News

FMC revenues rise 21%

12 May 2016

FMC Corporation has reported first quarter revenue of $799 million, a 21% increase over the same period in 2015. The company reported net income of $48.3 million for the first quarter of 2016.

FMC Corporation has reported first quarter revenue of $799 million, a 21% increase over the same period in 2015. The company reported net income of $48.3 million, or $0.36 per diluted share, in the first quarter of 2016, as compared to a net loss of $46.8 million, or a loss of $0.35 per diluted share, in the first quarter of 2015. Excluding various restructuring charges, adjusted earnings were $0.58 per diluted share, flat compared to the prior-year quarter.

"We are pleased to have achieved adjusted EPS towards the higher end of our first quarter guidance range and to increase our full-year adjusted EPS guidance by five cents,” said Pierre Brondeau, FMC president, CEO and chairman. “With Ag Solutions and Health and Nutrition delivering earnings in line with guidance, it was the outperformance by Lithium that drove this strong result and the guidance increase. We came into 2016 expecting challenging agricultural market conditions, particularly in the Americas, and so far these expectations are proving to be accurate. However, the actions we continue to take in managing the business leave us confident in our full-year outlook for Agricultural Solutions."

FMC Health and Nutrition first quarter segment revenue was $192 million, 9% lower versus the prior-year quarter, driven primarily by lower sales in Omega-3 and a 2% headwind from foreign currency. Segment earnings of $47 million were down 7% compared to the prior-year quarter, principally due to lower revenue, but lower operating costs helped drive an increase in segment operating margins. Segment revenue for the full year of 2016 is expected to be in the range of $775 million to $825 million, while full-year segment earnings are expected to be between $198 million and $208 million. Second quarter segment earnings are expected to be in the range of $49 million to $53 million.

FMC increased its outlook for adjusted earnings per share by five cents versus previous guidance to a range of $2.55 to $2.85 for the full year of 2016, an increase of 9% (at the mid-point) versus 2015 adjusted earnings per share of $2.47.