FMC Corp. Thursday reported fourth-quarter earnings fell slightly from a year earlier despite improved sales and earnings by its defense systems group. The Chicago-based conglomerate reported earnings on continuing operations fell to $27 million, or 75 cents a share, from $32 million, or 90 cents a share, a year earlier. Sales during the fourth quarter rose 19 percent, to $980.5 million.
Virtually all of the sales gain was in defense contracting, which rose more than 50 percent, to $308.8 million. The increase had nothing to do with the crisis in the Persian Gulf, the company said. During last year`s fourth quarter, defense-group production was disrupted by the earthquake in the San Jose area, which is home for the firm`s Bradley fighting vehicle plant.
FMC blamed its profit decline on its industrial and performance chemical divisions.
”The weakening economy hurt our chemical businesses,” said FMC Chairman Robert Malott.
For the full year, FMC profits dropped to $339.5 million from $352 million in 1989 although sales rose to $3.72 billion from $3.41 billion the prior year.
