J-W Wire Reports
Chicago -- FMC Corp., a producer of machinery and chemicals for agricultural and industrial markets, said Tuesday that third-quarter operating earnings, excluding one-time items, were likely to be lower than expected because of a decline in insecticide sales.
It said earnings per share including one-time items should exceed estimates, while operating earnings for the full year should meet its internal growth objective of 10 percent.
According to First Call/Thomson Financial, which tracks analysts' estimates, FMC is expected to earn $1.70 per share in the third quarter, $1.26 for the fourth quarter, and $5.96 for the full year.
Lower insect infestations in corn and cotton crops have resulted in a significant decline in insecticide use in North America, the company said.
FMC, which employs about 200 people in Lawrence, Kan., said it expects one-time items in its fourth quarter as well.
In the fourth quarter, FMC said, results for industrial chemicals will be stronger, reflecting continued cost-cutting efforts, higher soda ash volumes and improved export demand, along with higher prices for hydrogen peroxide.
The company also expects its agricultural products business to report stronger year-over-year comparisons in the fourth quarter, reflecting lower costs and higher sales in Asia.