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FMC back in the black in Q1

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FMC back in the black in Q1

FMC Corp.said May 2 that it recorded net income attributable to shareholders in the firstquarter of US$48.3 million, or 36 cents per share, reversing the net loss of US$46.8million, or 35 cents per share, recorded in the same period in 2015.

Adjusted earnings, excluding certain restructuring charges, were58 cents per diluted share, flat compared to the prior-year quarter.

Consolidated revenues in the first quarter improved to US$798.8million from US$659.4 million.

"We are pleased to have achieved adjusted EPS towards thehigher end of our first quarter guidance range and to increase our full-year adjustedEPS guidance by five cents," said Pierre Brondeau, the company's president,CEO and chairman.

Earnings per diluted share this year is now expected to rangefrom US$2.55 to US$2.85. This compares with adjusted EPS of US$2.47 recorded in2015.

"With [Agricultural] Solutions and Health and Nutritiondelivering earnings in line with guidance, it was the outperformance by Lithiumthat drove this strong result and the guidance increase," Brondeau added.

Agricultural Solutions delivered revenue of US$546 million inthe first quarter, an increase of 39% year over year. Segment earnings were US$82million, which was flat versus prior-year reported results.

Health and Nutrition's first-quarter revenue was US$192 million,9% lower versus the prior-year quarter, driven primarily by lower sales in Omega-3and a 2% headwind from foreign currency. 

The segment recorded earnings of US$47 million, down 7% comparedwith the prior-year quarter, principally due to lower revenue.

Lithium booked revenue of US$60 million, up 8% year over year,and earnings of US$14.9 million, an increase of US$9.4 million.

"Price increases across the portfolio combined with costreductions contributed the majority of the earnings increase, as the benefits ofrecent cost savings projects and lower raw material costs were realized," thecompany said. "Demand trends across specialty end markets remained strong,driving price increases in both the spot market and new contracts in the first quarter."

Due to the improved forecast for this business, Lithium earningsare now expected to be between US$43 million and US$53 million for the full year,from previous guidanceof between US$33 million and US$43 million.

Lithium revenue is expected to improve by US$5 million to rangefrom US$245 million to US$265 million.