Leading oilfield equipment manufacturer and supplier FMC Technologies Inc.’s FTI first-quarter 2016 adjusted earnings per share of 22 cents missed the Zacks Consensus Estimate of 31 cents. The bottom line also deteriorated from the year-ago quarter figure. The underperformance stemmed from weakness in the North American land market and negative impact of the strengthening U.S. dollar. The company reported quarterly revenues of $1,209 million, substantially below the first-quarter 2015 level of $1,695 million. The top line also fell short of the Zacks Consensus Estimate of $1,305 million. Segmental AnalysisSubsea Technologies: Revenues in this segment were $864 million, down about 25% from the prior-year quarter. This was primarily due to the adverse effect of a stronger U.S. dollar.Operating profit of $109.5 million decreased from the year-ago quarter level of $168.7 million.Surface Technologies: Revenues in this segment plunged more than 41% year over year to $265.5 million due to lower rig activity in the North American market.The segment reported operating loss of $28.6 million. The segment’s year-ago operating profit was $62.9 million. Decline in North American activity and unfavorable pricing scenario affected the result in the reported quarter.Energy Infrastructure: Revenues in this segment for the period between January and March were $84.1 million, down 17% year over year. Reduced activity in the company’s measurement solutions resulted in deterioration.The segment reported operating loss of $3.3 million. Last year, the segment had made a profit of $2.9 million.BacklogAs of Mar 31, 2016, FMC Technologies reported a total backlog (including inter-company eliminations) of $3,955.1 million. This was significantly lower than the prior-year quarter level of $5,507 million. Out of this, backlog for Subsea Technologies was $3,372.5 million, while Surface Technologies and Energy Infrastructure backlog were $429.4 million and $157.7 million, respectively.Balance SheetIn the reported quarter, FMC Technologies spent $35.3 million on capital programs. As of Mar 31, the company had cash and cash equivalents of $1,032.3 million and long-term debt (excluding current portion) of $1,218.4 million.Zacks Rank & Other Stock PicksFMC Technologies currently carries a Zacks Rank #3 (Hold). Some better-ranked players from the broader energy sector are SunCoke Energy Inc. SXC, PetroChina Co. Ltd. PTR andBraskem S.A. BAK. All these stocks sport a Zacks Rank #1 (Strong Buy).Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report FMC TECH INC (FTI): Free Stock Analysis Report PETROCHINA ADR (PTR): Free Stock Analysis Report BRASKEM SA (BAK): Free Stock Analysis Report SUNCOKE ENERGY (SXC): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research