29 April 1999: US-based FMC Corporation, a producer of chemicals and machinery for industry and agriculture, has reported first quarter earnings per share from continuing operations on a diluted basis…
29 April 1999: US-based FMC Corporation, a producer of chemicals and machinery for industry and agriculture, has reported first quarter earnings per share from continuing operations on a diluted basis of US$ 0.92 per share, an increase of 23% from US$ 0.75 per share in the 1998 period. After-tax income from continuing operations was US$ 30 million, up from US$ 27 million in the 1998 quarter. The company“s return on investment increased 0.7% from last year“s quarter. “First quarter results are on track with the plan to increase our return on investment and EPS growth,” said FMC chairman and CEO Robert N. Burt. “Based on these results, we have increasing confidence that we will exceed our EPS growth target of 10% in 1999.” Specialty Chemicals sales were US$ 148 million, down from US$ 154 million in the same period last year. Earnings of US$ 19 million were down from US$ 20 million in 1998. Industrial Chemicals first quarter sales were US$ 213 million, down 10% from last year“s quarter. Despite the sales decline, earnings improved US$ 2 million to US$ 34 million. Sales and earnings for soda ash were down on price and volume declines, even though the Asian impact appears to have lessened. Corporate expenses were US$ 20 million, down from US$ 23 million in the first quarter of 1998, reflecting continued cost reductions. Net interest expense was US$ 28 million, up from US$ 25 million in last year“s quarter, due to higher debt levels. There was an average of 33 million shares outstanding in the first quarter of 1999, compared with 35.8 million shares in last year“s first quarter, reflecting the company“s ongoing share repurchase programme. FMC employs approximately 16,000 people at more than 100 manufacturing facilities and mines in 25 countries.