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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15 (d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)
December 14, 1999
FMC CORPORATION
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(Exact name of registrant as specified in its charter)
Delaware 1-2376 94-4079804
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(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)
200 East Randolph Drive, Chicago, Illinois 60601
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(Address of principal executive offices) (Zip Code)
(312) 861-6000
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Registrant's telephone number,
including area code
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Item 5. Other Events
On December 14, 1999, FMC Corporation issued the following release:
FMC Anticipates Improved 1999 Fourth Quarter
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Operating Earnings of $1.60 to $1.65 Per Share;
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Company Expects to Meet or Exceed 10 Percent EPS Growth in 2000
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CHICAGO, December 14, 1999--FMC Corporation today said that fourth quarter
operating earnings are anticipated to be between $1.60 and $1.65 per share,
bringing 1999 full year estimates to between $5.95 and $6.00. These record
fourth quarter results from continuing operations are expected to exceed
analysts' current consensus estimates of $1.48--an increase of between 8 to 11
percent.
According to FMC Chairman and CEO Robert N. Burt: "Our business results
are improving in the fourth quarter, reflecting higher volumes and lower costs
associated with our expanded soda ash operations, as well as better market
conditions for hydrogen peroxide. The company also expects its agricultural
products business to report stronger year-over-year comparisons in the fourth
quarter, reflecting improved operations, higher sales in Asia and strength in
the Brazilian market. Profits from Energy Systems also should be up on strong
shipments of marine loading arms in the fourth quarter.
"In addition, we believe that FMC is well positioned to meet or exceed our
10 percent EPS growth target in year 2000. Our capital investments are in
place, and we'll require minimal additional expenditures to build on existing
opportunities," Burt added.
The company noted that business strengths for the year 2000 include:
. The Industrial Chemicals business continues to improve due to higher
prices for hydrogen peroxide, as well as higher volumes, synergies and
cost savings from the company's acquisition of Tg Soda Ash.
. Comparisons with 1999 results in both Ag Products and Airport Products
will show significant increases given the expected recovery from poor
market conditions in 1999.
. In FMC BioPolymer, synergies and cost savings are anticipated from the
combination of newly acquired Pronova Biopolymer and FMC's growing
presence in the pharmaceutical and food ingredients business.
. Profits of FMC FoodTech should improve based on its strong technology
and market position, augmented by increased interest in food safety and
benefits from the economic recovery in Asia.
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. Continuing strong oil prices are anticipated to drive growth,
particularly in deep water projects, where FMC Energy Systems is the
market and technology leader.
The company also noted that it expects to finalize its phosphorus chemicals
joint venture with Solutia pending government approvals. The new company will
have an increased capability to serve customers' needs and compete more
effectively and efficiently in the global phosphorus chemicals industry.
FMC Corporation is one of the world's leading producers of chemicals and
machinery for industry and agriculture. FMC employs approximately 16,000 people
at more than 100 manufacturing facilities and mines in 25 countries. The
company divides its businesses into five segments: Energy Systems, Food and
Transportation Systems, Agricultural Products, Specialty Chemicals, and
Industrial Chemicals.
Safe Harbor Statement under the Private Securities Act of 1995: Statements
in this news release that are forward-looking statements are subject to various
risks and uncertainties concerning specific factors in the corporation's Form
10-K report and other SEC filings. Such information contained herein represents
management's best judgment as of the date hereof based on information currently
available. The corporation does not intend to update this information and
disclaims any legal obligation to the contrary.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
FMC CORPORATION
By /s/ J. Paul McGrath
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J. Paul McGrath
Senior vice president, general
counsel and secretary
Date: December 16, 1999
