5 February 1998: US-based chemicals and machinery producers FMC Corp. reported a loss in its fourth quarter, but said it expects improved 1998 performance from its agricultural products after 1997 ret…
5 February 1998: US-based chemicals and machinery producers FMC Corp. reported a loss in its fourth quarter, but said it expects improved 1998 performance from its agricultural products after 1997 returns did not meet expectations. “Results for the year were below our expectations due to weak market conditions in industrial chemicals and a difficult year in agricultural products, which could not be offset by a record year in machinery and equipment operations,” said Chairman Robert Burt. It had a fourth quarter net loss of US$ 13.2 million, or 37 cents a share, including a gain of US$ 152.7 million from discontinued operations, on sales of US$ 1.07 billion. In the year-earlier quarter, it had earnings of US$ 44.6 million, or US$ 1.20 a share, on sales of US$ 1.09 billion. For the year, it earned US$ 162.4 million, or US$ 4.41 a share, compared with US$ 210.7 million, or US$ 5.69 a share, a year earlier. Revenues rose to US$ 4.26 billion for the year from US$ 3.95 billion in 1995. “In 1998, we expect continuing strong performance in machinery and equipment, as well as significant improvement in agricultural products,” Burt said. FMC said fourth quarter machinery and equipment sales rose to US$ 564 million from US$ 556 million last year. Earnings of US$ 50 million were more than double the US$ 22 million of profits in the fourth quarter last year. Machinery and equipment backlog at the end of 1997 was US$ 989 million, up US$ 66 million from year-end 1996, FMC said. Industrial chemicals sales were lower, while soda ash sales rose. European chemical operation sales and earnings were also down in the fourth quarter due to currency exchange rates.