FMC Corp. (FMC) reported net income for the first quarter of $130.9 million or $0.94 per share, compared to $119.1 million or $0.85 per share for the year-ago quarter.
Excluding items, adjusted earnings for the latest quarter were $1.10 per share in the current quarter, compared to $0.97 per share in the prior year quarter.
First quarter revenue rose 5% to $990.2 million from $940.7 million a year ago.
Analysts polled by Thomson Reuters expected the company to earn $1.08 per share on revenue of $1.04 billion for the first quarter. Analysts' estimates typically exclude special items.
The company also said it is realigning its portfolio. As part of the realignment, FMC is exploring the divestiture of its Peroxygens business, including select Environmental Solutions product lines and related assets. These operations under evaluation are expected to generate approximately $350 million of revenue in 2013, and beginning in the second quarter, will be reported in a new business segment, called FMC Peroxygens, pending a divestment decision. Beginning in the second quarter, the BioPolymer business will be moved into a stand-alone reporting segment, FMC Health and Nutrition.
Looking forward, the company forecast second quarter adjusted earnings of $0.87 to $0.97 per share.
The company raised its full year 2013 adjusted earnings guidance to a range of $3.93 to $4.07 per share from its prior guidance of $3.81 to $4.01 per share.
Analysts currently expect the company to earn $0.99 per share for the second quarter and $3.94 per share for the full year 2013.
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