Home / Knowledge / News / Textiles / FMC Q1 materials segment earnings augment 27%
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


Must ReadView All

Textiles | On 22nd Jun 2017

Zund unveils cradle feeder roll-feed system for fabrics

Zund Systemtechnik AG, Switzerland’s textile machinery firm that...

Textiles | On 22nd Jun 2017

Hpfabrics opening production facility in Forsyth County

Hpfabrics, manufacturer of raw fabrics, is opening a new production...

Courtesy: Napapijri

Apparel/Garments | On 22nd Jun 2017

Napapijri's Superlight Parka is free of fur and down

Napapijri has introduced the new Superlight Parka, a new lightweight...

Interviews View All

Poojaa Kumar Deepak
Zeven

Zeven's performance sports apparel is designed for the Indian body type,...

Angelina Francesca Cheang
MY ANJE

'Consumers in the age-group 21 to 38 are driving the activewear trend'

Abhimanyu Singh Rathore & Barbara Anna Kosiorek
Kannbar

‘Blending cultures is the true beauty of fashion, where one’s imagination...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
June 2017

June 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search