Philadelphia, Pennsylvania, USA
August 1, 2017
Second Quarter 2017 Highlights
- Consolidated revenue of $657 million, up 7 percent versus Q2 '16
- Consolidated GAAP earnings of $0.56 per diluted share, up 14 percent versus Q2 '16
- Consolidated adjusted earnings per diluted share of $0.48, up 4 percent versus Q2 '16
- Agricultural Solutions segment earnings of $96 million, down 5 percent versus Q2 '16
- Lithium segment earnings of $24 million, up 47 percent versus Q2 '16
- Narrowing guidance range for 2017 adjusted earnings per diluted share to $2.30 to $2.501,2
- FMC's previously announced transactions with DuPont on track to close on November 1, 2017
FMC Corporation (NYSE: FMC) today reported second quarter revenue of $657 million, which is an increase of 7 percent year-over-year. On a GAAP basis, the company reported earnings of $0.56 per diluted share in the second quarter, or $75 million, which is 14 percent higher than the GAAP earnings of $0.49 per diluted share, or $65 million, in the second quarter of 2016. Second quarter 2017 adjusted earnings per diluted share were $0.48, which excludes approximately 24 cents attributable to the reporting of Health and Nutrition in discontinued operations.
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Pierre Brondeau, FMC president, CEO and chairman said: "FMC delivered another solid quarter. In Ag Solutions, we saw strong volumes in Latin America and successful new product launches into Asia. Lithium earnings increased by over 45 percent, on higher pricing. Our lithium hydroxide expansion began selling product to customers in the second quarter and will be at full run rate by the fourth quarter."
FMC Agricultural Solutions
FMC Agricultural Solutions reported second quarter revenue of $583 million and segment earnings of $96 million. Second quarter segment revenue increased 6 percent year-over-year, with volume increasing 10 percent, partially offset by a 4 percent decline in price. Segment earnings decreased 5 percent compared to the second quarter of 2016, with price and geographic mix shift having the largest negative impact.
Agricultural Solutions full-year segment revenue is forecasted to be in the range of $2.3 billion to $2.4 billion, an increase of 3 percent at the mid-point compared to 2016, and full-year segment earnings are expected to be in the range of $415 million to $445 million, an increase of 8 percent at the mid-point. 2 Segment earnings margin is expected to be approximately 20 percent in the second half of 2017. Third quarter segment earnings are forecasted to be in the range of $100 million to $120 million, an increase of 22 percent at the mid-point compared to the prior year quarter.
FMC Lithium
FMC Lithium reported second quarter segment revenue of $74 million, an increase of 17 percent from the prior-year quarter. Segment earnings increased 47 percent to $24 million in the quarter versus $17 million in the prior-year quarter. Significantly higher prices and improved mix were partially offset by increased costs.
The outlook for Lithium for the full year has been increased. Segment revenue for the full year of 2017 is forecasted to be in the range of $340 million to $360 million, an increase of 33 percent at the mid-point compared to 2016, while full-year segment earnings are expected to be between $115 million and $125 million. This revised forecast for full-year segment earnings represents an increase of $10 million versus prior guidance and an increase of over 70 percent at the mid-point compared to the prior year. Third quarter segment earnings are expected to be in the range of $30 million to $35 million, an increase of approximately 85 percent at
the mid-point compared to the prior year quarter.
2017 Outlook
FMC expects adjusted earnings per share to be in the range of $2.30 to $2.50 for the full year 2017, excluding any benefit from the pending DuPont (NYSE:DD) Crop Protection transaction.
Update on Transactions with DuPont
FMC continues to expect both the Crop Protection and Health and Nutrition transactions with DuPont will close on November 1, 2017.
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