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FULL YEAR: FMC'S REVENUES UP 1%, REPORTS $209 MILLION NET INCOME
Source: FMC news release

To read the entire report click here.

FMC Corporation (NYSE:FMC) today reported fourth quarter and full year 2016 results. For the year, FMC reported revenue of $3.28 billion, up slightly compared to 2015. The company reported earnings of $209 million, or $1.56 per diluted share. Excluding various restructuring charges, adjusted earnings were $2.82 per diluted share, an increase of 14 percent compared to the prior year.

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For the fourth quarter, FMC reported revenue of $866 million, a 4 percent decrease over the same period in 2015. The company reported earnings of $16 million, or $0.12 per diluted share, in the fourth quarter of 2016, as compared to a loss of $1.53 per diluted share in the fourth quarter of 2015. Excluding various restructuring charges, adjusted earnings were $0.88 per diluted share for the fourth quarter of 2016, an increase of 14 percent compared to the prior year quarter.

Pierre Brondeau, FMC president, CEO and chairman said: "FMC delivered another solid quarter, to cap a year of strong quarterly performances. In Ag Solutions, we focused on maintaining price and terms rather than volume, and we rationalized low-margin products to improve the foundations of that business. Despite headwinds from Omega 3, Health and Nutrition delivered another year of strong margins and cash flow. Lithium tripled earnings by executing on its growth strategy and taking advantage of favorable market conditions. The actions we have taken throughout 2016 position FMC to deliver significant earnings growth in 2017."

FMC Agricultural Solutions

FMC Agricultural Solutions reported fourth quarter revenue of $618 million and segment earnings of $127 million. Fourth quarter segment revenue declined 6 percent year-over-year, principally due to lower sales in Latin America and Europe. Segment earnings, however, increased 25 percent compared to the fourth quarter of 2015, driven by our ability to maintain pricing, principally in Latin America, despite the strengthening of the U.S. dollar.

Segment revenue for 2016 was $2.27 billion, a 1 percent increase compared to the prior year, while full-year segment earnings were $400 million, a 10 percent increase compared to the prior year. Segment earnings margin improved 140 basis points to 17.6 percent.

For 2017, full-year segment revenue is expected to be approximately $2.2 billion to $2.4 billion and full-year segment earnings are expected to be in the range of $410 million to $450 million, an increase of 8 percent at the mid-point compared to the prior year. First quarter segment earnings are expected to be in the range of $60 million to $70 million, a decrease of approximately 20 percent at the mid-point compared to the prior year quarter. Earnings growth in 2017 is expected to be driven by lower operating costs and higher volumes, offset partially by unfavorable foreign exchange.


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