FMC Reports Year 2001 First Quarter Results

Apr 17, 2001, 01:00 ET from FMC Corporation

    CHICAGO, April 17 /PRNewswire/ -- FMC Corporation (NYSE:   FMC) today
 reported year 2001 first quarter after-tax earnings of $0.57 per share, on a
 diluted basis and before one-time charges, on sales of $877 million.
     According to FMC Chairman and Chief Executive Officer Robert N. Burt:
 "We remain on track for the IPO of approximately 20 percent of our machinery
 business in the second quarter and for completing the split of the company
 into separate machinery and chemical businesses before year-end.  As expected,
 first quarter earnings were about half of last year's results, due primarily
 to the impact of higher energy costs on our Industrial Chemicals operations.
 Although weakness will continue in the second quarter, with profits at about
 two-thirds of last year's quarter, we continue to expect results for the year
 to be even with 2000.  Our optimism about second-half results is based on
 improved phosphorus results driven by the start-up of the new purified
 phosphoric acid plant at the end of the second quarter, the resale of low-cost
 contract power from the Pocatello facility back to Idaho Power, as well as a
 strong order pattern in our machinery business in the first quarter that will
 translate into sales in the second half."
 
     Review of Operations
     Energy Systems first quarter sales of $247 million were down from sales of
 $256 million in the prior-year period, and earnings of $9 million also
 decreased.
     However, during the quarter, incoming orders increased significantly,
 especially for subsea equipment.  In February we were awarded the BP frame
 agreement, with an initial estimated value of $250 million, for all BP subsea
 trees and related equipment in the Gulf of Mexico for the next five years,
 with an option to renew for another five years.  This agreement will include
 BP's major developments, such as Crazy Horse and Mad Dog.  This program is in
 the initial engineering phase and will not significantly affect backlog until
 equipment is ordered beginning in 2002.  However, backlog for subsea equipment
 did rise significantly as orders were booked from TotalFinaElf in the North
 Sea, Shell Nakika in the Gulf of Mexico, and Petrobras in Brazil, as well as
 from the initial orders under the Norsk Hydro frame agreement.  Backlog at the
 end of the quarter increased to $549 million from $425 million at the end of
 year 2000.  After the end of the quarter, Enterprise Oil announced that it
 issued a letter of intent to Modec, a joint venture three-eighths owned by
 FMC, to provide equipment to develop the Bijupira-Salema field offshore
 Brazil.
     Food and Transportation Systems sales of $183 million were down slightly
 from $185 million in last year's quarter.  Earnings of $9 million were down
 from $12 million in the year-ago period.  Sales and profits were up at airport
 systems, reflecting higher sales of loaders and deicers during the period,
 especially to air freight carriers.  Sales and profits of FMC FoodTech were
 down, reflecting a slowdown in shipments of food processing equipment.
 Backlog at the end of the first quarter was $287 million compared with $219
 million at the end of 2000.  The backlog reflects an increase in food
 machinery orders as well as the inclusion of a portion of the order for the
 Next Generation Small Loader from the U.S. Air Force.  In addition, early in
 the second quarter the company received a $25 million order for passenger
 boarding bridges for the Kansas City airport.
     Industrial Chemicals sales of $199 million were down from last year,
 primarily reflecting the de-consolidation of phosphorus sales after last
 year's second quarter formation of Astaris LLC, the company's 50-50 phosphorus
 chemicals joint venture with Solutia Inc.  Earnings were $14 million, down
 significantly from last year, primarily reflecting lower profits in phosphorus
 operations caused by higher energy costs and higher environmental consent
 decree spending.  Soda ash earnings were approximately even with last year's
 quarter, with essentially level prices and slightly higher volumes being
 offset by higher natural gas costs.  Hydrogen peroxide profits were up
 slightly as prices continued to increase.  The earnings of Foret, the
 company's European chemical business, were negatively affected by the lower
 euro compared with the prior-year period.
     In response to higher energy costs, the Industrial Chemicals operations
 have taken several steps to lower costs.  At the end of the first quarter,
