equipment. Operating profit of $6.8 million was twice theoperating profit of the prior-year period of $3.4 million, due mainlyto increased volumes of poultry and other food processing equipment.

Airport Systems

Airport Systems' first quarter revenue of $68.2 million was $3.5million higher than the prior-year quarter due mainly to increasedbusiness for airport services from new and existing U.S. airportcustomers. Airport Systems' first quarter operating profit of $2.5million was $1.6 million below the prior-year period. Higher operatingprofit, mainly from increased revenue in the airport servicesbusiness, offset the absence of the $2.7 million gain on the sale ofland in the first quarter of 2005.

Corporate Items

Corporate expense in the first quarter of 2006 was $6.8 million,$0.8 million below prior-year period. Other expense, net, of $4.6million decreased $2.5 million due mainly to a favorable impact offoreign currency.

Net interest expense in the first quarter of 2006 was $1.5million, up slightly from $1.2 million in the first quarter of 2005.

Net debt increased to $158.0 million at the end of the firstquarter of 2006 due mainly to cash requirements for stock repurchasesas well as capital expenditures and working capital increases tosupport growth in the energy business.

Depreciation and amortization for the first quarter of 2006 was$16.7 million, up from $16.0 million in the prior-year quarter.

Capital expenditures during the first quarter of 2006 totaled$29.1 million, up from $11.3 million in the prior-year quarter dueprimarily to capacity expansion projects in Energy Systems.

Summary and Outlook

FMC Technologies reported net income of $47.0 million, or $0.67per diluted share on the strength of the Energy Systems. Revenue of$869.3 million was up 28 percent over the prior-year quarter. SubseaSystems' revenue grew 25 percent and backlog increased 43 percent fromthe prior-year quarter. Increased drilling activity significantlyimpacted the Company's surface systems and WECO(R)/Chiksan(R)businesses, resulting in increased revenue and operating profit.FoodTech delivered revenue and operating profit improvement over theprior-year quarter. Airport Systems' revenue improved while operatingprofits declined from the prior-year quarter due to the absence of again on sale of land recorded in the first quarter of 2005. Totalcompany backlog reached a record $2.2 billion.

The Energy Systems businesses are expected to have another strongyear in 2006 driven by the secular growth of subsea and theexpectation for continuing high oilfield activity levels. FoodTechoperating profits are expected to improve over 2005, while AirportSystems' 2006 operating profits are expected to be in line with 2005performance.

The Company increased its estimate for full year 2006 earnings perdiluted share to a range of $2.60 to $2.80.

FMC Technologies, Inc. (www.fmctechnologies.com) is a globalleader providing mission-critical technology solutions for the energy,food processing and air transportation industries. The Companydesigns, manufactures and services technologically sophisticatedsystems and products for its customers through its Energy Systems(comprising Energy Production and Energy Processing), FoodTech andAirport Systems businesses. FMC Technologies employs approximately10,000 people and operates 32 manufacturing facilities in 17countries.

This release contains forward-looking statements as defined in thePrivate Securities Litigation Reform Act of 1995. Forward-lookingstatements are information of a non-historical nature and are subjectto risks and uncertainties that are beyond the Company's ability tocontrol. These risks and uncertainties are described under the caption"Risk Factors" in the Company's Annual Report on Form 10-K for theyear ended December 31, 2005 and may be modified in subsequentperiodic reports filed by the Company with the Securities and ExchangeCommission that may be accessed on the Company's website. The Companycautions shareholders and prospective investors that actual resultsmay differ materially from those indicated by the forward-lookingstatements.

FMC Technologies, Inc. will conduct its first quarter 2006conference call at 9:00 a.m. (Eastern Daylight Time) on Tuesday, May09, 2006. The event will be available at www.fmctechnologies.com. Italso will be available for replay after the event at the same websiteaddress.
FMC TECHNOLOGIES, INC. AND CONSOLIDATED SUBSIDIARIES
----------------------------------------------------
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
-------------------------------------------
(Unaudited and in millions, except per share amounts)

Three Months Ended
March 31
---------------------
2006 2005
---------- ----------

Revenue $869.3 $681.6

Costs and expenses 793.6 684.9
---------- ----------

75.7 (3.2)

Net gain on disposal of assets 0.2 2.7

Minority interests (0.8) (0.8)
---------- ----------

Income (loss) before net interest expense and
income taxes 75.1 (1.4)
Net interest expense (1.5) (1.2)
---------- ----------

Income (loss) before income taxes 73.6 (2.6)

Provision (benefit) for income taxes 26.6 (2.6)
---------- ----------

Net income $47.0 $0.0
========== ==========


Earnings per share
------------------

Basic $0.68 $0.00
========== ==========

Diluted $0.67 $0.00
========== ==========

Weighted average shares outstanding
-----------------------------------

Basic 68.7 69.1
========== ==========

Diluted 70.4 69.1
========== ==========




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

Three Months Ended
March 31
---------------------
2006 2005
---------- ----------
Revenue
-------

