FMC Corp. (FMC) Tops Q3 EPS by 5c; Maintains Outlook, $200M Buyback, to Spin-Off Livent

FMC Corp. (NYSE: FMC) reported Q3 EPS of $0.98, $0.05 better than the analyst estimate of $0.93. Revenue for the quarter came in at $1 billion versus the consensus estimate of $1 billion.

FMC also announced it is launching a $200 million share repurchase program under its existing share repurchase authorization, to be completed by the end of 2018.

FMC further announced that it intends to spin off its approximately 85 percent stake in Livent Corporation to FMC shareholders, in the form of a pro-rata distribution of Livent shares, on March 1, 2019. The planned separation is expected to be tax-free to FMC shareholders. Further details will be announced closer to the actual distribution. FMC Lithium will remain a reporting segment of FMC in the fourth quarter of 2018 but will be reported as discontinued operations when FMC reports first quarter results next year.

GUIDANCE:

Excluding $0.07 impact from Livent standalone costs ($0.03) and non-controlling interest ($0.04), FMC maintains its previous 2018 adjusted earnings per share of $6.05 at the midpoint of the range. Including the impacts from Livent IPO, 2018 adjusted earnings are expected to be in the range of $5.93 to $6.03 per diluted share, up 121 percent at the midpoint versus 2017.

For earnings history and earnings-related data on FMC Corp. (FMC) click here.

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