FMC Slashes Annual Earnings Outlook - Quick Facts

(RTTNews) - Chemical company FMC Corp. (FMC) Monday said it has lowered its outlook for annual earnings as a result of weaker-than-expected expected performance in the agricultural solutions business.

The company now expects adjusted earnings for the full year 2014 to be $4.10 to $4.30 per share, compared with the previously-projected $4.35 to $4.55 per share. FMC also issued guidance for second-quarter adjusted earnings of $0.95 to $1.05 per share.

On average, 12 analysts polled by Thomson-Reuters estimate the company's earnings to be $4.44 for the year. Analysts' estimates typically exclude one-time items. For the second quarter, analysts are looking for earnings of $1.11 per share.

In North America, weather conditions that delayed first-quarter sales persisted into the second quarter, leading to reduced application of pre-emergent products, the company said in a statement.

In addition, drought conditions that dragged down sugarcane sales in the Sao Paulo state of Brazil continued through the second quarter, leading to growers cutting back in use of crop protection products such as herbicides and insecticides, and a fall in replanting rates. FMC does not expect conditions in the sugarcane segment to improve during the year.

Consequently, FMC expects second quarter segment earnings for Agricultural Solutions to be up mid-single digits percent from last year.