FMC Reports 1999 First Quarter Results

Chicago (PROTEXT) - FMC Corporation (NYSE: FMC) today reportedfirst quarter earnings per share from continuing operations on adiluted basis of $0.92 per share, an increase of 23 percent from$0.75 per share in the 1998 period. After-tax income fromcontinuing operations was $30 million, up from $27 million in the1998 quarter. The company's return on investment increased 0.7percent from last year's quarter. According to FMC Chairman and Chief Executive Officer RobertN. Burt: "First quarter results are on track with the plan toincrease our return on investment and EPS growth. Based on theseresults, we have increasing confidence that we will exceed ourEPS growth target of 10 percent in 1999." Review of Operations Energy Systems sales of $290 million were up slightly from$288 million in the 1998 first quarter. Earnings of $17 millionwere up 14 percent from the prior-year period. The improvedresults reflect higher subsea sales and continuing cost controls,partially offset by lower sales of land-based systems due tolower oil prices. Backlog of $781 million was down $97 millionfrom the record year-end backlog in 1998. Food and Transportation Systems sales of $182 million were upslightly from $179 million in last year's quarter. Earnings of$11 million were up nearly 30 percent from the 1998 firstquarter. Higher sales and margins primarily reflected strongperformance at Frigoscandia, resulting from increased freezerplant expansions in North America, as well as the increasingsuccess of FMC FoodTech's after-market service expansion. Foodand Transportation Systems backlog was $278 million at the end ofthe quarter, up $22 million from year-end 1998. Agricultural Products sales were $147 million, down from $172million in last year's quarter due to lower stocking levels inthe distribution channel. Earnings were $15 million,approximately level with last year. The timing impact associatedwith the lower sales level was completely offset by improvedmanufacturing performance, improved product margins and thecontinuing impact of 1998 and 1999 cost reductions. Specialty Chemicals sales were $148 million, down from $154million in the prior-year period. Earnings of $19 million weredown from $20 million in 1998. Improved results in the food andpharmaceutical ingredients business were offset by lower salesand earnings in lithium, reflecting continued price competitionin the commodity side of the business. Industrial Chemicals first quarter sales were $213 million,down 10 percent from last year's quarter. Despite the salesdecline, earnings improved $2 million to $34 million. Sales andearnings for soda ash were down on price and volume declines,even though the Asian impact appears to have bottomed. Hydrogenperoxide profits increased on continued lower costs and improvedvolumes. The outlook for hydrogen peroxide price continues toimprove. Corporate expenses were $20 million, down from $23 million inthe first quarter of 1998, reflecting continued cost reductions.Net interest expense was $28 million, up from $25 million in lastyear's quarter, due to higher debt levels. There was an averageof 33 million shares outstanding in the 1999 first quarter,compared with 35.8 million shares in last year's first quarter,reflecting the company's ongoing share repurchase program. FMC is one of the world's leading producers of chemicals andmachinery for industry and agriculture. FMC employs approximately16,000 people at more than 100 manufacturing facilities and minesin 25 countries. The company divides its businesses into fivesegments: Energy Systems, Food and Transportation Systems,Agricultural Products, Specialty Chemicals, and IndustrialChemicals. Safe Harbor Statement under the Private Securities LitigationAct of 1995: Statements in this news release that are forward-looking statements are subject to various risks and uncertaintiesconcerning specific factors in the corporation's Form 10-K reportand other SEC filings. Such information contained hereinrepresents management's best judgment as of the date hereof basedon information currently available. The corporation does notintend to update this information and disclaims any legalobligation to the contrary.

FMC CORPORATION AND CONSOLIDATED SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Unaudited and in millions, except per share amounts)

Three Months

Ended March 31

1999

1998 Sales

$974.7 $1,022.4 Total costs and expenses

905.4

960.7

TOTAL

69.3

61.7 Minority interests

0.6

0.9 Net interest expense

27.9

24.6 Income before income taxes and cumulative effect of change in accounting principle

40.8

36.2 Provision for income taxes

10.5

9.4 Income before cumulative effect of change in accounting principle

30.3

26.8 Cumulative effect of change in accounting principle, net of income taxes*

0.00

(36.1) Net income (loss)

$30.3$(9.3) Basic earnings (loss) per common share: Income before accounting change

$0.94

$0.77 Cumulative effect of change in accounting principle*

0.00

(1.04) Net income (loss) per common share

$0.94$(0.27) Average number of shares used in basic earnings per share computations

32.3

34.8 Diluted earnings (loss) per common share:

Income before accounting change

$0.92

$0.75

Cumulative effect of change in accounting

principle*

0.00

(1.01)

Net income (loss) per common share

$0.92$(0.26) Average number of shares used in diluted earnings per share computations

33.0

35.8 - Reflects the required write-off in 1998 of $46.5 million ofcapitalized

start-up costs under an accounting pronouncement issued inMarch 1998.

FMC CORPORATION AND CONSOLIDATED SUBSIDIARIES

INDUSTRY SEGMENT DATA

(Unaudited and in millions)

Three Months

Ended March 31

1999

1998 Sales

Energy Systems

$290.2

$287.8

Food and Transportation Systems

181.5

179.1

Agricultural Products

146.6

172.0

Specialty Chemicals

148.5

154.5

Industrial Chemicals

213.4

237.1

Eliminations

(5.5)

(8.1)

Total

$974.7 $1,022.4 Income before income taxes and cumulative effect of change in accounting principle

Energy Systems

$16.8

$14.7

Food and Transportation Systems

10.5

8.2

Agricultural Products

14.7

14.8

Specialty Chemicals

18.8

19.6

Industrial Chemicals

34.5

32.5

Operating profit from continuing

operations

95.3

89.8 Corporate

(20.1)

(23.3) Other income and (expense), net

(6.5)

(5.7) Net interest expense

(27.9)

(24.6) Income before income taxes and cumulative effect of change in accounting principle

$40.8

$36.2 Note: Effective December 31, 1998, FMC adopted Statement ofFinancial Accounting Standards No. 131 with respect to segmentreporting. As a result, FMC has changed the number andcomposition of ist segments. The prior period has been restatedand is presented on a comparable basis. ots Original TextService: FMC Corporation Internet: http://www.newsaktuell.deContact: Media, Pat Brozowski, (USA) 312-861-6104, or TomKline, (USA) 312-861-6100, or Investors, Randy Woods, (USA) 312-861-6160, all of FMC Corporation Company News On-Call:http://www.prnewswire.com/comp/121861.html or Fax, (USA) 800-758-5804, ext. 121861

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