 Astaris reduced Pocatello's operations to one furnace and sold approximately
 half of its contracted low-cost power back to the power company.  The
 operation will make a profit on this resale of power, which will be partially
 offset by the higher cost incurred by Astaris due to increased power costs and
 temporary external sourcing of phosphorus.  Astaris' new purified phosphoric
 acid plant, which is anticipated to lower phosphorus costs, remains on track
 to begin production at the end of the 2001 second quarter.  Cost penalties for
 sourcing phosphorus will be particularly high until the new phosphoric acid
 plant comes on stream.   Also, in the 2001 second quarter, the company will
 mothball the Granger facility (formerly Tg Soda Ash) to reduce its costs in
 the current high-cost energy environment, as well as to defer planned capital
 expenditures at this facility.  This facility will be on standby and can be
 restarted when business conditions improve.
     Agricultural Products sales were $135 million, down from $166 million in
 the prior-year period.  Earnings were $14 million, approximately even with
 last year.  Lower sales reflected lower insecticide sales to Asia and the lack
 of sulfentrazone sales to DuPont, which were partially offset by sulfentrazone
 sales to new and existing markets that are actively being developed.  Earnings
 were flat, largely reflecting a contractual payment from DuPont to provide
 profit protection to the company as a result of DuPont's deferral of
 sulfentrazone purchases.
     Specialty Chemicals sales of $116 million were down from $125 million in
 the prior-year first quarter.  Earnings of $20 million were approximately even
 with last year.  Lower sales primarily reflect weaker European demand for some
 lithium products, as well as some softness in demand for food and
 pharmaceutical biopolymer applications.  Higher margins reflect lower costs,
 especially in lithium.
     Corporate expenses were $16 million, down from $17 million in the prior-
 year period on continued cost-cutting.  Net interest expense was approximately
 flat.
     During the quarter, FMC recorded restructuring and impairment charges of
 $11.5 million ($7.1 million after tax), related primarily to workforce
 reductions in the company's Energy Systems and Food and Transportation
 segments.  In addition, FMC recognized the impact of FASB Statement No. 133,
 "Accounting for Derivative Instruments and Hedging Activities", which resulted
 in an after-tax cumulative loss of $5.6 million from a change in accounting
 principle.  Also, in conjunction with the company's planned restructuring into
 two publicly traded corporations later in 2001, FMC recorded a one-time,
 largely non-cash, tax charge of $32.0 million, triggered by the repatriation
 of cash from certain foreign operations in preparation for the expected spin-
 off of the machinery businesses.  After restructuring and impairment charges,
 the impact of the derivatives accounting change and the one-time tax charge,
 FMC's net loss was $26.5 million, or $0.86 per share.
     FMC is one of the world's leading producers of chemicals and machinery for
 industry and agriculture.  FMC employs approximately 15,000 people at 90
 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 2000 Form 10-K 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.
     FMC will conduct its first quarter earnings conference call at 10:00 a.m.
 (Eastern Time) on Tuesday, April 17.   The event will be available at
 www.fmc.com .  It will also be available for replay after the event at the
 same website.
 
 
                   FMC CORPORATION AND CONSOLIDATED SUBSIDIARIES
                    CONDENSED CONSOLIDATED STATEMENTS OF INCOME
                        EXCLUDING SPECIAL EXPENSE ITEMS (A)
               (Unaudited and in millions, except per share amounts)
 
 
                                                       Three Months Ended
                                                             March 31
                                                      2001              2000
 
     Revenue  (B)                                   $876.6           $1,003.6
 
     Operating costs and expenses  (B)               830.9              936.5
 
                                                      45.7               67.1
 
     Minority interests                                0.4                0.7
     Net interest expense                             21.3               23.0
     Income before income taxes, excluding
        special expense items (A)                     24.0               43.4
 
