28 January 1999: FMC Corporation has anounced its results for the fourth quarter of 1998. Sales from continuing operations were US$ 1.1 billion, up slightly from the same period in 1997. After-tax inc…
28 January 1999: FMC Corporation has anounced its results for the fourth quarter of 1998. Sales from continuing operations were US$ 1.1 billion, up slightly from the same period in 1997. After-tax income from continuing operations in the fourth quarter was US$ 36 million, or US$ 1.06 per share on a diluted basis, up from US$ 20 million, or US$ 0.53 per share, before restructuring and impairment charges in last year“s quarter. During the 1998 fourth quarter, FMC also took a US$ 70 million charge to increase environmental reserves for discontinued operations. In 1998, sales from continuing operations were US$ 4.4 billion, up from US$ 4.3 billion in 1997. After-tax income from continuing operations was US$ 185 million, or US$ 5.30 per share on a diluted basis, compared with US$ 156 million, or US$ 4.13 per share, before restructuring and impairment charges in 1997. Beginning this quarter, FMC is providing results based on five business segments. The previous Machinery and Equipment segment has been divided into two segments: Energy Systems, and Food and Transportation Equipment. Performance Chemicals has now been divided into Agricultural Products and Specialty Chemicals. There has been no change to the Industrial Chemicals segment. According to FMC Chairman and Chief Executive Officer Robert N. Burt: “Fourth quarter and 1998 results were consistent with our objectives. We made significant progress toward our return on investment goal of 15% by 2001 – with ROI increasing to just under 12% in 1998 from 9.6% in 1997. Earnings per share from continuing operations in 1998 were up 28% from 1997 depressed levels. We continued to actively manage our portfolio, divesting the Crosby Valve operation and acquiring the leading subsea wellhead company in Brazil, as well as negotiating the pending purchase of Tg Soda Ash. I feel confident that we can achieve our goals in 1999, including our goal of 10% annual EPS growth.”