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FMC Q1 materials segment earnings augment 27%
07
May '14
FMC Corporation announces first quarter 2014 results and maintains outlook for 2014. FMC Corporation reported quarterly revenues of $942 million in the first quarter, a 3 percent increase over the same period in 2013.  The company reported net income of $65.6 million, or $0.49 per diluted share, in the first quarter of 2014, compared to net income of $130.9 million, or $0.94 per diluted share, in the first quarter of 2013.
 
First quarter results include charges of $61.3 million after tax, or $0.46 per diluted share, compared to charges of $18.1 million after tax, or $0.14 per diluted share, in the prior-year quarter. Excluding these items in both periods, adjusted earnings were $0.95 per diluted share, a decrease of 12 percent versus the prior-year quarter.
 
First Quarter 2014 Highlights
-Businesses performed largely as expected with growth in Health and Nutrition and Minerals; Agricultural Solutions impacted unfavorably by weather
-Consolidated revenues up 3 percent to $942 million
-Agricultural Solutions segment earnings down 26 percent
-Health and Nutrition segment earnings up 17 percent
-Minerals segment earnings up 27 percent
-Consolidated adjusted earnings per share down 12 percent to $0.95 per diluted share
-Full-year 2014 outlook reaffirmed for adjusted earnings of $4.35 to $4.55 per diluted share, a 15 percent increase compared to prior year at midpoint of range
 
Segment Results and Outlook
FMC Minerals
First-quarter segment revenues for FMC Minerals were $248.7 million, an increase of 11 percent from the prior-year quarter. First-quarter segment earnings of $36.8 million were up 27 percent versus the prior-year quarter. As expected, revenue growth was driven in Alkali Chemicals by year-over-year improvements in Asian soda ash pricing and increased production volumes in the quarter. 
 
This was partially offset by headwinds primarily related to higher energy costs. Lithium manufacturing operations performed according to plan with higher production volumes meeting increased demand, especially in energy storage applications. In the quarter, Lithium's operating margin continued to increase, reaching the low-teens percent, and it is expected to continue to improve in the remaining quarters of the year.
 
In the full-year outlook for Alkali Chemicals, FMC is maintaining its approach of only including current contract prices when forecasting pricing improvements. Segment earnings in 2014 are expected to be up in the high-teens percent versus the previous year, primarily driven by improved Lithium operations, incremental soda ash volume increases and more favorable contractual soda ash pricing versus 2013.
 
Click here to view full results.
 

FMC Corporation


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