FMC Corporation (NYSE: FMC) today reported third quarter revenue of $1.0 billion, a 6 percent increase over the same period in 2013. The company reported net income of $56.3 million, or $0.42 per diluted share, in the third quarter of 2014, compared to net income of $17.9 million, or $0.13 per diluted share, in the third quarter of 2013. Third quarter results include charges of $71.2 million after tax, or $0.53 per diluted share, compared to charges of $92.3 million after tax, or $0.69 per diluted share, in the prior-year quarter. Excluding these items in both periods, adjusted earnings were $0.95 per diluted share, an increase of 16 percent versus the prior-year quarter.
Pierre Brondeau, FMC president, CEO and chairman, said: "In the third quarter, market dynamics continued to affect our portfolio. Agricultural markets were impacted by multiple factors around the world, a softening of demand in China affected parts of our Health and Nutrition portfolio, and Argentina continued to weigh on Lithium's results. Despite this, we generated record revenue, adjusted operating income and adjusted EPS in the third quarter.
"So far, 2014 has been an unusual year for the agricultural segment. The first half was characterized by prolonged cold weather in North America that led to delayed plantings and lower pest pressures, which together impacted crop protection purchases by farmers. This was followed by favourable North American growing conditions for corn and soybeans and continued low pest pressures, which are also impacting crop protection purchases and leading to record yields. Consequently, we saw commodity prices falling rapidly, creating greater uncertainty around farmer planting intentions in Brazil today and for North America in 2015. Despite the lower predictability this brings to our business, we expect to further penetrate the markets in Argentina, Mexico and Brazil, and expect strong demand for our North American pre-emergent herbicides.
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FMC Corporation announces third quarter 2014 results
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