We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
FMC Corp's (FMC) Q2 Earnings and Revenues Beat Estimates
Read MoreHide Full Article
FMC Corporation (FMC - Free Report) posted a profit (on a reported basis) of $75 million or 56 cents per share in second-quarter 2017 as compared with $65 million or 49 cents per share a year ago.
Barring one-time items, earnings came in at 48 cents per share in the quarter, narrowly exceeding the Zacks Consensus Estimate of 47 cents. The company’s adjusted earnings for the reported quarter exclude around 24 cents attributable to the reporting of the Health & Nutrition unit in discontinued operations.
The chemical maker’s revenues rose roughly 7% year over year to $657 million in the reported quarter. Sales also beat the Zacks Consensus Estimate of $612 million.
Revenues from the Agricultural Solutions division rose around 6% year over year to $583 million in the quarter with 10% increase in volume partly offset by 4% decline in price. Segment profits were $96 million, down 5% year over year, impacted by price and geographic mix shift.
Revenues from the Lithium unit went up 17% to $74 million. Segment earnings grew 47% year over year to $24 million, aided by higher prices and improved mix that were partly offset by increased costs.
Balance Sheet
FMC Corp. ended the quarter with cash and cash equivalents of $113.2 million, up around 21% year over year. Long-term debt was $1,592.3 million, down around 20% year over year.
Outlook
FMC Corp. sees adjusted earnings in the band of $2.30 to $2.50 per share for 2017.
For the Agricultural Solutions unit, FMC Corp. continues to expect revenues in the range of $2.3−$2.4 billion for 2017. Segment earnings for the year are expected to be in the band of $415 million to $445 million. Earnings for third-quarter 2017 have been projected in the range of $100−$120 million, reflecting an increase of around 22% at the mid-point compared with the prior-year quarter.
FMC Corp. now sees revenues in the range of $340−$360 million (up from $325−$365 million expected earlier) for the Lithium unit for 2017. Segment earnings are forecasted to be in the band of $115 to $125 million (up from $100 to $120 million expected earlier) for the full year. For the third quarter, earnings are expected to be in the range of $30−$35 million, reflecting an increase of around 85% at the mid-point compared with the prior-year quarter.
Price Performance
FMC Corp. has outperformed the industry over the last three months. The company’s shares have moved up 8.5% over this period compared with the industry’s gain of 4.2%.
Zacks Rank & Key Picks
FMC Corp. currently carries a Zacks Rank #4 (Sell).
Akzo Nobel has an expected long-term earnings growth of 11.1%.
Arkema has an expected long-term earnings growth of 12.4%.
Hitachi Chemical has an expected long-term earnings growth of 5%.
More Stock News: Tech Opportunity Worth $386 Billion in 2017
From driverless cars to artificial intelligence, we've seen an unsurpassed growth of high-tech products in recent months. Yesterday's science-fiction is becoming today's reality. Despite all the innovation, there is a single component no tech company can survive without. Demand for this critical device will reach $387 billion this year alone, and it's likely to grow even faster in the future.
Zacks has released a brand-new Special Report to help you take advantage of this exciting investment opportunity. Most importantly, it reveals 4 stocks with massive profit potential.
Image: Bigstock
FMC Corp's (FMC) Q2 Earnings and Revenues Beat Estimates
FMC Corporation (FMC - Free Report) posted a profit (on a reported basis) of $75 million or 56 cents per share in second-quarter 2017 as compared with $65 million or 49 cents per share a year ago.
Barring one-time items, earnings came in at 48 cents per share in the quarter, narrowly exceeding the Zacks Consensus Estimate of 47 cents. The company’s adjusted earnings for the reported quarter exclude around 24 cents attributable to the reporting of the Health & Nutrition unit in discontinued operations.
The chemical maker’s revenues rose roughly 7% year over year to $657 million in the reported quarter. Sales also beat the Zacks Consensus Estimate of $612 million.
FMC Corporation Price, Consensus and EPS Surprise
FMC Corporation Price, Consensus and EPS Surprise | FMC Corporation Quote
Segment Review
Revenues from the Agricultural Solutions division rose around 6% year over year to $583 million in the quarter with 10% increase in volume partly offset by 4% decline in price. Segment profits were $96 million, down 5% year over year, impacted by price and geographic mix shift.
Revenues from the Lithium unit went up 17% to $74 million. Segment earnings grew 47% year over year to $24 million, aided by higher prices and improved mix that were partly offset by increased costs.
Balance Sheet
FMC Corp. ended the quarter with cash and cash equivalents of $113.2 million, up around 21% year over year. Long-term debt was $1,592.3 million, down around 20% year over year.
Outlook
FMC Corp. sees adjusted earnings in the band of $2.30 to $2.50 per share for 2017.
For the Agricultural Solutions unit, FMC Corp. continues to expect revenues in the range of $2.3−$2.4 billion for 2017. Segment earnings for the year are expected to be in the band of $415 million to $445 million. Earnings for third-quarter 2017 have been projected in the range of $100−$120 million, reflecting an increase of around 22% at the mid-point compared with the prior-year quarter.
FMC Corp. now sees revenues in the range of $340−$360 million (up from $325−$365 million expected earlier) for the Lithium unit for 2017. Segment earnings are forecasted to be in the band of $115 to $125 million (up from $100 to $120 million expected earlier) for the full year. For the third quarter, earnings are expected to be in the range of $30−$35 million, reflecting an increase of around 85% at the mid-point compared with the prior-year quarter.
Price Performance
FMC Corp. has outperformed the industry over the last three months. The company’s shares have moved up 8.5% over this period compared with the industry’s gain of 4.2%.
Zacks Rank & Key Picks
FMC Corp. currently carries a Zacks Rank #4 (Sell).
Some better-ranked companies in the basic materials space include Akzo Nobel N.V. (AKZOY - Free Report) , Arkema S.A. (ARKAY - Free Report) and Hitachi Chemical . All three stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Akzo Nobel has an expected long-term earnings growth of 11.1%.
Arkema has an expected long-term earnings growth of 12.4%.
Hitachi Chemical has an expected long-term earnings growth of 5%.
More Stock News: Tech Opportunity Worth $386 Billion in 2017
From driverless cars to artificial intelligence, we've seen an unsurpassed growth of high-tech products in recent months. Yesterday's science-fiction is becoming today's reality. Despite all the innovation, there is a single component no tech company can survive without. Demand for this critical device will reach $387 billion this year alone, and it's likely to grow even faster in the future.
Zacks has released a brand-new Special Report to help you take advantage of this exciting investment opportunity. Most importantly, it reveals 4 stocks with massive profit potential.
See these stocks now>>