     Provision for income taxes                        5.8               10.6
 
     After-tax income, excluding special
      expense items (A)                              $18.2              $32.8
 
 
     Basic after-tax income per share,
        excluding special expense items (A)          $0.59              $1.08
 
     Average number of shares used in
      basic earnings
       per share computations                         30.8               30.4
 
     Diluted after-tax income per share,
        excluding special expense items (A)          $0.57              $1.05
 
     Average number of shares used in
      diluted earnings
       per share computations                         32.2               31.3
 
 
     (A)  Special expense items consist of an asset impairment charge,
          restructuring and other charges, and a one-time income tax
          charge in 2001.
 
     (B)  Revenue and operating costs and expenses for 2000 have been adjusted
          to apply recently issued accounting guidance for reporting shipping
          and handling costs.  The reclassification had no effect on previously
          reported after-tax income or income per share.
 
 
                   FMC CORPORATION AND CONSOLIDATED SUBSIDIARIES
                    CONDENSED CONSOLIDATED STATEMENTS OF INCOME
               (Unaudited and in millions, except per share amounts)
 
 
                                                       Three Months Ended
                                                             March 31
                                                     2001               2000
 
     Revenue  (A)                                   $876.6           $1,003.6
 
     Operating costs and expenses  (A)               830.9              936.5
     Asset impairments                                 1.3                 -
     Restructuring and other charges                  10.2                 -
 
     Total costs and expenses                        842.4              936.5
 
                                                      34.2               67.1
 
     Minority interests                                0.4                0.7
     Net interest expense                             21.3               23.0
     Income before income taxes and
      cumulative effect of change in
      accounting principle                            12.5               43.4
 
     Provision for income taxes                       33.4               10.6
 
     Income (loss) before cumulative
      effect of change in accounting
      principle                                      (20.9)              32.8
 
     Cumulative effect of change in
      accounting principle, net of taxes (B)          (5.6)                -
 
     Net income (loss)                              $(26.5)             $32.8
 
     Basic earnings (loss) per common
      share:
       Income (loss) before cumulative
        effect of change in accounting
        principle                                   $(0.68)             $1.08
       Cumulative effect of change in
        accounting principle                         (0.18)               -
 
       Net earnings (loss) per common
        share                                       $(0.86)             $1.08
 
     Average number of shares used in
      basic earnings (loss) per share
      computations                                    30.8               30.4
 
     Diluted earnings (loss) per common
      share:
       Income (loss) before cumulative
        effect of change in accounting
        principle                                   $(0.68)             $1.05
       Cumulative effect of change in
        accounting principle                         (0.18)               -
 
       Net earnings (loss) per common
        share                                       $(0.86)             $1.05
 
     Average number of shares used in
      diluted earnings (loss) per share
      computations (C)                                30.8               31.3
 
     (A)  Revenue and operating costs and expenses for 2000 have been adjusted
          to apply recently issued accounting guidance for reporting shipping
          and handling costs.  The reclassification had no effect on previously
          reported net income or earnings per share.
 
     (B)  The cumulative effect of change in accounting principle net of taxes
          results from the adoption of Statement of Financial Accounting
          Standards No. 133.
 
     (C)  The company's loss before cumulative effect of change in accounting
          principle in 2001 results in an antidilutive effect in the
          calculation of diluted EPS.  Accordingly, the potential common shares
          that cause the antidilutive effect have been omitted from the
          calculation of 2001 diluted EPS.
 
