Wednesday, diversified chemical company FMC Corp. (FMC) reported a decline in profit for the third quarter, reflecting a drop in revenues from chemicals segment. Per share earnings and revenues were lower than analysts' expectations. The company also tightened its full year per share earnings guidance and issued guidance for the fourth quarter.
The Philadelphia, Pennsylvania-based company's net income attributable to stockholders declined to $28.0 million or $0.38 per share from $80.0 million or $1.05 per share a year earlier. Net income includes restructuring and other income and charges after-tax of $37.3 million or $0.51 per share. Excluding one-time items, the company's net income declined to $65.3 million or $0.89 per share from $85.6 million or $1.13 per share for the same period last year.
Third quarter revenue was $713.3 million, down 13% from $820.8 million for the prior year quarter, impacted by a decline in industrial chemicals revenues.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.90 per share on revenues of $775.10 million for the quarter. Analysts' estimates typically exclude special items.
In the sequentially preceding second quarter, FMC's net income declined to $69.3 million or $0.94 per share from $84.4 million or $1.10 per share for the same quarter a year earlier. Excluding items, the company earned $1.10 per share, down 15% from $1.29 per share in the prior-year quarter and revenue for the quarter was $700.3 million, down 13% from $806.6 million in the prior year.
For the quarter under review, total costs and expenses dropped to $645.3 million from $701.7 million for the same period last year, helped by a decline in costs of sales and services to $510.0 million from $580.8 million for the year earlier period.
While, the company's industrial chemicals revenues dropped to $254.4 million from $359.6 million a year-ago, agricultural products revenues rose moderately to $268.3 million from $263.8 million last year. Revenues of the company's smallest segment, specialty chemicals, slipped to $191.7 million from $198.0 million for the same period a year earlier.
Commenting on the third quarter performance, William Walter, chairman, president and chief executive officer said,"Agricultural Products' results were driven by strong Latin American performance and lower raw material costs. Specialty Chemicals' earnings growth was the result of outstanding commercial performance in BioPolymer. Industrial Chemicals' results were impacted by lower volumes across its businesses and reduced selling prices in phosphates."
For nine months, net income attributable to stockholders came down to $166.4 million or $2.27 per share from $258.3 million or $3.39 per share for the year-ago period. On non-GAAP basis, net income declined to $235.2 million or $3.21 per share from $275.7 million or $3.61 per share for the same period last year. Revenue for the nine-month period declined to $2.1 billion from $2.38 billion a in the year-ago comparable period.
Amongst peers, agricultural products giant Monsanto Co. (MON) on October 7, reported a wider loss for the fourth quarter, impacted by weak sales. The St. Louis, Missouri-based company's fourth-quarter net loss was $233 million or $0.43 per share, wider than the loss of $172 million or $0.31 per share in the year-ago quarter. Quarterly net sales declined to $1.88 billion from the previous year's $2.05 billion.
For the fourth quarter, FMC expects earnings before restructuring and other income and charges of $0.85 to $0.95 per share. Analysts expect the company to report earnings of $0.91 per share for the fourth quarter.
For the full year, the company narrowed its outlook for earnings before restructuring and other income and charges to $4.05 to $4.15 per share from the prior range of $4.00 - $4.20 per share. Analysts expect the company to report earnings of $4.12 per share for the full year.
Wednesday, FMC closed at $50.97, down $2.70 or 5.03% on volumes of 1.15 million shares on NYSE. In after hours, after the release of third quarter results the stock declined further and was last traded at $50.97, down $0.97 or 1.90%. In the past 52 weeks, the stock trended in a broad range of $30.01 - $58.13, with a three-month average volume of 1.25 million shares.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.