FMC Corp. reported its Agricultural Solutions business posted first-quarter 2018 revenue of $1.1 billion, an increase of 109 percent year-over-year, citing the strength of the DuPont acquisition.
On a GAAP basis, the entire company reported earnings of $1.96 per diluted share in the first quarter, or $267 million, which compares to a net loss of $0.92 per diluted share, or a net loss of $124 million, in the first quarter of 2017. First quarter adjusted earnings were $1.84 per diluted share, an increase of 328 percent year-over-year.
Pierre Brondeau, FMC president, CEO and chairman said: “FMC delivered an exceptionally strong quarter. In Ag Solutions, our first full quarter since the DuPont crop protection
On a pro forma basis, Agricultural Solutions revenue increased 13 percent, of which foreign exchange contributed 3 to 4 percent growth. Segment earnings before interest, tax, depreciation and amortization (EBITDA) of $356 million increased 250 percent year-over-year and were $51 million above the mid-point of the prior guidance range.
FMC said it is raising full-year estimates for Agricultural Solutions. Full-year revenue for 2018 is now forecasted to be in the range of $4.05 billion to $4.25 billion, up 2.5 percent at the mid-point compared to prior guidance. This implies 7 to 8 percent year-over-year growth on a pro forma basis, of which foreign exchange will contribute 1 to 2 percent growth. Full-year segment EBITDA is expected to be in the range of $1.16 billion to $1.24 billion, up $100 million at the mid-point compared to prior guidance. Second-quarter segment EBITDA is forecasted to be in the range of $315 million to $345 million.