 
                  FMC CORPORATION AND CONSOLIDATED SUBSIDIARIES
                              INDUSTRY SEGMENT DATA
                           (Unaudited and in millions)
 
                                                  Three Months Ended
                                                       March 31
                                                2001             2000
 
     Revenue
 
     Energy Systems                                $246.8            $256.4
     Food and Transportation Systems                182.8             185.2
     Agricultural Products                          134.6             165.8
     Specialty Chemicals                            116.3             124.9
     Industrial Chemicals  (A)                      198.6             273.8
     Eliminations                                    (2.5)             (2.5)
 
                                                   $876.6          $1,003.6
 
     Income before income taxes and
      cumulative effect of
       change in accounting principle
 
     Energy Systems                                  $9.0             $11.0
     Food and Transportation Systems                  9.4              12.0
     Agricultural Products                           13.8              13.9
     Specialty Chemicals                             20.0              19.5
     Industrial Chemicals                            14.4              34.5
 
     Segment operating profit                        66.6              90.9
     Corporate                                      (16.5)            (17.4)
     Other income and (expense), net                 (3.2)             (7.1)
 
     Operating profit before asset
      impairment, restructuring and
       other charges, net interest
        expense, and cumulative effect of
       change in accounting principle                46.9              66.4
 
     Asset impairment (B)                            (1.3)               -
     Restructuring and other charges (C)            (10.2)               -
     Net interest expense (D)                       (22.9)            (23.0)
 
     Income before income taxes and
      cumulative effect of change
       in accounting principle                      $12.5             $43.4
 
     (A)  Industrial Chemicals' revenue for 2000 was adjusted to apply recently
          issued accounting guidance for reporting shipping and handling costs.
          The reclassification had no effect on previously reported segment
          operating profit.
 
     (B) The asset impairment in 2001 relates to Food and Transportation
         Systems.
 
     (C) Restructuring and other charges in 2001 relate to Energy Systems
         ($5.2 million), Food and Transportation Systems ($4.0 million),
         Industrial Chemicals ($0.8 million), and Corporate ($0.2 million).
 
     (D) Net interest expense includes $1.6 million of interest expense from
         the external financing of the phosphorus joint venture for the
         three months ended March 31, 2001.  The joint venture is included in
         Industrial Chemicals.
 
 

SOURCE FMC Corporation
    CHICAGO, April 17 /PRNewswire/ -- FMC Corporation (NYSE:   FMC) today
 reported year 2001 first quarter after-tax earnings of $0.57 per share, on a
 diluted basis and before one-time charges, on sales of $877 million.
     According to FMC Chairman and Chief Executive Officer Robert N. Burt:
 "We remain on track for the IPO of approximately 20 percent of our machinery
 business in the second quarter and for completing the split of the company
 into separate machinery and chemical businesses before year-end.  As expected,
 first quarter earnings were about half of last year's results, due primarily
 to the impact of higher energy costs on our Industrial Chemicals operations.
 Although weakness will continue in the second quarter, with profits at about
 two-thirds of last year's quarter, we continue to expect results for the year
 to be even with 2000.  Our optimism about second-half results is based on
 improved phosphorus results driven by the start-up of the new purified
 phosphoric acid plant at the end of the second quarter, the resale of low-cost
 contract power from the Pocatello facility back to Idaho Power, as well as a
 strong order pattern in our machinery business in the first quarter that will
 translate into sales in the second half."
 
