FMC Sees Q1 Lower Operating Profit In Agricultural Solutions Segment

(RTTNews) - FMC Corp. (FMC) said it now expects that first quarter 2014 segment operating profit for Agricultural Solutions will be down mid-20's percent versus the first quarter of 2013.

The company announced that the period of extended cold weather in North America is leading to a later than usual demand pattern for its crop protection products.

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.

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."

The company said it confident that the first quarter performance merely reflects a timing shift, and it remains confident in its full year outlook for the Agricultural Solutions segment.