FMC Corp. said it lost $13.2 million, or 37 cents per share, in the fourth quarter of 1997 because of one-time charges, and said its results for the year were below expectations. A year earlier, FMC earned $44.6 million, or $1.20 per share.
The Chicago-based maker of machinery and chemicals for agriculture and industry took a $310 million pretax charge in the quarter reflecting asset impairments, restructuring costs and environmental reserves related to discontinued operations.
Fourth-quarter revenues were $1.08 billion, down 4 percent from $1.14 billion a year earlier.
The company said record results from machinery and equipment were more than offset by drops in industrial chemicals and agricultural products.
For all of 1997, FMC reported net income of $162.4 million, or $4.41 per share, down 23 percent from $210.7 million, or $5.69 per share, in the year-earlier period. Revenues for the year rose 7 percent, to $4.33 billion from $4.03 billion.
EARNINGS DIGEST
In millions except for per-share data %%
4th Qtr. Dec. 31 1997 1996
Revenues 1,082 1,137
Quarterly charge a208
Net income (loss) (13.2) 44.6
Per share (basic) (0.37) 1.20
Per share (diluted) (0.37) 1.17
Avg. shares 35.8 38.1
Year 1997 1996
Revenues 4,312 4,030
Quarterly charge a208
Net income (loss) 162.4 210.7
Per share (basic) 4.41 5.69
Per share (diluted) 4.41 5.54
Avg. shares 36.8 38.1
%% a–After-tax restructuring costs, asset impairments and environmental reserves for discontinued operations.