     Review of Operations
     Energy Systems first quarter sales of $247 million were down from sales of
 $256 million in the prior-year period, and earnings of $9 million also
 decreased.
     However, during the quarter, incoming orders increased significantly,
 especially for subsea equipment.  In February we were awarded the BP frame
 agreement, with an initial estimated value of $250 million, for all BP subsea
 trees and related equipment in the Gulf of Mexico for the next five years,
 with an option to renew for another five years.  This agreement will include
 BP's major developments, such as Crazy Horse and Mad Dog.  This program is in
 the initial engineering phase and will not significantly affect backlog until
 equipment is ordered beginning in 2002.  However, backlog for subsea equipment
 did rise significantly as orders were booked from TotalFinaElf in the North
 Sea, Shell Nakika in the Gulf of Mexico, and Petrobras in Brazil, as well as
 from the initial orders under the Norsk Hydro frame agreement.  Backlog at the
 end of the quarter increased to $549 million from $425 million at the end of
 year 2000.  After the end of the quarter, Enterprise Oil announced that it
 issued a letter of intent to Modec, a joint venture three-eighths owned by
 FMC, to provide equipment to develop the Bijupira-Salema field offshore
 Brazil.
     Food and Transportation Systems sales of $183 million were down slightly
 from $185 million in last year's quarter.  Earnings of $9 million were down
 from $12 million in the year-ago period.  Sales and profits were up at airport
 systems, reflecting higher sales of loaders and deicers during the period,
 especially to air freight carriers.  Sales and profits of FMC FoodTech were
 down, reflecting a slowdown in shipments of food processing equipment.
 Backlog at the end of the first quarter was $287 million compared with $219
 million at the end of 2000.  The backlog reflects an increase in food
 machinery orders as well as the inclusion of a portion of the order for the
 Next Generation Small Loader from the U.S. Air Force.  In addition, early in
 the second quarter the company received a $25 million order for passenger
 boarding bridges for the Kansas City airport.
     Industrial Chemicals sales of $199 million were down from last year,
 primarily reflecting the de-consolidation of phosphorus sales after last
 year's second quarter formation of Astaris LLC, the company's 50-50 phosphorus
 chemicals joint venture with Solutia Inc.  Earnings were $14 million, down
 significantly from last year, primarily reflecting lower profits in phosphorus
 operations caused by higher energy costs and higher environmental consent
 decree spending.  Soda ash earnings were approximately even with last year's
 quarter, with essentially level prices and slightly higher volumes being
 offset by higher natural gas costs.  Hydrogen peroxide profits were up
 slightly as prices continued to increase.  The earnings of Foret, the
 company's European chemical business, were negatively affected by the lower
 euro compared with the prior-year period.
     In response to higher energy costs, the Industrial Chemicals operations
 have taken several steps to lower costs.  At the end of the first quarter,
 Astaris reduced Pocatello's operations to one furnace and sold approximately
 half of its contracted low-cost power back to the power company.  The
 operation will make a profit on this resale of power, which will be partially
 offset by the higher cost incurred by Astaris due to increased power costs and
 temporary external sourcing of phosphorus.  Astaris' new purified phosphoric
 acid plant, which is anticipated to lower phosphorus costs, remains on track
 to begin production at the end of the 2001 second quarter.  Cost penalties for
 sourcing phosphorus will be particularly high until the new phosphoric acid
 plant comes on stream.   Also, in the 2001 second quarter, the company will
 mothball the Granger facility (formerly Tg Soda Ash) to reduce its costs in
 the current high-cost energy environment, as well as to defer planned capital
 expenditures at this facility.  This facility will be on standby and can be
 restarted when business conditions improve.
     Agricultural Products sales were $135 million, down from $166 million in
 the prior-year period.  Earnings were $14 million, approximately even with
 last year.  Lower sales reflected lower insecticide sales to Asia and the lack
 of sulfentrazone sales to DuPont, which were partially offset by sulfentrazone
 sales to new and existing markets that are actively being developed.  Earnings
 were flat, largely reflecting a contractual payment from DuPont to provide
 profit protection to the company as a result of DuPont's deferral of
 sulfentrazone purchases.
     Specialty Chemicals sales of $116 million were down from $125 million in
 the prior-year first quarter.  Earnings of $20 million were approximately even
 with last year.  Lower sales primarily reflect weaker European demand for some
 lithium products, as well as some softness in demand for food and
 pharmaceutical biopolymer applications.  Higher margins reflect lower costs,
 especially in lithium.
     Corporate expenses were $16 million, down from $17 million in the prior-
 year period on continued cost-cutting.  Net interest expense was approximately
 flat.
     During the quarter, FMC recorded restructuring and impairment charges of
 $11.5 million ($7.1 million after tax), related primarily to workforce
 reductions in the company's Energy Systems and Food and Transportation
 segments.  In addition, FMC recognized the impact of FASB Statement No. 133,
 "Accounting for Derivative Instruments and Hedging Activities", which resulted
 in an after-tax cumulative loss of $5.6 million from a change in accounting
 principle.  Also, in conjunction with the company's planned restructuring into
 two publicly traded corporations later in 2001, FMC recorded a one-time,
 largely non-cash, tax charge of $32.0 million, triggered by the repatriation
 of cash from certain foreign operations in preparation for the expected spin-
 off of the machinery businesses.  After restructuring and impairment charges,
 the impact of the derivatives accounting change and the one-time tax charge,
 FMC's net loss was $26.5 million, or $0.86 per share.
     FMC is one of the world's leading producers of chemicals and machinery for
 industry and agriculture.  FMC employs approximately 15,000 people at 90
 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 2000 Form 10-K 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.
     FMC will conduct its first quarter earnings conference call at 10:00 a.m.
 (Eastern Time) on Tuesday, April 17.   The event will be available at
 www.fmc.com .  It will also be available for replay after the event at the
 same website.
 
