Long Winter in North America to Hit FMC Profit

Posted by Jackie Pucci|18 March 2014

FMC Corp. on Tuesday said its operating profit for the quarter will be hurt by extended cold weather in North America, which is leading to later-than-usual demand for its crop protection products.

The Philadelphia-based company now expects that first-quarter 2014 segment operating profit for Agricultural Solutions will be down mid-20’s on a percentage basis compared with a year ago.

For the full year, the company has not changed the outlook for its Agricultural Solutions segment. It continues to expect a mid-teens percent growth in revenues and operating profits in the segment. However, based on recently available information,

Pierre Brondeau, FMC president, CEO and chairman, said: “We continue to see extremely strong demand for our products in North America. Last year, we saw how quickly growers can apply crop protection products and plant seeds, and we expect a similar situation to occur as soon as the fields are ready. We have been working closely with our customers and are ready to deliver products to meet growers’ demands. Unfortunately, agricultural seasons do not always match quarterly reporting periods. We are confident that the first-quarter performance merely reflects a timing shift, and we remain confident in our full-year outlook for the Agricultural Solutions segment.”