Energy Production Systems $527.7 $397.8
Energy Processing Systems 152.3 110.3
Intercompany eliminations (0.1) (1.0)
---------- ----------
Subtotal Energy Systems 679.9 507.1
FoodTech 123.3 111.9
Airport Systems 68.2 64.7
Intercompany eliminations (2.1) (2.1)
---------- ----------
$869.3 $681.6
========== ==========

Income (loss) before income taxes
---------------------------------

Segment operating profit (loss)
-------------------------------
Energy Production Systems $53.9 $(1.2)
Energy Processing Systems 23.3 7.0
---------- ----------
Subtotal Energy Systems 77.2 5.8
FoodTech 6.8 3.4
Airport Systems 2.5 4.1
---------- ----------
Total segment operating profit 86.5 13.3

Corporate items
---------------
Corporate expense (6.8) (7.6)
Other expense, net (1) (4.6) (7.1)
Net interest expense (1.5) (1.2)
---------- ----------
Total corporate items (12.9) (15.9)
---------- ----------

Income (loss) before income taxes $73.6 $(2.6)
========== ==========


(1) Other expense, net, includes expenses and income of corporate
administration and generally includes stock-based compensation,
other employee benefits, LIFO adjustments, 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
March 31
---------------------
2006 2005
---------- ----------
Inbound Orders
---------------

Energy Production Systems $682.9 $308.6
Energy Processing Systems 151.0 129.4
Intercompany eliminations - (0.4)
---------- ----------
Subtotal Energy Systems 833.9 437.6
FoodTech 157.5 134.5
Airport Systems 104.0 56.5
Intercompany eliminations (1.5) (3.2)
---------- ----------

Total inbound orders $1,093.9 $625.4
========== ==========



March 31
---------------------
2006 2005
---------- ----------
Order Backlog
--------------

Energy Production Systems $1,651.7 $1,133.4
Energy Processing Systems 213.5 123.9
Intercompany eliminations (0.2) (0.3)
---------- ----------
Subtotal Energy Systems 1,865.0 1,257.0
FoodTech 164.3 165.3
Airport Systems 129.6 111.6
Intercompany eliminations (0.8) (3.0)
---------- ----------

Total order backlog $2,158.1 $1,530.9
========== ==========




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

March 31, December 31,
2006 2005
(Unaudited)
------------ ------------

Cash and cash equivalents $106.7 $152.9
Trade receivables, net 763.9 736.3
Inventories 526.8 449.4
Other current assets 100.0 89.5
------------ ------------
Total current assets 1,497.4 1,428.1

Property, plant and equipment, net 372.2 353.3
Goodwill 121.5 117.4
Intangible assets, net 61.8 61.1
Investments 21.6 22.3
Other assets 106.2 113.4
------------ ------------
Total assets $2,180.7 $2,095.6
============ ============

Short-term debt and current portion of long-
term debt $4.5 $3.3
Accounts payable, trade and other 371.5 366.2
Advance payments and progress billings 365.7 348.6
Other current liabilities 346.3 340.1
------------ ------------
Total current liabilities 1,088.0 1,058.2

Long-term debt, less current portion 260.2 252.6
Other liabilities 87.7 85.3
Common stock 0.7 0.7
Other stockholders' equity 744.1 698.8
------------ ------------
Total liabilities and stockholders' equity $2,180.7 $2,095.6
============ ============




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

Three Months Ended
March 31
--------------------
2006 2005
--------- ----------

Cash (required) provided by operating activities
of continuing operations:
Net income $47.0 $-
Depreciation and amortization 16.7 16.0
Trade accounts receivable, net (21.2) 24.2
Inventories (74.9) (85.9)
Advance payments and progress billings 15.8 51.2
Trade accounts payable (1.8) (26.8)
Other 6.7 (30.0)
--------- ----------

Net cash required by operating activities of
continuing operations (11.7) (51.3)
--------- ----------

Cash required by discontinued operations (0.1) (0.1)
--------- ----------

Cash provided (required) by investing activities:
Capital expenditures (29.1) (11.3)
Other 2.6 4.7
--------- ----------

Net cash required by investing activities (26.5) (6.6)
--------- ----------


Cash provided (required) by financing activities:
Net increase in debt 8.7 3.2
Issuance of capital stock 11.4 9.4
Purchase of stock held in treasury (35.2) (5.7)
Other 6.9 1.7
--------- ----------

Net cash (required) provided by financing
activities (8.2) 8.6
--------- ----------

Effect of changes in foreign exchange rates on
cash and cash equivalents 0.3 (2.3)
--------- ----------

Decrease in cash and cash equivalents (46.2) (51.7)

Cash and cash equivalents, beginning of period 152.9 124.1
--------- ----------

Cash and cash equivalents, end of period $106.7 $72.4
========= ==========