 
                   FMC CORPORATION AND CONSOLIDATED SUBSIDIARIES
                    CONDENSED CONSOLIDATED STATEMENTS OF INCOME
                        EXCLUDING SPECIAL EXPENSE ITEMS (A)
               (Unaudited and in millions, except per share amounts)
 
 
                                                       Three Months Ended
                                                             March 31
                                                      2001              2000
 
     Revenue  (B)                                   $876.6           $1,003.6
 
     Operating costs and expenses  (B)               830.9              936.5
 
                                                      45.7               67.1
 
     Minority interests                                0.4                0.7
     Net interest expense                             21.3               23.0
     Income before income taxes, excluding
        special expense items (A)                     24.0               43.4
 
     Provision for income taxes                        5.8               10.6
 
     After-tax income, excluding special
      expense items (A)                              $18.2              $32.8
 
 
     Basic after-tax income per share,
        excluding special expense items (A)          $0.59              $1.08
 
     Average number of shares used in
      basic earnings
       per share computations                         30.8               30.4
 
     Diluted after-tax income per share,
        excluding special expense items (A)          $0.57              $1.05
 
     Average number of shares used in
      diluted earnings
       per share computations                         32.2               31.3
 
 
     (A)  Special expense items consist of an asset impairment charge,
          restructuring and other charges, and a one-time income tax
          charge in 2001.
 
     (B)  Revenue and operating costs and expenses for 2000 have been adjusted
          to apply recently issued accounting guidance for reporting shipping
          and handling costs.  The reclassification had no effect on previously
          reported after-tax income or income per share.
 
 
                   FMC CORPORATION AND CONSOLIDATED SUBSIDIARIES
                    CONDENSED CONSOLIDATED STATEMENTS OF INCOME
               (Unaudited and in millions, except per share amounts)
 
 
                                                       Three Months Ended
                                                             March 31
                                                     2001               2000
 
     Revenue  (A)                                   $876.6           $1,003.6
 
     Operating costs and expenses  (A)               830.9              936.5
     Asset impairments                                 1.3                 -
     Restructuring and other charges                  10.2                 -
 
     Total costs and expenses                        842.4              936.5
 
                                                      34.2               67.1
 
     Minority interests                                0.4                0.7
     Net interest expense                             21.3               23.0
     Income before income taxes and
      cumulative effect of change in
      accounting principle                            12.5               43.4
 
     Provision for income taxes                       33.4               10.6
 
     Income (loss) before cumulative
      effect of change in accounting
      principle                                      (20.9)              32.8
 
     Cumulative effect of change in
      accounting principle, net of taxes (B)          (5.6)                -
 
