FMC Cuts Forecast as Agriculure Hurt by Winter, DroughtSimon Casey
FMC Corp. cut its 2014 profit forecast and blamed prolonged winter weather in North America and drought in Brazil for hurting sales of its herbicide and insecticide.
Earnings before one-time items will be $4.10 to $4.30 a share, the Philadelphia-based company said today in a statement, compared with a previous projection of $4.35 to $4.55. The latest guidance is also less than the $4.44 average of 13 analysts’ estimated compiled by Bloomberg.
FMC also said second-quarter adjusted profit will be 95 cents to $1.05 a share, down from an earlier forecast of $1.05 to $1.15. The stock fell 4.9 percent to $71.10 in New York, the most in more than two years.
The company reaffirmed its earlier projection for earnings at its minerals, health and nutritions businesses.
FMC said in March it plans to create two independent public companies by separating its agriculture and health-care units from other businesses including lithium and alkali chemicals.