Shares of FMC Corp. (FMC) fell Tuesday by 2.9% to $82.27 despite the chemical company beating Wall Street's fourth-quarter earnings expectations.
The Philadelphia-based company reported fourth-quarter earnings of $32.4 million, or 24 cents a share, down from $530.1 million, or $3.94 a share, a year ago. Adjusted earnings were $1.69 a share, up 54% year over year, and ahead of Wall Street's expectations of $1.65.
Revenue totaled $1.22 billion, up 24% from a year ago and beat analysts' forecasts of $1.2 billion.
For 2018, FMC reported earnings of $502.1 million, or $3.69 a share, down from $535.8 million, or $3.99 a share, a year ago. Adjusted earnings were $6.29 share. Revenue increased 64% to $4.73 billion.
For the first quarter of 2019, FMC said it expects adjusted earnings in the range of $1.58 to $1.68 a share, up 3% at the midpoint compared with recast first-quarter 2018 earnings. The company expects revenue of $1.18 billion to $1.21 billion for the quarter, up 8% at the midpoint versus recast first-quarter 2018 revenue.
For full year 2019, FMC said that, barring any impact from share buybacks, it expects earnings of $5.55 to $5.75 a share, up 8% at the midpoint compared with recast 2018 earnings. FMC said it expects 2019 revenue to range from $4.45 billion to $4.55 billion, up 5% at the midpoint versus recast 2018.
FMC also said that its board approved the distribution of all of its remaining interest in lithium producer Livent Corp. (LTHM) , which was also down Tuesday, sliding 4.3% to $12.55. The company said on Monday that it expects demand for the white metal to sag in China for the rest of the year.
Livent also posted a quarterly profit in line with Wall Street's expectations, with sales at the lower end of the forecast. FMC said it is set complete the spinoff of Livent on March 1.