     Net income (loss)                              $(26.5)             $32.8
 
     Basic earnings (loss) per common
      share:
       Income (loss) before cumulative
        effect of change in accounting
        principle                                   $(0.68)             $1.08
       Cumulative effect of change in
        accounting principle                         (0.18)               -
 
       Net earnings (loss) per common
        share                                       $(0.86)             $1.08
 
     Average number of shares used in
      basic earnings (loss) per share
      computations                                    30.8               30.4
 
     Diluted earnings (loss) per common
      share:
       Income (loss) before cumulative
        effect of change in accounting
        principle                                   $(0.68)             $1.05
       Cumulative effect of change in
        accounting principle                         (0.18)               -
 
       Net earnings (loss) per common
        share                                       $(0.86)             $1.05
 
     Average number of shares used in
      diluted earnings (loss) per share
      computations (C)                                30.8               31.3
 
     (A)  Revenue and operating costs and expenses for 2000 have been adjusted
          to apply recently issued accounting guidance for reporting shipping
          and handling costs.  The reclassification had no effect on previously
          reported net income or earnings per share.
 
     (B)  The cumulative effect of change in accounting principle net of taxes
          results from the adoption of Statement of Financial Accounting
          Standards No. 133.
 
     (C)  The company's loss before cumulative effect of change in accounting
          principle in 2001 results in an antidilutive effect in the
          calculation of diluted EPS.  Accordingly, the potential common shares
          that cause the antidilutive effect have been omitted from the
          calculation of 2001 diluted EPS.
 
 
                  FMC CORPORATION AND CONSOLIDATED SUBSIDIARIES
                              INDUSTRY SEGMENT DATA
                           (Unaudited and in millions)
 
                                                  Three Months Ended
                                                       March 31
                                                2001             2000
 
     Revenue
 
     Energy Systems                                $246.8            $256.4
     Food and Transportation Systems                182.8             185.2
     Agricultural Products                          134.6             165.8
     Specialty Chemicals                            116.3             124.9
     Industrial Chemicals  (A)                      198.6             273.8
     Eliminations                                    (2.5)             (2.5)
 
                                                   $876.6          $1,003.6
 
     Income before income taxes and
      cumulative effect of
       change in accounting principle
 
     Energy Systems                                  $9.0             $11.0
     Food and Transportation Systems                  9.4              12.0
     Agricultural Products                           13.8              13.9
     Specialty Chemicals                             20.0              19.5
     Industrial Chemicals                            14.4              34.5
 
     Segment operating profit                        66.6              90.9
     Corporate                                      (16.5)            (17.4)
     Other income and (expense), net                 (3.2)             (7.1)
 
     Operating profit before asset
      impairment, restructuring and
       other charges, net interest
        expense, and cumulative effect of
       change in accounting principle                46.9              66.4
 
     Asset impairment (B)                            (1.3)               -
     Restructuring and other charges (C)            (10.2)               -
     Net interest expense (D)                       (22.9)            (23.0)
 
     Income before income taxes and
      cumulative effect of change
       in accounting principle                      $12.5             $43.4
 
     (A)  Industrial Chemicals' revenue for 2000 was adjusted to apply recently
          issued accounting guidance for reporting shipping and handling costs.
          The reclassification had no effect on previously reported segment
          operating profit.
 
     (B) The asset impairment in 2001 relates to Food and Transportation
         Systems.
 
     (C) Restructuring and other charges in 2001 relate to Energy Systems
         ($5.2 million), Food and Transportation Systems ($4.0 million),
         Industrial Chemicals ($0.8 million), and Corporate ($0.2 million).
 
     (D) Net interest expense includes $1.6 million of interest expense from
         the external financing of the phosphorus joint venture for the
         three months ended March 31, 2001.  The joint venture is included in
         Industrial Chemicals.
 
 SOURCE  FMC Corporation

RELATED LINKS

http://www.fmc.com