FMC Corp.'s first-quarter sales declined 13 percent, with a net loss of 35 cents per diluted share, the company said on Monday.
"The first three months of 2015 were characterized by extremely volatile
foreign exchange movements, a high degree of uncertainty in global
agricultural markets and crop specific headwinds in the Brazil crop protection markets," Pierre Brondeau, FMC's CEO, president and chairman, said.
FMC sold its Alkali Chemicals unit for $1.64 billion in the first quarter and closed the Cheminova acquisition on April 21. Cheminova’s strong first quarter was not included in FMC’s earnings.
Brondeau said these two transactions complete the company’s transformation into a firm focused on "agriculture, health and nutrition."
"Looking forward into 2016 and beyond, we expect to see stronger average
annual rates of growth in revenues, adjusted operating earnings and
adjusted earnings per share than we delivered between 2009 and 2014,
with stronger cash generation," Brondeau said. "Underlying market growth, expanded
market access, new technology introductions, operational excellence and
near-term synergies from the Cheminova acquisition, plus stronger free
cash flow and lower capital intensity, all will contribute to this
financial performance between 2016 and 2020."
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