FMC Corporation Q1 revenue went down 13 percent
Staff writer ▼ | May 12, 2015
FMC Corporation released first quarter results. Revenue was $659.4 million, a 13 percent decrease versus the same period in 2014.Article continues below
The company reported a net loss of $46.8 million, or ($0.35) per diluted share, in the first quarter of 2015, compared to net income of $65.6 million, or $0.49 per diluted share, in the first quarter of 2014. First quarter results include charges of $130.6 million after tax, or $0.97 per diluted share, compared to charges of $39.4 million after tax, or $0.29 per diluted share, in the prior-year quarter.
Excluding these items in both periods, adjusted earnings were $0.62 per diluted share, a decline of 21 percent versus the prior-year quarter of $0.78.
First-quarter segment revenue for FMC Agricultural Solutions was $392.4 million, a decrease of 16 percent versus the prior-year quarter. First-quarter segment earnings were $81.8 million, a 32 percent decrease from the prior-year quarter.
In the quarter, slow demand due to lower insect pressures and higher-than-normal channel inventories in Brazil, volatile exchange rates, and the decision to exit a distribution channel in Brazil responsible for third-party product sales negatively impacted results.
First-quarter segment revenue for FMC Health and Nutrition was $211.0 million, a decrease of 7 percent versus the prior-year quarter. Unfavorable foreign currency impacts, primarily a weaker Euro, decreased revenue by approximately 5 percent, and lower sales volumes, principally in alginates, reduced revenue by approximately 2 percent.
Segment earnings of $51 million were flat versus the prior-year quarter as improved product mix offset the decline in revenue.
For 2015, full-year segment earnings are expected to increase by mid-single digit percent. Earnings growth is expected to come from continued demand for pharmaceutical excipients and benefits from ongoing operational improvement and restructuring programs. ■ What to read next
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