Philadelphia, Pensylvania, USa
November 2, 2016
- Consolidated revenue of $808 million
- Consolidated GAAP earnings per diluted share of $0.59
- Consolidated adjusted earnings per diluted share of $0.67
- Agricultural Solutions segment earnings of $90 million
- Health and Nutrition segment earnings of $45 million
- Lithium segment earnings of $18 million
- Increasing guidance for 2016 adjusted earnings per diluted share by 6 cents at the mid-point of the range to $2.76 to $2.86
FMC Corporation (NYSE: FMC) today reported third quarter 2016 net income per diluted share of $0.59, as compared to a net loss per diluted share of $0.02 in the third quarter of 2015. Excluding various restructuring charges, adjusted earnings were $0.67 per diluted share for the third quarter of 2016, compared to adjusted earnings of $0.42 per diluted share for the prior year quarter.
Pierre Brondeau, FMC president, CEO and chairman said: "FMC delivered another strong quarter, reporting adjusted earnings per share above the top end of guidance. Ag Solutions had a solid quarter, particularly in Latin America, reporting segment earnings at the top end of prior guidance. Lithium outperformed, increasing earnings by $16 million compared to the prior year quarter. Lithium's performance reflects the success of FMC's strategy to focus on higher value downstream specialty products. Health and Nutrition delivered strong margins, but revenue was below expectations. Overall, I am very pleased with the execution of our strategy. With just one quarter to go in the year, we are tightening our guidance for 2016 adjusted earnings per diluted share and raising the mid-point of the range by 6 cents per diluted share to $2.76 to $2.86."
FMC Agricultural Solutions
FMC Agricultural Solutions reported third quarter revenue of $559 million and segment earnings of $90 million. Third quarter segment revenue declined 3 percent year-over-year, principally due to lower sales volume from market weakness and product rationalization, offset partially by price increases. Segment earnings increased 52 percent compared to results for third quarter 2015, as the impact of better pricing and positive foreign exchange offset the lower sales volumes and higher costs.
For the full year, segment revenue is expected to be in the range of $2.2 billion to $2.4 billion and segment earnings are expected to be in the range of $390 million to $410 million. Fourth quarter segment earnings are expected to be in the range of $117 million to $137 million, up 26 percent at the mid-point of the range.
FMC Health and Nutrition
FMC Health and Nutrition reported third quarter segment revenue of $179 million and segment earnings of $45 million. Revenue declined 9 percent and segment earnings declined 4 percent compared to the third quarter 2015 largely due to lower revenue in Omega 3 and timing of sales in Asia and Europe.
Segment revenue for the full year is expected to be between $740 and $760 million and 2016 segment earnings are expected to be between $190 and $194 million. For the fourth quarter, segment earnings are expected to be between $53 and $57 million, up 19 percent at the mid-point of the range.
FMC Lithium
FMC Lithium reported third quarter segment revenue of $70 million, an increase of 22 percent from the prior-year quarter. Segment earnings increased to $18 million in the quarter versus $2 million in the prior-year quarter. Higher average prices in all major products, lower operating costs and the devaluation of the Argentinean peso all contributed to the increase in segment earnings.
For the full year 2016, segment revenue is expected to be in the range of $265 million to $275 million. 2016 segment earnings are expected to be between $65 and $69 million, $5 million higher than previous guidance at the mid-point. Segment earnings for the fourth quarter are expected to be in the range of $16 million to $20 million, up 62 percent year-over-year at the mid-point of the range.
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