said Wednesday after the close that it expects its second-quarter earnings to be 25 cents to 30 cents below the consensus estimate due to the loss of a major European customer.
In a press release, the company said most of its shortfall will come from the loss of a major European detergent customer at its Foret subsidiary. In addition, it has seen a slower-than-expected ramp-up at its purified phosphoric acid plant. The company will also see a delay of certain agricultural product sales to the later half of 2002.
FMC should now earn between 62 cents and 67 cents a share in the second quarter, but the company expects to mitigate the impact for the rest of the year through restructuring initiatives, higher production rates, higher second-half sales, and lower overhead costs. CEO William Walter said he remains "optimistic" about the outlook for the company going forward.
Shares of FMC closed at $38.40 Wednesday before the warning.